Making the decision to own your own Cleveland, TN commercial real estate isn’t something you enter into lightly.
But knowing that…exactly how do you get from deciding you want to own Cleveland, TN commercial real estate to taking that first step forward to actually becoming a commercial real estate owner?
The answer is…questions—lots of questions.
The absolute best way to work towards an educated decision about anything is to ask intelligent questions. Questions are like a mental mind-map that will lead you to a firm decision based on facts, as well as the needs of your particular venture.
So let’s take a look at some questions that will help get you to where you want to go—being a Cleveland, TN commercial real estate owner.
The Top 6 Must-Ask Questions Before Purchasing Cleveland, TN Commercial Real Estate
1. What are your location needs?
This will give you a starting point. To vet a location, you can talk with a commercial real estate agent, talk with the surrounding businesses, inquire about how much drive-by/foot traffic that location receives, check the demographics and economic characteristics of the area. You might also consider looking at the proposed future of that location to see if it will still meet your future business needs now and going forward.
2. What type of commercial property are you looking for?
This question seems obvious; however, it’s important that you think a little deeper and not just pick a location because, at first glance, it seems like a good one. For example, is there plenty of parking, is there enough room for your business to grow, do the surrounding businesses complement yours, does the location seem like it’s improving or declining, etc. Talk with your Cleveland, TN commercial real estate agent for other important factors to consider.
3. How will you be using your commercial space?
Take a good hard look at the space you’re considering and not only think about how you will be using that space now, but also how you might need to use that space in the future should you decide to redesign your business or add other products, services, or features to it. Is that space one that will lend itself well to change should you need it to?
4. Will you need a Cleveland, TN commercial real estate property manager?
A commercial real estate property manager will help oversee the day-to-day operations of the building, collect rent, negotiate leases, supervise contractors, handle all maintenance activities, and more. Therefore, if the commercial space you are looking at has one—that’s just icing on the cake. If it doesn’t, you might need to give more thought into how important that really is to you.
5. What is your risk tolerance?
There is always a risk when dealing with commercial real estate. Therefore, it’s in your best interest to research all potential risks then weigh their benefits. It would also be beneficial to talk with your Cleveland, TN commercial real estate agent to learn the specific risks for any given property and how it relates to your particular business.
6. Are you willing to partner with another interested party?
Sometimes partnering with another business makes sense and sometimes it doesn’t. Sharing space with another business will help cut costs, marketing expenses, share the same pool of customers, and more. If this is something you’re interested in, ask your Cleveland, TN commercial real estate agent about the pros and cons of sharing a commercial space with another business. The answer to this question will differ in every situation.