Purchasing commercial real estate for your small business can be a great way to add value to your company and allow you to steer your business’s growth on your own terms. But it can also be a complex process without the help of a great commercial real estate broker and team of advisors. In the following discussion we will share some tips to consider when purchasing commercial real estate for your small business to ease the process.
Starting with your professional team is a great way to ensure an optimal outcome and who best to start with than a quality commercial real estate broker. A commercial real estate broker can help you identify potential properties for sale and will have access to commercial property that may never reach the market. They also have experience negotiating with property sellers and structuring the deal with your business objectives in mind.
Another great professional to have access to is an accountant or wealth advisor. Hopefully, you’ve already retained the services of a great financial advisor, so they’re familiar with your finances and that of your business. A financial advisor can help you identify a good price range for your future purchase and can support you with the tax implications of such a significant purchase when it comes time.
Having an attorney to advise on the legal aspects of the purchase and support items like contract transfers will come in handy during a commercial real estate transaction as well. We recommend making sure your attorney has experience with commercial real estate transactions prior to retaining their services. If you need assistance in identifying a quality attorney, your commercial real estate broker will be able to recommend some great professional options.
Finally, most business owner’s purchasing real estate will need a lender to aid in the financing of the transaction. A lender will identify the best financing options for your situation and the type of property you’re purchasing.
If you’re interested in speaking to a commercial real estate broker or would like a referral to a qualified professional in finance, law, or lending contact Transworld Commercial Real Estate.
Rachael Holstein is the Marketing Manager for Transworld Commercial Real Estate. Her work experience has been largely focused on business development and marketing in business brokerage, finance, architecture, property management, and information technology. A long time resident of Cleveland, Ohio, she attained her undergrad from John Carroll University and her Master’s Degree from Cleveland State University. In 2013, she relocated to Denver with her husband, Joe, and her furry companions to explore the mile high lifestyle!