Peter Buckingham’s post offers advice to business owners to consider their current and anticipated needs when choosing a commercial site for their new or expanding business. Thing to consider include size, terrain (level ground or hilltops are preferred), demographics, side of road (“going home” side being preferable to “outgoing”), distance from competitors, visibility, and access for customers. Buckingham stresses keeping the needs of the business in mind, to best resist the high-pressure tactics of leasing agents.
- The first thing you learn is all real estate agents are optimists. The reality is they will advise you that the commercial site you are seeking will be hard to find, and that they have the perfect opportunity, (normally if you sign up quickly).
- If you are looking for a store in a shopping centre or a strip, you can make out your own list of what you are seeking, and then I suggest you be strong, and stick to it until you find the suitable commercial site for your business.
- What I can tell you is think on what your business is about and try and match, as best you can, the commercial sites being offered to yours and your customer’s needs. There will always be the attraction of a better/bigger site – at more rent – and you have to evaluate that to your real needs, not the sales pressure being placed on you by a leasing agent.
“Reality is that out of about 20 stores you will see, probably only one or two will truly meet your requirements.”