Assembling the Dream Team: How to Build a Strong Team for Your Commercial Real Estate Search
As a business owner, you have many roles. You play HR, CPA, cashier, quality assurance, etc. When you are ready to start your commercial real estate search, it may be your instinct to take on the role of a commercial real estate broker. I encourage you not to make the same mistake that so many small and medium sized business owners make and instead build a team around you that can lead this project. It is critical that you build a team to help you with your site selection in order to save you time, money, and help the process go smoothly.
Let’s talk about who should be on your team!
Real Estate Advisor: Ask family, friends, and google “commercial real estate advisors” or “commercial real estate broker” in your area. Talk with a few different professionals and discuss the goals for your business, ideal demographic, and about their past experience. Make sure your commercial broker is experienced in your desired area, commercial type, and most importantly you all get along. They will be with you throughout your journey so it’s important that you trust them to get you through this process.
Real Estate Attorney: A commercial real estate attorney experienced in reviewing commercial leases or purchase agreements is imperative to ensure the deal terms agreed to in the proposal are reflected in the lease. Don’t use the same lawyer that prepared your will, they won’t be able to give you the qualified advice you need. A commercial real estate attorney will also ensure that the language in the lease protects you throughout the term of the lease. It’s always a good idea to consult a commercial real estate attorney if ever a dispute with your landlord arises.
Land Use Attorney: If your desired site requires any special use permitting such as a gymnastics gym in an industrial park, a great way to limit your headache is to hire a land use attorney that can help determine if the zoning is appropriate for that location and to help you obtain any special permitting with the local jurisdiction. You of course want to vet your options, but a land use attorney will help you file the necessary applications to legally open for business in your new location. Before you fall in love with a site, take a brief look at the current zoning requirements to make sure your type of business aligns with county code.
Architect: When there is any type of special buildout, you will need an architect to help you design the space. The layout of your space is just as important as the location. Where should you put your waiting room? How many operatories do you need? Does the staff need a break room, if so, how big should it be? Your architect will help you answer these questions and then some!
Contractor: Once your architect finalizes the test fit and flushes out the design of your space, you will need a contractor to bring it to life! Sometimes your architect will have a contractor they already work with but it’s always a good idea to compare multiple options before landing on a contractor that understands your vision.
If you’ve read this far, I’ll leave you with this. Focus on building your business, fine tuning your services, and providing a quality experience for your clients. Let your commercial advisor focus on real estate.
Now let’s dominate 2023!
Fatimah McGarrell is a commercial real estate broker and medical office specialist. You can find her on Instagram @CREintheCity. Tartan Properties Commercial Real Estate Services is an independent commercial real estate brokerage and consulting firm focused on office, industrial, and flex properties that provides creative and professional solutions for its clients’ real estate needs.