News & Articles
Location, location, location – one of the biggest questions you'll need to answer with any new business is where you will locate it. Will you work from home, or set up a commercial space?
A home-based business certainly has some advantages. For instance, your commute and rent costs are nonexistent. But, you'll also sacrifice valuable business opportunities, like "walk-in" customers, brand development and community outreach. There comes a time in every small business or startup when working out of a home office becomes more of a hindrance to growth than a cost-savings measure.
Consider these top 5 reasons to choose a brick and mortar location for your new business.
1. Room to Grow
Avoid growing pains by investing in more space than you have at home. This gives your business room to expand when the time comes.
2. Professional Relationships
Many business analysts believe that a brick and mortar location offers a more professional and credible feel.
3. Room for Employees
When your business expands, you'll need a larger workforce. A commercial building will give you room for your new team members and provide everyone with enough private space to be productive.
4. More Energy
When you hire more employees – or even work out of a shared workspace – you'll have more people around to fuel your creativity. Sometimes, just being around and talking with others can spark a great new idea.
5. More Focus
Leave your home concerns where they belong – at home. When you leave the house to go to your office, you'll have more time and energy to focus on your workday and foster your business development.
Only you can determine what work environment is the most beneficial to your business, and where your work-life balance will be ideal.
When you decide it's time to expand out of your home, DRK and Company can help. We're your commercial real estate specialists in the Westerville, OH, community. Contact an agent today at 614.540.2404 to find the right brick and mortar location for your business.
For over 40 years, the commercial realtors at DRK & Company have practiced their unparalleled experience in land acquisition and development, property management, and the sale and lease of all types of commercial property. Here are the top 5 reasons you need to work with a commercial realtor on your investment.
1. Save Time
Many of our clients wear too many hats already. We can alleviate the pressure of time-consuming tasks, like compiling and reviewing listings, calling listing agents, scheduling property tours, and staying on top of lengthy negotiations – just to name a few.
2. Save Money
Perhaps most importantly, we save our clients money. Our commercial real estate agents have the skills to negotiate the best deal on all ends of the transaction. We can even help you navigate the small nuances of a lease that can save you thousands of dollars over time.
3. Listing Access
Some of our clients don't realize that commercial real estate listings are not as centralized as residential real estate. Because there are so many transactions and property types, commercial real estate has several different listing platforms – only a handful of them are open to the public. You might not have access to a majority of the market's available properties without enlisting the help of a commercial real estate agent.
4. Market Specialization
Our commercial real estate agents have market knowledge and expertise that our clients might not. After all, it's our job to stay on top of the trends in our specialization. We perform market analysis – both on paper and in the field. And we constantly keep up with supply and demand cycles of commercial real estate in the Columbus, OH region.
We pride ourselves on our integration with the Columbus community. We are in close touch with our market's movers and shakers: property and business owners, investors, colleagues, etc. And finally, we share our wealth of contacts with our clients.
Contact DRK & Company today to take care of all your commercial real estate needs. After all, there are only so many hours in a day, and we take our commercial real estate business as seriously as you take yours.
What often stands between a buyer and seller match that seems to be made in heaven? Getting a mortgage. With stricter lending rules going into effect in 2014 and 2015, it has become harder for small and mid-size lenders to award conventional loans. Lender profit margins have also dropped in recent years.
As a result, more buyers and sellers are turning to creative financing approaches including lease options, land contracts, wraparound mortgages, and contracts for deed. Otherwise, the seller is forced to lower the property's price in order to find a buyer—something they might not be willing or able to do. Creative seller financing usually gives the seller 50-80 percent of the purchase price upfront and the remaining 20-50 percent over time with interest.
Coordinating the sale
Because these types of agreement are less common, not all real estate agents are familiar with how they work and when they are suitable approaches. As a buyer or seller, your best approach is work with an agent who has experience with seller financing and can bring parties together who will both benefit from this approach.
Like other kinds of investments, creative financing has an element of risk and an increased time commitment for the seller. This makes it especially important to avoid do-it-yourself approaches. As with other types of financing, working with a qualified and knowledgeable realty professional is the best way to coordinate a commercial property sale.
To learn more about seller financing in the Columbus and central Ohio area, talk with a DRK & Company realty consultant. Call 614-540-2404.
Leases come in two flavors: long-term and short-term. Unlike choosing between ice creams—vanilla or chocolate? What sounds good to you? —the choice between a long- or short-term lease can have lasting advantages or serious repercussions.
What's long, what's short? A short term lease is typically for a term of one to five years. A long-term lease can be five years or more. An important consideration is whether you need the promise of establishing and keeping a prized location or if you need the flexibility to grow or relocate.
Short term opportunities. With a shorter commitment, you have the flexibility to up-size or up-scale as your company grows. This is especially important for start-up businesses. However, with a short-term lease, the landlord can force you to relocate after the lease is up. Rents can also change dramatically at renewal.
Long term realities. When you sign a lease for more than five years, you are locked into a decision, good or bad. However, your commitment gives you more leverage. Landlords are typically more willing to make improvements for long-term tenants. Rent increases will be pre-established. And if the building should be sold, you retain your location.
When choosing between a long- or short-term lease, consider the following:
- Your growth potential
- Is the location a perfect fit?
- Economic trends
- Shared office space alternatives
- Renewal clause options
Still have questions about leasing options and negotiations? Call DRK & Co. to talk with an agent.
Looking for tips on renting business space? Where you locate your business, how much you spend on rent and what you get for your money are essential to your success.
Here are some good questions to ask yourself:
How much can you afford?
The importance of budgeting is universal. Looking at properties you can't afford can make the decision of where to rent all the harder. Keep your eye on the big picture and use projected financials to determine what you can afford.
How will the property and its location serve you?
Make sure the rental property's location and features are suited to your business. Do you require foot traffic or easy access to the interstate? Is there adequate parking? If customers rarely come to your place of business, do you need to pay for visibility? If customers can't get your products or services without walking in the door, do you need to be near similar businesses?
Will you be asking for improvements in the future?
As a renter, your ongoing satisfaction with a property will also depend on the landlord. Is the property in perfect condition? Are there improvements or modifications you will need? Getting a sense of who you'll be working with can help you in the long run.
Do you need more local knowledge?
In addition to helping you find individual properties, a realtor can help you become familiar with different communities and business districts, including the average cost of renting in different parts of your target area. Their knowledge is essential to finding the property that fits your business.
For help finding the best commercial rental property for your business in the Columbus, Ohio area, contact DRK and Co., a full-service commercial realtor. Call 614-540-2404 to schedule a consultation.