When Leasing Las Vegas Retail Space Its All About Location Leasing a retail space can be the big move that can make you very wealthy. If you have the right tools and do some of your own research, you can maximize your earning potential and create the life you want to live. If you want to be successful, you must do some planning and research before you lease a retail space.
The most important and most profitable decision you will make about leasing a retail space is location. The location of your business will influence every aspect of your business, especially profits. You should try to find out what the needs are of the area you are interested in. It is important to find out what people are buying in a particular neighborhood and what needs are not being met, that in turn your retail space could meet. The best way to obtain this information is by getting out and talking to local residents and business owners. This will give you a feel for the location you are interested and provide some valuable insight on what local residents want and need.
You also need to know the locations of your competition. You do not want a similar retail space across the street from your location. This could prove to be one of the best research skills you utilize when making a location decision. You also need to be aware of what your goods are averaging for in the location you are interested in. This will help you to stay competitive and ensure longevity of your retail space.
It is also a good idea to find out if any major street construction is planned for the retail location you are interested in. If major construction is planned, especially in the new phases of your business, this could devastate and even close your business. You need to locate a retail space to lease that is going to be big enough for your current needs, and future needs as well. You don’t want a space that is too large though. You would be paying for space you are not utilizing. You also need a space that is going to fit you product line well. You do not want a space that clashes with what you are offering.
You need to know if signs are available. Some landlords have restrictions on signs and types. This is imperative to know before you pay for an expensive sign that you may not be able to utilize.
It is very important to read your lease thoroughly before signing. If you do not understand something, ask questions. Make sure you understand every word of every paper you sign. This is your responsibility and you cannot hold anyone, other than yourself, responsible if you sign something you do not agree with or understand.
You can hire a local attorney that specializes in real estate. This can help you to clarify and negotiate your lease. Remember, you can always negotiate to help you get what you want. You may not obtain every detail of your negotiation, but this can help you feel more in control and provide you with more amenities for your hard earned dollar.
Finding out the maximum occupancy is also important when considering locations; this information should be readily available. The retail space you lease should also meet building and fire codes. It would be a good idea to check for sprinkler systems and find out how they are maintained. You should also know what maintenance and repairs you would be responsible for. You should know your responsibilities from the air-conditioning unit to any lawn or tree care.
Also, where are customers allowed to park, and is it free? Will you be responsible for any parking lot maintenance? These things are very important when considering a retail space. If a customer has to park across the street, or pay for parking off street with a meter, this will likely deter many people away from your business. As you can see there are many questions to ask when you are in the beginning phases of leasing a retail space. It is your responsibility solely, to ask these questions. This can be a wonderful time in your career, if you take the time to do it right.
Prudential Americana Group, REALTORS
Las Vegas Commercial Real Estate Agent