Location & Leasing: Top Ten Do’s and Don’ts
THE TOP TEN DO’S
- Talk to your city hall planning and zoning department to be sure your intended location conforms to all code requirements.
- Create a Site Model Criteria for your particular business.
- Look at many locations to establish comparable values for rent and location potential.
- Order demographic data to provide information about your customers.
- Retain a real estate lawyer to assist in negotiating your lease or purchase.
- To minimize your risk, negotiate for a short-term lease with options.
- Provide terms in your lease for potential expansion requirements.
- Have every agreement put into writing.
- Ask that no other similar business be allowed in your shopping center.
- Use signs that are the largest allowed and clearly state what you are selling.
THE TOP TEN DON’TS
- Be hasty in making a real estate decision. (There is no such thing as the last good location.)
- Don’t judge a location entirely on rent.
- Permit a potential landlord to dictate all the lease terms.
- Personally guarantee your lease if possible.
- Sign a purchase or lease document without the approval of your lawyer.
- Depend on the advice of a landlord’s leasing agent.
- Submit to unreasonable conditions; unemotionally look for another location.
- Depend on any verbal agreements with landlords or sellers – get it in writing.
- Open the second store until the first one is proven and profitable.
- Sign a lease without the condition that it is subject to securing all permits and licenses.
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