Reasons Why Finding a Retail Space Can Be Extremely Tricky

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Any entrepreneur who has tried finding a retail space for their brand would agree that the process is a lot more difficult than what it looks and feel like. You might have discovered by now that finding a retail space isn’t a walk in the park, and that you have to go through numerous complexities to ensure that you are able to get the space you are looking for.

Finding a retail space is a different animal altogether, and you need to account for all the complexities before you proceed with the whole process. Here we look at some of the reasons why finding a retail space is extremely tricky. Go through these reasons and form an understanding of why you need to be extra careful when looking for the perfect retail space.
Lack of Commitment from Brokers

Don’t expect everything to sail smoothly when you are looking for a retail space. Brokers happen to go through a lot of trouble while finalizing the right retail space, which is why you need to account for their struggles as well.

To begin with, narrowing down retail spaces that fit your size and description is a tough task in its own. Brokers have to look around for possible spaces, and then make a deal out of it.

A typical broker would make 50 calls and over 100 visits to make sure that a certain space is perfect for you. Once they have run all the checks for themselves, they can recommend the place for you.

However, due to the limited options available, brokers cannot give you a certain commitment on the time it will take to finalize a space.
Non-Specialization of Brokers

Full time commercial agents focus their time solely on commercial leasing, and do not jump into the pits of what comes with residential deals. However, residential agents can be attracted towards the greener pastures in commercial deals, including those for retail.
The downside of this is that you have non-specialized brokers in the market as well, who don’t know much about closing a deal for a retail outlet or commercial space.

Big Landlords and Their High Horse

Most big landlords often stay put on their own high horse, and do not cooperate at all. The lack of cooperation can mean that you have to go on their terms. Additionally most brokers do not work with big landlords, because they do not pay any commission fees for closing the deal. Such landlords sell their property at face value or goodwill, rather than the skills of the broker.

Knowing these complexities in buying a commercial retail space, you should start your search well in advance, and should be careful about the method you follow.

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