Trusting someone to guide your business feels like handing your first child to a babysitter. Is this person trustworthy? Do they really know what they’re doing? How can you really be sure before you commit?
To help you ensure that you’re choosing the right person for your business and set proper expectations, we’ve created a list of questions to ask your real estate advisor.
- What stages of the retail expansion process can you help me with?
Some real estate advisors focus on brokerage and negotiations, while others heavily invest in data and analytics. One isn’t necessarily better than the other – the right advisor for you depends on your business’s individual needs.
If you’ve run the numbers and learned everything about the local demographic landscape on your own, you may need an advisor who focuses on finding sites and making deals. On the other hand, you may be looking for someone to help with the first stages of your expansion.
Some real estate advisories – like The Retail Strategy – are committed to helping clients through the entire real estate expansion timeline, from national buildouts and market selection all the way through lease negotiations to store opening. - Do you represent tenants only or both tenants and landlords?
Although great real estate advisors can represent tenants and landlords, there are many benefits to having one who is only interested in you – the tenant.
Working with an advisor or team who focuses exclusively on the tenant-end of deals ensures that there is no conflict of interest as they negotiate on your behalf. Additionally, this specialization leads to greater experience in negotiating deals for tenants. - Can you help me understand the local landscape of available locations?
There’s no substitute for an amazing broker, but any great advisor or team will have a strong knowledge of the market outside of negotiating with landlords.
You want your real estate advisor to have not only a strong existing knowledge of the market but also the tools and technology at their disposal to guide you from trade area selection through site options, all the way to negotiations. - Should I explore my options or go with the first site I’ve seen?
In fast-paced, business-like real estate, there are benefits to going with your gut and taking action on a great site. At the same time, it’s important to get to know your options to ensure that you’re making the right choice for your business.
A truly experienced advisor will be able to strike this balance with ease and will treat each site selection process as unique. - Why should I trust you with my brand’s success?
From analytics and site selection to deals and negotiations, a good real estate advisor will be someone who builds trust through honesty and transparency. At the end of the day, your business was built by your good judgment and by people who align with your values, and your real estate advisor should match those values in how they handle your business.
If you’d like to find out more about how technology impacts real estate, reach out to our team at info@theretailstrategy.com.