Whatever your business and wherever you trade, it is likely that at some stage you will need to acquire a commercial property. Should you decide to expand your business across different sites then maybe even several. For many business owners focusing on the areas they excel in is the primary concern, leaving little time for becoming a property manager too. As such, we have put together a list of tips for managing a commercial property portfolio successfully.
Choosing sites
When deciding on your site, you will need to consider whether you would benefit more from a freehold or a leasehold premise.
Each has its advantages – a freehold can be a good option, but it is quite a large commitment for a new business. Of course, it means that the property is yours to do with what you wish, but it also means that you are cutting off options for expansion, and committing to a heavy outlay.
A leasehold is for an agreed length of time only, and can be used to test the waters in the initial stages of expanding your business. However, you may need a guarantor to secure the property and must run any changes by the landlord before doing anything. Many smaller businesses are opting for this, and look for similar minded individuals or freelancers to contribute towards the rent, reducing costs. But you should first check with the landlord if this is allowed.
Standardisation
Whether your business is retail, food or services, when get to the stage where you are successfully running the business in one location and are thinking of branching out to other premises, you will need to ensure that there is consistency and continuity across the multiple sites. This encompasses everything from branding to presentation to customer services. Plan your standardisation in advance to ensure the expansion runs smoothly.
Effective management
One of the best ways to ensure consistency across multiple sites is to turn to professional property management services, especially for smaller businesses who can not afford an experienced, professional managers for each site. Gaining advice from property management experts can make this process much easier and cheaper. As a small business, you will want to focus your time and attention on what you do best, so accessing such services and their knowledge base will save you time and money, giving you the chance to further develop your business and concentrate on marketing.
