Learn Commercial Real Estate
It is a new week with new possibility, and the opportunities are yours.
We are going to continue with the retail gems.
Here are some good news.
Most of you know last spring I was contacted by The Office of Economic Development in San Francisco.
They were working with The Black Chamber of Commerce in San Francisco leading an effort to keep black owned businesses from shutting down, being evicted, and helping business owners find new business space.
One of those businesses was Yes' Pudding a local business owned by Quanishia Johnson. Her story is amazing and so is the delicious sweet and savory treats she offers. The reason why this deal was so important was Yes Pudding will be the 2nd Women Owned Black Business to be inside of San Francisco's iconic Ferry Building. Now her "Little Business" will be seen by up to 100,000 visitors a month.
I worked on this deal for almost 6 months, and it took a lot of massaging. I also want to share, I earned around $1,100 for that deal on a percentage lease, and it took almost 6 months working with a San Francisco Institution like the Ferry Building representing a small business owner who had a dream.
And, ME an agent of colour and change to help her skip past the line, but also shine. So now, I'm invited to the grand opening and ribbon cutting that will be hosted by San Francisco Mayor London Breed.
So that's pretty cool, I am into disrupting , and now I can say I put a black women owned business inside the Ferry Building and get shout outs from our Mayor.
Sometimes it isn't about the money, it's about us being able to open gates in our community for business owners.
Commercial real estate is really all about creating the fabric of your social surroundings. However - we are still not time wasters. We choose the right deals to work on at the right time. Would I do it again? Yes, because I like creating legacy.
RCB= Restaurants/Cafe /Bars = RCB
Let's get into our Lesson of Restaurants /Cafe/ Bars = RCB
Remember a client's business space is like their second home. Many times business owners spend more time at the business location than at their residential home.
If you are coming from a residential background you have the ability to offer more empathy to your clients that traditional commercial brokers who aren't thinking for their client in that matter.
The traditional agents can't offer the empathy and encouragement of understanding like realtors can.
My motto is:
"Commercial real estate isn't just about buildings, they are where the people you Love, Live and Work."
It seems there are many business owners looking for new retail spaces next year for their food/beverage concepts.
As an agent representing a business owner or Landlord, when looking at a location what are some items to look out for?
When you enter a commercial space for a RCB - you will know exactly what your client needs.
If you are representing the actual space as a Landlord rep, you will know exactly what your space has to offer.
Here are a few items to take note of or look out for.
- Grease Traps
- Hoods Type 1/ type 11
- Water/ Drainage
- appropriate number of sinks
- Bathrooms are they ADA
- Uneven Flooring or concrete
Is there an Inventory list available?
Especially if you are helping your client Lease the RCB space as is:
Many times the Owners of the business will want to Lease or Sale their equipment and inventory included in the Lease. If so, here is a list. Here are some things that could be included:
- Ranges and ventilation
- Food processors
- Food prep counters and cutting boards
- Freezers and refrigerators
- Safety equipment
- Storage racks and shelving
- Cooking equipment
- Serving ware
- Storage containers
- Kitchen Display System
- Point of sale system
- Steam table
- Washing equipment
- Sharpening stone
- Ice maker
- Gas or electric grill
Small Things Make a Big Difference
There is one very important aspect of looking for space I need to bring to your attention. When looking for your clients spaces, you are looking out for them and should be looking ahead for them as well.
Make sure to check if the space is ADA Compliant. Please check out the following links to stay informed of some important items that can make or break a deal.
ADA= AMERICANS WITH DISABILITIES ACT
More on this in the membership, but get informed now!
The more you know - The more valuable you are. We got this!!!
Different Point of view
Not all new construction or old construction were created equally. Look out for items to warn your client about, and if you are representing the Landlord make sure to get to know your property.
Check to see if there are any items that need to be brought to the Landlords attention. This will save time later.
What Remains the Same
Everyone wants a good deal. Business owners need to keep in mind that build out cost may be higher than anticipated, or change in the middle of the work. The supply chain shortage has caused construction prices to rise while creating delays in build out time. Make sure you protect your client - whether Landlord or Tenant by introducing clause ideas that will allot for construction and lease start dates.
Also, From us to you please enjoy and cherish this holiday gift its a fantastic real estate branding and marketing course I put together for the members of the Wealth Builders membership. Over 2 hours of fun and transformative info.
It will help take your branding and marketing to a different level and I guarantee you will learn some tips and ideas to stand out from the agent crowd and get followers and clients in real life.
As always have a productive week.
ENGAGE AND CONNECT WITH US. I'd love to hear from you.
ENGAGE AND CONNECT WITH US.
BRING US YOUR QUESTIONS ABOUT LEASING
WE ARE HERE TO HELP
Website address www.LearnCommercialRealEstate.
The best is yet to come,