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Franchising And Real Estate Essay

842 words - 4 pages

How Important is Location and Who Should You Work With?

The October edition of Franchising World is out and it seems that the franchising world as we know is focusing on real estate. Two articles stuck out, “10 Questions to Ask Your Landlord” and “Benefits of Site Selection with a Real Estate Broker”. When considering a home or a business, we’ve all heard the proverbial phrase – “location, location, location!” Is this true? Does it matter for all businesses where you are located? No, not necessarily.
We’ve also all been told to the famous quote, “If you build it, they will come”, but we all know that isn’t necessarily true either. So which is it? Does location REALLY matter to the ...view middle of the document...

Brokers have a leg up on the most ideal locations because they have established relationships with landlords and an inventory listing of what’s available, what will be available soon, and what traffic and demographics are like for those locations. You’re probably thinking, this all sounds great, what about the broker’s fee? This is a common misconception, as more frequently than not, the buyer’s and landlord’s brokers fees are paid by the landlord as a business expense. A broker can actually reduce expenses through time saved, market knowledge, and deal construction.
Maybe you decide against a real estate broker because you’re confident you know the area and what type of facility you’re looking for. It’s important to be versed in communicating with landlords so your contract is mutually beneficial. Franchising World presents a list of 10 questions you should be asking, or at least thinking about when approaching landlords. First, know who you are working with because different negotiation strategies work better on different types of landlords, such as a professional developer versus a small “mom and pop” landlord. Next you want to know where your landlord is located to make business meetings easier, and whether or not they are in charge of property management onsite. You want to make sure your property manager is readily available...

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