What you need to know about retail space
We’ve talked about all kinds of businesses in other episodes of the podcast, and for some of those - like a barbershop, a franchise, or a restaurant - you’re going to need a physical retail location. So I wanted to dig into what you need to know if you’re looking to rent a retail space to get your business up and running.
Eddie Gonzalez was born and raised in Phoenix, Arizona. He especially prides himself in knowing the Central Phoenix area and his passion for service, which serves as an important attribute in putting his commercial real estate clients above all else.
Eddie provides tips on the process of finding a retail space for your business and what to look for in an agent. We talk about why you need a solid business plan before you do anything else and what you need to know about spending to improve your leased space.
In this episode, we’re discussing…
The steps Eddie goes through to help clients find a retail property.
Why you need a solid business plan before you go and look at properties.
When a potential tenant can ask a landlord to make changes to a property and who will foot the bill.
What mom-and-pop small businesses can learn from more sophisticated businesses in terms of location, demographics, and other real estate decisions.
Why you should be prepared to spend at least six months to find a retail space and get moved in.
What to look for in an agent when you’re looking for retail space.
Eddie’s Top Tips:
You need to have a business plan before looking for a property to lease – your business plan and, most importantly, your financials will help your agent determine what property will be the best fit for you and your business.
Improving your space will depends on your credit and the amount of money you have in the bank – if you’re renting a space and you want to make changes, you could negotiate with the landlord for Tenant Improvement Dollars (TIs) - but the amount will depend on your financial standing coming into the space.
Knowledge of the area is crucial – when you’re looking for a retail space, you need an agent with great knowledge of your area. You want to secure a great location with the right demographics for your business, so make sure they have plenty of local knowledge.
Resources:
Join us in the new Richer Geek Subreddit!
Leave me a voicemail with your thoughts on the show!
Eddie Gonzalez | Eddie.Gonzalez@svn.com | 602-510-2204 | Instagram | LinkedIn | TikTok
Unsure where to start investing your money? Check out our free quiz for guidance and ideas about what to do with your money that’s smarter and can help you generate extra income now.
Like what you’re hearing on The Richer Geek? Have questions you want me to cover? Connect with me on LinkedIn and let me know – I’d love to hear from you!
ABOUT EDDIE GONZALEZ
Eddie Gonzalez was born and raised in Phoenix, Arizona. He joined the powerhouse retail team, led by Mary Nollenberger and Rommie Mojahed as a retail specialist. Since Gonzalez grew up in the valley, he has affluent knowledge of the growing markets and will be focusing on the economic growth and development of the restaurant & retail market all over the valley.
Eddie especially prides himself in knowing the Central Phoenix area. He is a third generation Phoenician and spent most of his childhood exploring the central Phoenix corridor. He has a strong customer service background leading the front drive team at the Ritz Carlton Phoenix from 2002 until its closure in 2015. Eddie’s passion is service which will serve as an important attribute in putting his commercial real estate clients above all else.
In his free time Eddie enjoys being in the outdoors and spending time in nature. He loves dirt biking in the sonoran desert, four-wheeling in Sedona and the Crown King area, mountain biking in the hills of Dreamy Draw and hiking Camelback Mountain. Where there is a mountain, dirt or path, you will find Eddie enjoying nature at its most competitive. In short, he loves a challenge.
