After months of searching for the perfect location for your Pennsylvania-based business, you think that you found the one. Before signing a contract, what due diligence should you prioritize though?
Business News Daily dives into some areas to research before agreeing to a commercial real estate contract. Protect your business and your investment in it by first ensuring you are well-informed.
Who is the landlord and building owner?
Learn more about the person or entity you pay rent to each month and turn to when things go wrong with the commercial space. Also, find out if the landlord and building owner are the same person. Search public records to determine if the business owner and landlord make sound business decisions, have good financial health and get along well with tenants. You do not want a landlord’s or building owner’s poor decisions to bring your business crashing down in a matter you have nothing to do with.
What is the local area like?
If you sell to the public, research the area you plan to sell your services or products in. Make sure that your company culture, brand and offerings appeal to the local target audience. The last thing you want is to find an ideal storefront and work with a great landlord and building owner, only to realize later that your target customer base actually lives several neighborhoods over.
What do you know about nuisance laws?
Depending on the scents and sounds coming from your commercial building and the equipment you use, you could run afoul of local nuisance laws. Your building or your business’s location may have rules in place against offensive smells or loud sounds. Also, look into local environmental laws that may affect your business operations.
Know what awaits you on the business road ahead by doing your due diligence. A little research may just save you a lot of frustration.