The real estate sector is one of the most changing because it depends on the needs of users. One of the specializations that has been created is retail real estate. But what is it? What services do you offer? What is it characterized by?
If you want to know more about this real estate specialization, we will condense it all in this article below. Check it out.
What is retail real estate?
The first thing you need to know is what we mean by retail real estate. It is a specialization of the real estate sector for which Companies of this type are dedicated to the purchase and sale, as well as other services, related to commercial properties.
And what would those commercial properties be? Always intended for the retail sector (although in reality there would be some that could be dedicated to a wholesale sector), they could be shopping centers, stores, premises, shopping plazas... In general, we are talking about any physical space in which a store can be set up and sold. products or services to a consumer.
Let's give you an example: a real estate agency is dedicated to finding homes for its clients. But what a retail real estate company does is look for premises where stores can be set up. Its objective is not a home, but a place to undertake physically.
Retail real estate services
Now that it is clearer to you what a retail real estate agency is, what would its services be? Before we have told you that there would be more to it than the sale. And so it is. In total, the services usually managed in this type of real estate agency are the following:
- Purchase and rental. They act as intermediaries between the owner of the premises, shopping center, plaza... and the interested person. In this way, both parties negotiate to obtain a positive result. Of course, they take a commission.
- Property management. In addition to buying and selling or renting, another service they can carry out is the management of commercial properties. You must understand it from the point of view of its maintenance, rent collection, satisfying the needs of the owners or those who are renting, etc. Something like an Administrative Manager who takes care of all those problems of a "commercial community."
- Development and construction. This type of service is not provided by all retail real estate companies, but only by some. It consists of, in addition to buying, selling or renting premises, building new ones. That is, they are in charge of thinking about places where commercial spaces could be built and getting the work underway.
- Market consulting. Another of the services of a retail real estate company is to serve as a consultant. It consists of carrying out market studies for its clients in search of the best location to set up a business. They are also able to help with financing (in the sense of having information on where to get it).
How to choose a good retail real estate agency
After everything you have read, it is clear that this type of real estate agency focuses on commercial premises of all types. But, How to choose a suitable one? If you are looking for a commercial premises to invest in, we can give you some key factors that will help you make the best decision when selecting one.
Real estate experience
The first thing, and what many opt for, is the real estate experience. Now, this is relative. There may be real estate agencies with many years of experience and new ones whose more modern approach makes them a good choice.
At this point, more than experience, we would tell you that Look for businesses that have in-depth knowledge of the local market. Also about trends and even what may happen in the future.
In this way, they will focus the search in a more appropriate way, not only thinking about "tradition" or what is always sought, but also in view of the development and transformation that may occur.
For example, imagine that you want a place in a town. And it is known that they are going to put a supermarket in a part of the town. The normal thing is to request that this location be close to the supermarket because you ensure that more people look for it. However, they can tell you that it is better to put it in the center of town as is always tradition. Do you see where we are going?
Services
Another point to take into account when choosing is the services chosen. And this will largely depend on what you need. You should not choose a real estate agency that gives you many services if you are really not going to use more than one or two. It is better in those cases to specialized in those specific services that are what you are looking for.
Transparency and communication
When you want to work with a company, the last thing you expect is for it to tell you some prices and then give you others, right? Well the same here. A real estate agency that is not transparent and communicative will only give you a bad experience.
If something is not clear to you, you should ask. And as a detail to "cover your back", Ask that everything that is discussed be given to you in writing. This way you will be able to have proof in case the conditions are not those that have been discussed.
Another point is to have communication. Not asking them for something and not hearing from them for weeks or months. In this sense, we recommend that you know who the people are who will work on your project in order to personalize it more and know who to contact when you go to the office or call by phone.
credentials
Of course, you should not miss knowing What are the credentials and certifications. In other words, you have to make sure that the real estate company is legal, that it is registered and that it complies with the regulations of the sector. Otherwise, you could find yourself in trouble and you could lose the money you invested.
As you can see, a retail real estate company is focused on professional and work-related matters. Did you know this type of real estate agency? Have you ever used them?