23
Aug
2018

Tips on How to Select Real Estate Property for Startup Businesses

One of the most significant decisions that business startups make is choosing the right office space for their team. It’s a big move that often signals growth in the company. But, managing an office is an entirely different thing altogether. Besides providing a space for your employees to work, it should achieve many other things that you collectively need.

So, how do you arrive at a decision? Depending on the nature of your business, there are a lot of real estate properties in the market that can promise good things for your company. Evaluate them carefully with the criteria below.

Make sure the location is accessible.

You’ve probably heard this before: location is crucial, and perhaps the most critical factor of all.

Your team should all be able to reach your office quickly and safely. This new space will be your central hub for brainstorming and collaborative tasks. If it’s too far away, employee retention may be difficult, as they would opt to work someplace nearer to home.

The same logic applies if you plan to have clients over for meetings. You wouldn’t want them to get lost or get stuck in horrible traffic on the way over.

Last but not least, check if the area is prone to flooding and other natural calamities. Things may look good during the dry season, but when rains start to pour, getting stuck in your building or not being able to go to work is the last thing you want to happen.

Measure the space or size.

Your office should be able to hold equipment and storage, and still be roomy enough for your employees. Check the layout of the unit and see if it works for the setup you envisioned. Are there enough meeting rooms? Are there too many divisions? Only you will be able to tell which style works best for your company.

Another essential thing to consider is the rate at which your team is growing. Avoid renting a place in which you’ll be forced to stay for a long time if you think you’ll double in size in a reasonably quick time.

Remember: A crowded office will reduce everyone’s productivity. Evaluate the space you need wisely!

Consider the amenities.

Amenities are also an important factor when considering your office space. How is the parking area? Are there restaurants nearby? Will you have a stable internet connection and cell phone signal? These are some of the crucial things that can affect the work performance of your team, so make sure you take note of these, too.

If you’re having trouble naming what you need, try to get suggestions from your employees or core members and create a list of non-negotiable aspects and neat perks that are nice to have.

Compare the prices.

While you’re hunting for a new space, you’ll come across varying price points for the properties. That’s normal. What you should be mindful of is your budget.

You might see the perfect space for your team, but it’s way overpriced, or one that fits the budget but is too cramped. Pause to reconsider. Your office should be an asset to your company, providing comfort to you and your employees and offers prestige to your clients. However, it shouldn’t cost more than your business operations. Get the property that can meet you in the middle.

A popular choice for startups is co-working spaces. With flexible payment options and most amenities present, lean teams have the opportunity to scout longer for a bigger office should the need arise.

Final Thoughts

Getting an office space for your business is a big deal. A great sign that you’re choosing the right place is if you can imagine that your company will grow in it at a steady pace and that it will satisfy your employee’s needs, all without hurting your budget.

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