Tuesday 17 May 2016

Waad Nadhir - Renting a Retail Space

Waad Nadhir has worked for many years in the property development industry in his community of Bloomfield Hills, Michigan. As the President of BOSC Realty Advisors, he has managed, financed, and acquired many properties in the area, including retail spaces and office parks. Nadhir has helped create opportunities for new businesses to come into his community and set up shop. Here are three important first steps to selecting a retail space for a new business owner:

  • Strategic location. A business owner himself, Waad Nadhir knows how important it is to know your customers. When picking a retail place to set up shop, you have to ask yourself what about a place will be appealing to them when they choose to come to your store. Know the demographics of the neighborhood, study the other businesses: what do they sell, how are they set up? Find out if your new business will be a good fit in a given area.

  • Consider a broker. Brokers charge hefty fees sometimes, but they can also be worth it in the long run. Waad Nadhir works closely with many property brokers as a part of his job. Brokers can act as “buffers” between you and the sellers of the property. They can negotiate on your behalf, find you better possible locations, and much more. 

  • Make sure to inspect the property. This may be a no-brainer to some, but when you’re inspecting a property, make sure to take note of specific repairs you’ll have to do and possible maintenance issues that may arise.