TIPSY TUESDAY | Commercial Real Estate – Where to start?
I want to empower you with a few tips and tricks to help you when you are starting out. Now, this may not apply to everyone. If you have leased space before, especially via Kijiji (or equivalent), it may have gone smoothly and with no complex documents to go through.
My name is Ellie Scott and I specialize in Retail Sales & Leasing at Avison Young in Edmonton. I’ve been in this industry since 2010 and I know the whole process of leasing space can be fairly intimidating…or at least a bit daunting. Its quite a process that requires handling legal documents, following timelines/processes, coordinating people, deposits…the list goes on and on. I want to empower you with a few tips and tricks to help you when you are starting out. Now, this may not apply to everyone. If you have leased space before, especially via Kijiji (or equivalent), it may have gone smoothly and with no complex documents to go through. That’s fair! Sometimes you land a bit of a unicorn. But the majority of properties will have/require some component of the below, and you’ll be happy you knew about them early on.
Alright, lets get into it. At this point maybe you have done some googling of “commercial space Edmonton” and google comes up with some random spacelist website or another 3rd party website…
Where to look: its honestly best to talk to a broker first, but I know sometimes you just want to take a look at what’s out there, and I understand that! So, if you don’t want to engage a broker just yet, the best place to start your search is on the websites of the different brokerage firms. There is no centralized website (ex: MLS for residential) for commercial real estate (CRE). There is a commercial section on realtor.ca, but only those brokers who are a Realtor® are able to put listings on that map. Typically, commercial brokers aren’t realtors (fun fact!). This means you literally have to search each company’s respective website. Those brokerage firms include (but not limited to): Avison Young, CB Richard Ellis, Colliers, Cushman & Wakefield, NAI Commercial, Omada Commercial, ReMax Commercial, Royal Park Realty, and more. If you see information on a sign, take down the company name and search it, or call the number on the sign. Its important to note the property address or at least its cross streets (or closest to). Spacelist is an ok search tool, but they are a 3rd party who takes information from the brokers websites and uploads it to theirs. A lot of times the information is outdated so its not usually the most accurate.
Talk to a Commercial Real Estate broker (aka advisor, associate, agent) who is has a ‘commercial’ licence from RECA (Real Estate Council of Alberta – our governing body) and are licenced to trade in real estate (if they aren’t licenced, their title will say ‘unlicensed’). More specifically, talk to someone who specializes in the type of CRE you are looking for. There are 5 asset classes in CRE – Retail, Office, Industrial, Investment, and Multi-family. Basically:
Retail = shopping/strip/power centre
Office = office buildings/walk ups/downtown towers
Industrial = manufacturing/warehouse/garage
Investment/Multi-family = buying/selling properties
Most importantly. A broker will look out for your best interest. Their job is to represent you. Find someone you connect and jive with. Someone you feel you can trust. You will work very closely with this person and communicate a lot, so you should feel like you are getting taken care of and have no hesitation towards reaching out with questions. Side note: tenants don’t pay the fee, the landlord does. So it typically has no upfront cost to you to use someone.
Some residential agents will also be licensed and able to transact in CRE, but that doesn’t mean they specialize in it. At the end of the day, find someone who can look out for your best interest, be informed on the market, and understand the asset class and the intricacies involved. As long as they know those things, you should be good to go!
Get your business plan prepared. With new businesses, both a landlord and a financial lender will want to see this. Financial terms are very important here as they want to know you’ve thought of all the costs involved in running a business. Staff, utilities, rent, all the goods! If it’s a franchise, it’s a bit different because there is a plan and proven track record behind the name. Chances are you’ll still need one to get financing. When you go talk to the bank, see what their requirements are for items they need included in the business plan.
Talk to your municipality. There are so many different requirements for each type of business. Different rules and bylaws that need to be followed, different parking requirements, fire code, all sorts of things. If you talk to someone here early on, it can help you plan out all these different aspects that you will need to include in your space. How many washrooms you need to build, if you need an emergency exit, the list goes on. There are also numerous resources online, so check your respective municipality website as well.
Budget, Location, & Timing. The trifecta of finding that perfect space. They also make up a sliding scale. Think about your budget and consider how the location might affect it. For example, in retail you might want to go into a funky shopping district, but those usually cost more money so do you think you will sell more/enough to make it work in a location like that? Or are you more destination? Will people happily drive to you to get your product/service? Will taking a less desirable location be more beneficial because you won’t need those other traffic drivers to get people in the door? What about timing, do you need a space yesterday? Its challenging to find something within a budget, in the perfect location, at exactly the right time. See the sliding scale? Think about these 3 items as they form the basis of finding your space.
Communication. Keep lines of communication with your broker open. The more open and communicative, not only will everyone be well informed, but they will also be able to adapt to any changes that arise. Legally, a broker has to keep certain information confidential, so there shouldn’t be a worry they are going to give out your personal information. That is, until a deal gets to a certain point, then specific personal information needs to be shared to the Landlord, but that’s later in the process and is still kept confidential between the respective parties
Overall timing. Leasing space can take anywhere from a couple months to years to complete. There are different variables, situations, permit issues, and all sorts of things that come up. I think for the majority of the YEG Boss Babes, it’s likely best to plan for at least 3-6 months from the day you start looking to getting the keys and taking possession.
Ask questions because if you don’t ask it, they can’t answer it. Plain and simple!
Alright YEG Boss Babes, those are some simple and yet very important tips to think of when leasing space. If you want more information, I’ve got all sorts of information I can provide to you or I can put you in touch with the appropriate person to help you out.
Thank you so much for reading – I look forward to connecting!
10 Reasons Why Goal Setting Is So Important
We are well into September and now that Q3 is slowly coming to a close, Q4 has been the only thing on my mind. I’ve been brainstorming what I want the rest of the year to look like for me, and a lot of that has involved, self-reflection, creating vision boards and goal setting. Today I want to share with you 10 reasons why goal setting matters and why it is so beneficial to creating life with meaning.
We are well into September and now that Q3 is slowly coming to a close, Q4 has been the only thing on my mind. I’ve been brainstorming what I want the rest of the year to look like for me, and a lot of that has involved, self-reflection, creating vision boards and goal setting. Today I want to share with you 10 reasons why goal setting matters and why it is so beneficial to creating life with meaning.
Goal Setting is eye opening. It makes you realize that if you’re not progressing, you’re stagnant. Nothing is scarier than being in a place you know you shouldn’t be, whether it’s at a dead end job or toxic relationship. As time passes, you may begin to feel stuck. Goal Setting is simply creating the blueprint for how you want your future to unfold and It makes you aware of where you are and where you’re trying to go.
Goal Setting will allow you to become more conscious of how you spend your time. When you have a goal that you are working towards and you really focus on it, you will become conscious of the actions and behaviours that are taking away from your progress.
Goal Setting raises self-awareness. How are you supposed to build the life you want when you don’t know what truly makes you happy? Goal setting requires self-reflection because the bigger the goal, the more compelling your “why” needs to be. You need to have solid reasons for why you won’t give up and why achieving this goal means so much.
Goal Setting will transform you into a better version of yourself. I was always told that achieving your goals isn’t the fulfilling part of goal setting; it’s who you become in the process of chasing what you truly want. Every big goal that you pursue is going to demand a bigger and better version of yourself. The real question you need to ask yourself is, “am I prepared to lay this current version of myself to rest to reinvent myself for the better or am I too attached to who I’ve been?”
Goal Setting will give you a glimpse into the future. If you want the next five years to look better than the last five, start goal setting.
Goal Setting will force you to reassess your friendships and relationships—do your friends motivate and inspire you to take action and pursue your goals? Is your partner interested in developing personally? Do your relationships speed up your progress or slow you down?
Goal Setting will make you aware of what you value – I truly believe that you attract out of life what you are, not what you desire and so if you want better for yourself and your life, you need to get better. Your words, actions and behaviors should reflect the life you are trying to create for yourself and the people you wish to attract into it.
Goal Setting is universally attractive. It is attractive to employers, relationships and friendships. Having goals shows that you have self-respect and standards for yourself and your life. It shows that you are working every day to become a better you, for you!
Goal Setting forces you to become a problem solver—there are going to be plenty inconveniences that you face on the journey of becoming a better version of yourself. One of the most valuable skills you can learn when working towards your goals is being good problem solver. By being flexible with your approaches it will allow you to use your creativity to get yourself through some of your worst roadblocks.
Goal Setting is great for new beginnings—whether you moved to a new city or recently got out of a relationship, goal setting is a great way to reset your mind and focus on what’s coming next.
Submission by: Alejandra Gallo
TIPSY TUESDAY | 5 Tips on Navigating a Networking Event
If your initial thought is how much you dread the discomfort that comes with networking, don’t worry, you’re not alone! The idea of walking into a room filled with strangers and having to talk about yourself is certainly daunting, even to experienced networkers.
If you’re a business owner, or aspiring business owner, networking is a staple in your entrepreneurial tool-kit. Recently, TC from Branch and Leaf wrote a terrific blog post on why networking events are so valuable for business owners. (You can read the benefits of networking for your business here). If your initial thought is how much you dread the discomfort that comes with networking, don’t worry, you’re not alone! The idea of walking into a room filled with strangers and having to talk about yourself is certainly daunting, even to experienced networkers.
In both my personal and professional life, I’ve had to do my fair share of networking. On the personal side, I’ve moved to 2 new cities by myself and I’ve had to throw myself into unfamiliar social environments to meet new people, create connections and ultimately build relationships. On the professional side, I’ve worked the world of outreach for years, and whether it was through my past corporate jobs or my current business, I’ve found myself in many events having to talk to strangers with the same intention: to meet people, create connection, and to build relationships.
Here are a few tips I’ve picked up over the years of awkwardly putting myself out there.
Get ready to take note!
Perspective
Before you even get to the event, get yourself in the right mindset. This is a networking event; its sole purpose is to create an environment for people to come together to meet, mingle, share and connect. This means that everyone in the room is looking to do the same thing you are: connect with someone else in the room! It’s also likely that most people in the room are feeling just as uncomfortable as you are. Remembering that other event attendees are in the same boat as you can relieve some of the pressure, and help you feel less awkward and alone.
Arrive Early
Your initial response might be something like, “yeah, right! I don’t want to be the first one there.” But, in fact, arriving early gives you an advantage. You can get a feel for the space and environment, chat with the event organizers as a warm up, grab yourself a cocktail or a coffee and settle in. Trust me, it feels far more comfortable to start conversing with others as they walk in, rather than entering a room filled with ongoing conversations and trying to insert yourself.
Conversation Starters
They say preparation is the key to success, and networking is no different. So, for your next event, try researching a few conversation starters so you feel prepared in how you will approach anyone you come across at the event. Here are a couple of classics to get you started:
Ask if you can join a conversation – Whether I see someone standing alone or I’m looking to join a group, I always like to lead with “do you mind if I join you?” it’s a gentle way of indicating that I’m looking to connect with someone (especially if I’m joining a group conversation) and people are always welcoming. Alternatively, if you find yourself in a group conversation and you see someone standing by themselves or walking around alone, go and ask them to join your group or conversation. We’re all in this together!
Comment on the environment – talk about how beautiful the space is, or how you feel about the food or drinks, or what you like/dislike about about networking events. This is an easy conversation starter because it’s one thing you are sure to both have in common in that moment.
Be curious about the other person – ask open ended questions about their business or hobbies. Do they enjoy the field they are in? What made them start their business? How do they enjoy spending their time outside of work/business?
Ask them why they’re attending the event – How did they hear about it? What are they hoping to gain? Do they go to other networking events? This helps you connect by talking about the community you are both a part of. You might even gain a new networking wingman!
Bring a Wingman
Sometimes, it doesn’t matter how much you prepare, you still might not be able to shake that awkward feeling of entering a room alone. My suggestion is to bring a networking wingman, that friend who is looking to network and build connections in the community just as much as you are, and try approaching people together. It can feel far less intimidating when you have someone you know and trust by your side. Just try not to get too caught up in conversation with each other. Remember that your intention is to connect with others in the community!
Have fun
At the end of the day, remember why you decided to attend the event; to meet, connect, learn and grow. It’s totally normal to feel awkward and uncomfortable, but try to take some pressure off and just enjoy yourself and the process!