Are You Ready to Move Your Home Business to Retail Space?

If you live in New York City, there seems to be an increase in the amount of people taking the leap to become entrepreneurs and business owners. At the same time, you’ll notice that just when you wanted to visit that new shop or restaurant, they've already closed down. Renting space for your business is not something to be taken lightly. Your business plan needs to factor in every expense, have the funds to embark on this investment, and have realistic goals. Most entrepreneurs start working form home, when you are ready for more space to conduct your business, There are three types of spaces to consider:

1. Retail where you are visible on the street

2. Private office space in a building 

3. Communal spaces that you share with other businesses, but serve the purpose of having a meeting point with clients or business partners. 

Prices are different in each neighborhood and vary depending on the class of the building, location, and curb appeal. Here are my top 5 Keys To Succes

1. It’s better to start on a small scale and upgrade if needed, rather than start big and realize you aren’t making the revenue to pay the rent. My job is to stay on top of pricing trends and know the inventory, there have been so many times that I know the rent on a space and I know there’s no way that the product being sold can cover it. 

2. Do your homework and research on similar businesses and if there is any competition where you are setting up. 

3. You're going to need to show the profit your business is making and how much money you have in savings by providing tax returns, bank statements, sometimes a letter of certification from your accountant, as well as, having your credit and background checked. Just when you think you qualify, you may not look like a strong candidate to the landlord and they may ask you for extra months of security deposit and/ or someone else to co-sign and provide more financials. 

4.Once approved and you're negotiating a lease, make sure you get a “good guy clause”. This clause can prevent you from being responsible for the rent of the entire length of the contract if you go under, with the caveat that you will vacate the space to allow the landlord to rent it out. 

5.Pay attention to the yearly increase percentage. Have it explicitly state if real estate taxes and electricity are included or separate. The landlord may not be increasing the rent, but if real estate taxes go up- that may be your monthly responsibility, and they are not cheap. 

If you have any questions or would like to learn more, we offer complimentary consultations.

Email: @luxeurbanlife@nycasagroup.com

Staging for Life

If you’ve made the decision to put your home on the market for sale and want to get top dollar, you’re going to have to put some work and time in before the first open house. We want you to omit the red flags when a buyer walks through the door. There are 2 parts to this- staging and renovations. Staging is the cosmetic look of the space. Making it look clean, organized, and spacious. The goal is for the potential buyers to envision how they would personalize the space. Renovations will be to fix the structural appearance. You’ll want to target cracks in the walls, leaks, leak marks, for example, and anything that is going to appear to be work and an expense for the buyer. We want to limit the punch list of items the buyer will find to try and negotiate the price down.

These are the benefits of staging:

• Professionally staged homes present and show better than competing houses for sale, including new construction homes and higher priced houses.

• Staged properties will sell faster when compared with houses that have not been staged. From the date of listing until the day of closing, home staging shortens this time frame, even in a slow real estate market.

• Staged homes typically sell for more money.

• Buyers view staged listings as “well maintained”.

• Buyers’ agents recognize that professionally staged listings are “move in” ready and are inclined to show staged properties.

• Photos of professionally staged listings look better in print and web media.

• Professionally staged listings “stand out” in prospective buyers minds.

• Staging, usually, addresses repairs and upgrades that are needed to get the property into an appropriate condition in order to sell.

• Staging gives buyers peace of mind knowing that any potential issues have been addressed in addition staging also shows buyers the properties true potential.

• Buyers often do not have the funds to move into a property and come up with more money to address repairs, painting, etc. Buyers have come to realize and appreciate the benefits of purchasing a staged property.

When you list your home for sale with us, NY Casa Group, we include the staging/renovation consultation with a member of our team. Your home will fall into one of these categories:

• The recommendations can be addressed and completed by you because there are minor changes to be made.

• The recommendations can partially be addressed by you. When you’ve completed your tasks, we will return to rearrange your furniture and add accent pieces, if necessary.

• There will be assistance required from a third party to renovate, who we will work closely with to ensure that our vision will be attained. When work is completed we come in to arrange furniture and add accent pieces.

If we make suggestions to paint or refurbish cabinets, floors, replace fixtures/appliances, or purchase furniture, we will guide you thru the entire process when bringing in a third party painter, contractor, or handyman. We will choose colors, brands, and styles that fit within your budget.

When the staging process is completed we will have the home professionally photographed.
We will book the photographer and be present during the shoot. We preview the shots during the session so we can make any changes or request specific angles. We want the final product to intrigue potential buyers!

You can find before and after pictures here on our website:

http://www.luxeurbanlife.com/staging/

If you have any questions or would like to request a complimentary consultation, contact us at luxeurbanlife@nycasagroup.com