If moving homes is considered an overwhelming task, then moving workplaces hits you with a double whammy as you have to manage the relocation while maintaining the productivity. Relocating from one commercial property to another becomes a necessity when your business expands and workforce doubles, or when you need to attract better clientele and employees.
The reasons for the move can be varied, but the task leaves business owners perplexed and anxious. They feel burdened by the responsibility of moving all the expensive equipment and furniture safely along with the confidential paperwork and documents.
Additionally, they have to make sure that the employees are not feeling stressed and have to boost their morale by describing the opportunities waiting at the new place.
So if you are planning to purchase a commercial property for sale in Australia, you must think about the moving process to ensure a smooth transition. Here are a few tips that will help you manage your relocation with ease.
Consider The Space Constraints
You know that you have got to move when employees are finding it hard to accommodate in the given space. If there is no place for more workstations, but you need to hire a few more managers, or there is a shortage of meeting rooms and private cabins, then you can start looking for an ideal property that can solve your space-related woes.
Your new office should be in line with your expansion plans so that you are not facing the same situation after a couple of years. If the space constraints are affecting the efficiency of your employees, then find an appealing place in an A-grade structure as soon as possible.
However, if an A-grade property is not on your wish-list, then go for the one which fits your budget and suits your business requirements.
Take A Need-Based Decision
Some business owners consider leasing over purchasing commercial real estate. However, the decision depends entirely on the business life-cycle stage of your venture. If you are running a start-up with limited capital reserves, then you must not think about buying a property so soon.
The future of a start-up is usually uncertain, and its space requirement in the coming 5-10 years cannot be predicted accurately. Thus it is better to get a lease.
On the contrary, it will be more cost-effective for an established and mature business to purchase a property as they have sufficient working capital and funds and are certain about the growth rate of the business in future.
Find A Convenient Location
When you look for a new office space or industrial warehouse, the location must be your topmost priority as it will play a vital role in the success of your enterprise. The building should be easily accessible and well-connected to other parts of the city.
It should have ample parking space for the employees and clients and must be positioned in a well-developed area.
The region should have all the amenities and utilities in place and must be in close vicinity of shopping precincts, restaurants and bars. All of these elements are prerequisites for finding a suitable workplace location.
Hire The Best People For The Job
Many commercial property investors are now putting money in the development of world-class real estate in fast-growing cities like Gold Coast. The rent yield is higher, and so is the return on investment.
Thus, if you are moving to the coastal city to set up your new office, you will need professional help.
According to Better Removalists Gold Coast Spokesperson Sarah Brincat, you must start researching online and gather quotes from reliable removalists.
These professionals ensure that your corporate belongings are transported in the perfect condition without any disputes and hassles. Pick the one which fulfils all the conditions of your relocation in an affordable manner.
Keep The Budget In Mind
Moving is an expensive activity, and you need to set aside a budget for the whole process. Besides paying for the lease or purchasing the new office, you will have to keep cash reserves for removalists, utilities, and insurance.
If the floor plan of the new place is not in line with your requirements, then you will have to spend a significant amount on renovations and repair work.
You should also bear in mind that you will have to pay property tax and pay for regular maintenance of the office space or hire janitorial services.
Another factor to consider is that operations will get affected for a few days, and you must work on bringing the efficiency back on track as quickly as possible. However, the downtime will add to the expenses so forecast accordingly.
Conduct Careful Due Diligence
The due diligence process must start a month or two prior to the finalisation of the place. You must evaluate the condition of the structure by carrying out a thorough inspection, which must include assessment of the construction history, rental yield, defects, repair requirements, etc.
Secondly, you must meticulously examine all the documents related to the property, such as lease contracts, maintenance records, insurance policies, permits and licences.
Lastly, you must find sources for acquiring adequate funding for your commercial real estate purchase. A lot of things can go wrong with modern commercial buildings, and an assessment will help you to avoid any risks and make a sound investment.
Make It A Team Effort
You need to prepare for the move in advance and delegate responsibilities to your team members with scheduled timelines for an organised transition.
All the tasks must be given a fixed completion time, such as renovation, setting up utilities, transporting the equipment and furniture, communicating the new address to all the clients, associates, suppliers, vendors, shareholders, etc.
You must also stock up the inventories to make sure that you do not face a shortfall in the new location. If you think that a sudden shift is going to take a toll on your business operations, you can move in phases. It can be done by keeping both offices for a few months and moving the workforce and equipment in batches.
A commercial move is not an easy task, and you may have to create a strategy for it just like any other business policy. Thus if you are buying commercial real estate for sale in Australia, then keep the tips mentioned above in mind to enjoy a systematic and stress-free relocation.
Sophie Barrett is an experienced real estate marketing professional with a specialisation in commercial property market. She has a Masters degree in marketing from the esteemed Melbourne Business School and has several property management certificates to her credit. Her shrewd marketing policies and business acumen have led to the most rewarding property deals in the major capital cities of Melbourne, Sydney and Perth. She is a popular name in the real estate market and has been serving the industry for almost two decades now. CommercialProperty2Sell is proud to partner with her for some astute discussions and advice on the booming sector.
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