How to Prepare Your Building for a Viewing
In 2014, the worth of the UK’s stock of commercial property rose to £787 billion – a 15% increase year on year. This was driven by the willingness of investors to pay more for a given rent following the return of economic confidence.
For landlords looking to capitalise on this and sell their property, first impressions really count. At Restaurant Property, we know exactly what it takes to prepare a commercial property for a viewing by a restaurateur with high expectations.
1. Creating the impression of high foot flow
Is the building currently occupied by a successful business? If so, when is it at its most lively?
Imagine if a prospective leaser walked into your restaurant on a Saturday night and saw rows of empty tables. This certainly wouldn’t create the right impression. Despite the fact that empty tables could be due to external factors like poor marketing or a bad menu, low foot flow will give a prospective buyer a negative impression.
Try and coordinate with your in-restaurant team to ensure they are creating a time where the restaurant is totally booked up. You can then use this time for any viewings.
2. At its best
If you are arranging viewings when the establishment is closed, ensure the restaurant is spotless. Ensure tables are fully decorated and consider investing in a quick lick of paint and repair any highly visible “problem areas”.
Make sure that you declutter – you need to sell the space available and it is hard to imagine a customer where cleaning equipment currently rests.
If your space appears loved, it inspires confidence. And confidence inspires the belief that closes the deal.
3. Best foot forward
Viewings require you to be like a good boy scout: always prepared. In order to put your best foot forward you are going to need to have everything to hand.
Put yourself in your viewer’s shoes – what questions would you ask and what paperwork would you like to see? Whatever it is, make sure you have it to hand. The more professional and responsive you can be at the viewing, the more it looks like every aspect of this lease will run smoothly. And that can be a clincher.
Being prepared, though, also allows you to be ready to answer objections and breeze through difficult questions. Your restaurant agent will help you negotiate these challenges. However, nothing loses a deal faster than a lot of hesitations and awkward pauses. Having the following information to hand gives you an advantage in a competitive marketplace:
- – Planning permission documents
- – Environmental reports
- – A draft of the contract that you are offering
- – Profit and loss for the resident business
- – Information about the area around the premises
4. Positive iteration
Every viewing is your chance to make the next one even better.
After the viewing, contact your client or leasing agent to find out as much feedback as you can. Questions like the following will help you develop your pitch:
- – What did they feel about the space?
- – Was there anything else they needed – additional info required?
- – If they are not interested what was it that could have convinced them?
At Restaurant Property, our specialist team members have over a decade of experience negotiating the perfect contract for operators and landlords. A large part of this is ensuring a property is optimally prepared for that special first viewing. Let us advise you today.< Back