I love optimists. To them, the world is full of possibilities and the time is always right. I’ll admit, I have a pretty positive outlook on life too, but I am also a realist. And in my line of work, I need to be, especially when it comes to helping a start-up business owner find the perfect location to set up shop and launch their dream. So, when my client approached me about finding a location for his new restaurant this past year (you know 2020, the year everything shut down), I was a bit skeptical. I mean really, now? During a pandemic? Optimism prevailed though and we went on a hunt.

Turns out my client really did have good instincts and good timing, for that matter. He also had a good partner—me. I know what landlords want to see in their tenants and what it takes to secure a lease. I also love a good challenge and I was determined to help my client find the right location to open his restaurant.

Now here’s what you need to know about restaurants: any old space will not do and landlords can be apprehensive because a restaurant requires very specific custom build-outs and 60% of restaurants fail in the first year.

Think the odds were against us? Maybe they were, but my client had a clear understanding of what was necessary to get up and running, he knew his market and he had something unique to offer: home-cooked authentic Filipino cuisine. His enthusiasm for what he wanted to start was also amazing. He was really passionate about the food and the culture and what his restaurant would look like, and what clientele would come in.

The next thing in his favor was—and this is the critical part—he had his funding put together. He had already secured his first six months of lease payments, start-up costs, and monthly expenses. He had his financial ducks in a row and he had partners, so, he already had a support system which is attractive to a landlord. These are the key reasons we were able to secure a lease and are the reasons why he is still going strong.

To secure a commercial lease, plan on having six months of funding secured before you begin your search.

But back to finding that perfect location… I have to say, we also had a bit of luck on our side, all because of the pandemic. That and the fact we decided upfront the best course of action was to find a “second generation” restaurant space. In other words, a space already built out with the necessary grease trap, kitchen, and everything else his restaurant would need to operate.

Well, as you probably know, 2020 was especially hard on restaurants and many had to close their doors. This left a vacuum, so to speak, and this, in turn, presented an opportunity—quite literally when it came down to what my client was after. Sometimes the stars align and the right property comes along and the right situation, the right scenario, presents. This was one of those times, but had we not been on top of things, had he not been so prepared, we would have missed that opportunity. My point is, in real estate, success has a lot to do with being in the right place at the right time, but it also requires a savvy instinct and the ability to recognize a good thing when it comes along.

In real estate, success has a lot to do with being in the right place at the right time, but it also requires a savvy instinct and the ability to recognize a good thing when it comes along.

So, yes, we found the ideal location in a restaurant that was closing its doors. Not only was it the right location with existing traffic that matched my client’s ideal customer, but it also had the necessary pre-existing buildouts. As an added bonus, the business owner’s also needed to get rid of their equipment. For the owner, my client came in at the perfect time because they had exactly what he needed and he offered a means for them to get out of their situation quickly. The landlord was also thrilled because my client was the perfect fit, so the loss of the existing tenant didn’t result in months of lost rent.

Of course, not every story has a happy ending, but I have found that in spite of the challenges 2020 has thrown at us, both happy endings and happy beginnings are possible. And that my friends, is why I am in real estate. If you’re looking for a happy ending (or beginning) to your real estate story, contact me today. We can write your next chapter together.