How to find a shop to rent in Singapore?
It can be difficult to find a shop to rent for your business, but if you take the time and plan ahead it will all make sense. As renting out an entire store is one of our highest operational costs, business owners should always strive towards finding something that suits us best with a great location too!
The first step in this process should involve looking at competitors’ rent prices within proximity from where they’re located now so there isn’t much height competition between them; next look into different areas outside those close by–maybe somewhere further away which may have less foot traffic yet still desirable enough crowds daily
In this article, we will share some tips on how to find a shop in Singapore that you want!
What types of leases in Singapore?
Familiarize yourself with the various types of leases
There are many different kinds of leases in the market and each landlord has their own variations on a standard lease. The main distinction between them is what costs will be born by you as well as your responsibilities, so it’s important to know which type applies before signing anything!
Here are some leases offered by landlords with shops for rent:
- Single Net Lease – You will be responsible for paying property tax and utility bills. The landlord is liable for all other costs – for example, insurance.
- Double Net Lease – With this lease, the property taxes, utilities, and insurance are your responsibility. The landlord has to pay for maintenance.
- Modified Net Lease – Expenditure is equally divided between you and the landlord.
- Triple Net Lease – You’re most likely to be presented with this lease because it’s the most common type. A triple net lease states that you’ll be accountable for most of the expenses while the landlord will only be responsible for structural repairs.
What other considerations do you need to focus on?
Work out the size of the shop you’ll need
When deciding on the size of your retail or service business, you need to consider what space will work best for both current needs and future growth. Determining your strategy to find a shop to rent is tough. Indeed there can be a tricky balance between not paying too much but also considering whether or not relocating when it grows larger may become necessary in order to keep up with demand.
Therefore, you need to carefully plan the size of the shop according to your needs. Let’s say if you are running a retail shop to sell clothes, you have to check how much space you need for the sales floor, stockrooms, and so forth.
For a service business such as massage and spa, you need to plan the size of bathrooms if you provide service for your customers to take showers. You really need to prepare your measuring tape and measure from scratch.
Decide on your budget
The amount of rental will be one of the factors that affect your decision of renting a shop. Beside the monthly rental base rate, you should consider the following expenditure when you allocate
- Insurance – You’ll need to cover your business for contingency, like natural disasters and theft. The cost of insurance for a retail business varies widely and is normally worked out according to the size of the shop.
- Utilities – Budget for the utilities that will be used to operate your business, including water, electricity, and internet.
- Remodifying – The shop for rent may be completely empty, so you’ll need to allocate some budget for interior design and visual merchandising.
What should you do after you find a potential list of shops to rent?
Narrow down your shops options
After you’ve found a potential list of shops, you need to focus on the shops that are the right fit. You need to eliminate the shops that are not the right fit.
Apart from that, it would be good that you choose a shop that is close to major highways or public transport stations. Normally the shops that are near to public transport stations and major highways have high footfall which makes your shop very accessible. In Ideal Connection, we have an array of shops and spaces available at bus interchanges and MRT stations for renting.
It is also good if you choose a shop that is next your comparable business. If you sell women’s apparel, imagine the shop next to your shop is selling shoes, your both businesses complement each other.
Identify the right professional to help with your search
You can always search for a retail shop for yourself. You can google “find a shop to rent” in your local area to explore your options. However, you should exercise caution with this approach, especially if the listings aren’t with a reputable commercial property agency like Ideal Connection.
Many shop rental sites that are free which have many listings such as Propertyguru, Carousell, and so forth. You can just simply sign up to those sites to search for the options of shops.
Besides, you can also use your network to look for shops to rent. You just have to ask around the people in your network. Your network may be aware of rental properties that aren’t advertised with the big agencies.
You are surely able to choose a shop or space at our locations that will suit your preference. Don’t hesitate to call or message us today! With our help, you can make your retail or service business a success! Contact us today to learn more!