1. Define basic requirements: 7 to 14 days
- Size and layout
- Expansion requirements
- Down payment available
- Mortgage terms desired
- Image and quality
- Geographical area
- Intangibles
- Goals and
assumptions
|
2. Preliminary Analysis: 7 to 14 days
- Preliminary market survey
- Sales comparables report
- Estimated mortgage calculations
- Proforma cash flow analysis
-
Lease vs. buy analysis
|
3. Selection / strategy with support team: 3 to 14 days
- Attorney
- CPA or Financial Advisor
- Space Planner
- Mortgage Broker
- Interior Design (if desired)
|
4. Determine alternatives available: 7 to 90 days
- General
market knowledge of "deals" available
- Search of database / Commercial MLS
- Verification of terms and conditions
- Present list
|
5. Narrow down alternatives: 7 to 14 days
- Inspection tours of likely alternatives
- Selection of 3 - 5 best alternatives
- Preliminary space planning of best alternatives
- Selection of top alternatives
|
6. Analysis of alternatives: 1 to 7 days
- Financial analysis
- Layout efficiencies
- Intangibles and goal analysis
|
7. Final selection: 7 to 90+ days
- Choose top alternative
- Establish terms required
- Prepare and present Purchase and Sale Agreement
- Counter offer as necessary
|
8. Contingency Period: 15 to 90 days
- Review and note time requirements
- Hire appropriate services
- Do detailed inspections
- Finalize
financing
- Make appropriate applications
- Remove contingencies in a timely
fashion
|
9. Closing: 1 to 7 days
|
10. Tenant improvement or Renovation: 0 to 90 days
- Monitor progress
- Report progress
- Final walk through check
|
| Total Time Required: 55 to 430+ days |
| Realistic Time Frame: 120 to 180 days |
