Multi-Unit Real Estate & Site Selection Advice - Now & Then
Earlier this year, contributing writer Sara Wykes interviewed several multi-unit franchise operators and some real estate experts about how they handle site selection and real estate challenges in today's market. Those she spoke with talked about finding that perfect franchise location, one that augments the odds of success and reduces the risk of failure.
Here are some insights culled from her interviews:
Managing Now And Looking Ahead
Every franchisee - and franchisor - wants to identify and open units at the best locations and sites. That's why it's important to have processes in place and to use them effectively. Look at the bigger picture and apply science and other tools to the decision-making process.
"We focus on systemizing the real estate process," says Emily Durham, partner and director of hospitality services for Waterman Steele Real Estate Advisors. "It cannot be just a one-off; it can't be just made up as you go. You want a standard LOI process so that no matter whose hands it's in, it can't be messed up, particularly if we're going to plan out 30 at once. The only way to control is make it a system. Create site approval packets, for instance, so no matter where brokers come from, they get the same info in the same order. Otherwise it's all over the place."
Navin Bhutani, director of development for LocateAi, the artificial intelligence-driven data collection and analysis company, says that the future state of franchise site location will become more objective, will include more combinations of key variables, and will do it more quickly. "Franchisors, franchisees, and private equity companies want to know where they can be successful--they want to be smarter, with useful, actionable data."
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