The Do’s and Don’ts of Renewing Your Commercial Lease
Is your commercial lease about to expire? If so, it’s a great time to start planning the next move for your business.
Even if you love where you are, it’s still a great opportunity to explore your options, and even negotiate for a better deal with your current landlord.
Too many people simply accept what they are offered. But you’re not like other people, because you’re here!
So if you want to make sure that you’re making the right move for your business, here are the do’s and don’ts of your renewing the lease on your commercial office space.
Just to mix things up a bit, let’s start with the don’ts first. The things that you should probably avoid. So here they are!
Don’t Settle For Less
I hear what you’re saying. It’s simply easier to just sign the lease renewal without doing anything to change. It takes less time for you, and less strain on your resources.
But what if I told you that was just an excuse?
I know, tough love, but if you want to really push yourself to grow, you need to be doing everything in your power to improve your company’s cash flow, and make sure that you are getting the most out of your commercial lease renewal.
If you continue to just leave this, you may end up with rent increases, and miss out on other incredibly beneficial opportunities.
Don’t Leave It To The Last Minute
If you want to make sure that you have the best chance to negotiate your lease renewal, then you need to plan ahead.
Leaving it to the last minute will have you scrambling during your lease renewal talk, and you may just accept whatever conditions are given to you.
However, if you take the time to do the market research and explore lease renewal incentives, then you can put yourself in a really strong position.
If you plan to renew your lease for the long term then it is even more important that you make sure you are getting the most out of your lease terms.
Alright, now let’s talk about what you should be doing to make sure that your lease renewal goes smoothly.
Do Consider Whether You Want To Move Or Renew
You should give yourself ample time to decide whether the best decision for your business is to renew or move. There are so many different pros and cons to both sides, and it will really just depend on where your company is in their growth journey.
If you’ve outgrown your office, it may be time to consider moving.
And even if you are happy where you are, you should still look at other options. This can create competition, and also just help you learn what else is out there.
Do Get Help From Professional Negotiators
Working with a professional negotiator who is 100% on your side is going to help you get the best deal on your office lease.
While a landlord representative or real estate agent will most likely be on your landlord’s side, a professional commercial negotiator is going to have your best interests at heart.
At Englander Principal, we specialise in helping businesses get rental savings on their office lease. We have helped countless businesses across Australia and internationally get half price rent, free rent periods and even rent reductions.
If you want to learn more about how we can help you, contact us today!