Tips For Negotiating a Commercial Lease
Are you getting ready to sign a new commercial lease? If so, now’s the perfect time to start considering your options.
We know signing a new commercial lease agreement can be a daunting task, but it is also exciting.
There’s just a few things you need to be aware of before putting pen to paper. Be sure you understand what exactly it is you’re agreeing to and consider the terms thoroughly.
So, to make sure you’re making the right decisions, here are some tips to remember to help you through the process.
Understand Your Finances
Before even considering places, you should know exactly what you’re looking for and how much base rent you’re willing to pay for it.
Renting a commercial space can be an expensive endeavour. And the high prices may make you feel like you need to consider changing your property wishlist.
But what if we said that renting doesn’t have to be so expensive?
That’s right, it’s possible to alleviate some of the financial stress by negotiating the terms of your lease to help you save on rent so you don’t have to settle. Securing cheaper rent each week will help you free up precious cash flow, so you can invest big in other areas of your business.
The best way to ensure you’ll save the most is to trust the professionals. We can help you secure the best deal on your lease, including rent free periods.
Don’t Try to Rush It
If you want the best chance of securing a great deal, then you need to start planning early.
Negotiations can take up to a few months to finalise, so make sure you have this time available.
You don’t even have to wait until your current lease is done. If you’re not happy with your current terms or know it’s not going to be renewed then it’s important to start considering your options now.
You can start talking to professionals and get the negotiation process started on new leases before your current lease runs out. This way, once it is up, you’ll be ready to move on straight away, so you won’t waste any time in the in-between.
If you leave it to the last minute and try to rush through the process you may end up having to agree to whatever terms and conditions are offered.
Learn the Terminology
We know real estate lease terminology can seem like a completely foreign language when you first try to read it, but it’s important to understand it so you don’t get scammed.
Many additional clauses and fees can be hidden within the jargon so it’s essential that you understand what’s in the fine print.
That is why we dedicate our time to learning the language, so you can be sure we can explain it clearly so you know exactly what you’re agreeing to.
It’s vital to consider your business’s long term plan when thinking about the length of your lease. The location and look of your space help create your brand, so you really need to consider these before signing a lease, even if you don’t plan on staying there forever.
If you’re desperate for a space you may be inclined to just sign a short term lease to get you out of trouble, with plans to keep looking for somewhere that matches your brand’s identity better.
Whereas, if you’ve found the perfect space that aligns with the image you’re trying to create then you may want to consider a longer lease to secure your new business’s home for as long as possible.
How We Can Help You
If you’re just starting out it can be easy to miss important details that could end up costing precious cash flow in the long run. Seeking professional advice can help you avoid making simple mistakes.
To secure high quality advice from a team that is 100% on your side, look no further.
Englander Principal are professional commercial negotiators. We can help you through the whole process or even save you the stress and hassle of negotiating for yourself and do it all for you.
We work on your behalf to negotiate the best deals on your commercial property leases.
We are fluent in commercial real estate jargon, so you don’t have to be. You can focus on other areas of your business while we take care of the negotiations and save you money.
Plus, we can guarantee that you have nothing to lose, thanks to our no win, no fee guarantee.
If you want help or to learn more about negotiating the best deal on your commercial lease, contact us today!