Commercial leasing tips to protect your interests
While taking a commercial property on lease, one cannot simply settle for whatever deal the landlord put forward. Quite naturally, the property owner would be focusing on his/her own interests and may not take yours into consideration. As a tenant, you would want to make sure that closing the deal doesn’t harm your interests in any way or make you end up spending more than you needed to. A reputed real estate consultancy firm like Belmares Properties should be able to help you secure a good deal too.
How to secure a commercial lease without compromising on your interests?
For an inexperienced individual, securing a good lease deal can be a challenging task. Here are a few tips on how to protect your interests while leasing a property:
1. Hire an agent for the negotiations
One of the biggest mistakes that tenants make while leasing a commercial property is handling the negotiations themselves. It would be better to entrust the task to a professional real estate agent who has amassed ample experience in negotiating lease deals. They can point out clauses in the deal that you may have overlooked, and help make necessary modifications to serve your interests.
2. Don’t settle for the rent that the landlord sets
You do not have to agree to the rent that the landlord puts forward on the initial offer. Landlords deliberately set a higher rate because they expect tenants to bargain and try to lower the rent. Counter the offer by asking for a rent that is 10% to 15% lower than what the landlord has set. There onwards, you may negotiate and settle for something in between.
3. Check out the usable square footage
Just because a property seems spacious based on the square footage mentioned by the landlord, it doesn’t mean that all the space would be usable. Check the square footage yourself to see how much usable space the property actually offers. Often, tenants modify a property to meet their personal requirements and this may render some of the space unusable.
4. Know the market
Having in-depth knowledge of the market would help you get a better deal too, as you would be able to make an informed decision. For instance, when you are aware of the rental rates that other tenants in the locality are paying, you can easily see if the rate set by the landlord is fair enough. This is also one of the reasons why having a professional by your side is a smart choice.
5. Check out multiple options
Check out as many good properties as you can find in the target locality and start negotiating with multiple landlords. This way, you always have the option to back out from a negotiation that doesn’t seem to be going anywhere.
How can a real estate agency help you?
Working with a reputed real estate agency would be a logical move, because experienced professionals can help you secure a great lease deal. Besides the fact that they would have large property listings for you to choose from, you may also seek their consultation and assistance in various other aspects. If interested, you may call Belmares Properties at (210) 877-0815 or fill up this contact us form.