Getting the right commercial property to let can be quite a difficult task especially if it is your first-time leasing property (find properties to let). Commercial leasing may sound a lot like leasing residential properties, but they are actually worlds apart. You need to be adequately prepared before signing any lease agreement. Most lease agreements are very high value, and more often than not, the parties involved fail to clarify all their duties and rights within the lease. This often leads to significant legal and financial repercussions.
Having said that, here is everything you should and shouldn’t do before signing any lease agreement to avoid any such pitfalls:
The Do’s
1. Do thorough shopping before committing.
It’s important to scout well for the best deal. Before settling on one property, you can make a list of all your available options then decide what you want. Your decision should obviously be informed by the specific requirements you are looking for in a property. Visit several sites and be sure to take as much time as you need before setting on the one perfect choice.
2. Value your firm’s flexibility.
If your firm is only starting out, do not go for a prolonged lease agreement. Starting firms cannot afford to be tied down to one place because the nature of their business requires them to always be on the move. You will soon realize that some places will get quickly outgrown while others won’t. Consider a short-term lease for your business because you could easily outgrow the place you are starting at.
3. Negotiate terms.
Many landlords are used to negotiations. They often inflate rental prices so that there’s room for negotiation. Negotiate your way to an agreeable price, one that you are both comfortable with.
4. Check References.
Get in touch with other tenants to verify your landlord’s record in living up to his promises and responsibilities. Clean records will definitely guarantee a smooth stay.
5. Hire or consult an attorney.
Hiring an attorney will make things easier for you. Think about all the cumbersome documents that will be sorted out efficiently. You should also let your attorney go through your lease before you sign it.
The Don’ts
1. Leasing more space than you could ever need.
Don’t make the mistake of biting off more than you can chew. Get adequate space for your activities then grows from there.
2. Don’t be discouraged.
Sometimes you may find landlords asking for some background to your company. They always want to check references, inquire about your firm’s financial status and request credit reports. Don’t be discouraged by this process if you face it. When it comes to acquiring a commercial property for let, this process is perfectly normal.
3. Never neglect lease details.
The conditions stated by the lease will limit your company’s activities for as long as the lease is valid. If it says don’t make changes to the building, then do not make them. Prior to signing the agreement, if you notice terms that could potentially hinder the company’s activities in the future, discuss them with your future landlord, then if possible, make all the relevant changes.
Final Thoughts
Lease agreements are important and therefore must be drawn up carefully. When doing so, be sure you strongly emphasize all issues that safeguard both your interests. This is the only way to guarantee the most stress-free experience as you get a commercial property for let.
