If you want to lease office space or a retail location, there are several pitfalls you should be aware of. While you can go it alone, it’s often better to use an experienced broker who can help find a lease that’s right for you.
How a broker can help you get the best possible deal on your commercial lease:
- Help prevent you from making impulse or emotional decisions
- Check for any out of order terms in your lease documentation
- Help you understand how much leverage you have and help you get a deal in your favor
- Represent your best interests – NOT the landlord’s
- Save up to 25% on your lease using a broker’s FREE service
But before you engage a broker you should do a little groundwork first. This way you can get the most out the brokers experience and get the best possible deal for your commercial lease.
Top 2 Things You Need To Do If You Want To Lease Office Space Or Commercial Property
Fail to plan, plan to fail. Before you engage a broker you should have an idea what you want in your ideal commercial location. Many people go searching for a property without working out exactly what they need.
Things you should think about before engaging your commercial broker:
- How much space do you need right now?
- How much space will you need to expand in the immediate future?
- What’s your budget (the absolute maximum you can afford)?
- Where is your preferred location?
- Where do your customers spend their time?
- Will you have complimentary businesses nearby?
- Will you have competitors nearby?
Armed with this information, a great broker can take the guesswork out of your search, saving you both time and money.
Give Yourself Plenty Of Time
Unlike a residential lease, commercial agreements take a lot longer to finalize. Most people underestimate how much time they need before they can move into their newly leased property.
Underestimating the time to renew the lease, move in, outfit, and to negotiate can end up costing you thousands in lost revenue and unplanned outfitting expenses. Begin searching no later than 6 months before your estimated move-in date. A little preparation now can save you thousands in the future.
Now that you’ve done some preliminary research, it’s time to engage a broker.
Here’s how a broker can help you get the best deal and avoid huge mistakes when leasing a commercial office space
1. Reduce Emotional Decisions When Leasing Commercial Real Estate
Often business owners fall in love with a location, without thinking about if the location is suitable for their business. Brokers are all too familiar with this feeling and will remind you what your goals are and what you are looking for. Keeping you on track to find the right location that’s good for your business and your wallet.
2. Checking Your Documents For Any Out Of Order Commercial Lease Terms
Leasing contracts are both complicated and convoluted legal documents. Too often business owners are too busy or in a rush to read through the massive document and end up skimming. Skipping over crucial parts of the agreement and not realizing until it’s too late.
Brokers know exactly how a properly structured agreement looks like. If something is out of place, they’ll let you know ahead of time, before you sign on the dotted line. Without a broker, the onus falls on you to make sure everything is in order before signing a contract.
You also need to take into account other important terms such as:
- What are your notice periods, would you have enough time to vacate if given notice?
- How much would it cost you if you terminated the lease early?
- Can you sublet or is that a breach of contract?
- Who maintains the HVAC units?
A broker can help you navigate these hurdles and make sure you know exactly what you’ve signed up for.
3. Boost Your Negotiation Leverage When Leasing Commercial Property By Using A Broker
Many tenants underestimate the amount of leverage they have in a lease negotiation. Landlords are business owners too and want to keep their buildings full, to maintain their cash flow.
Often new tenants are at the mercy of the landlord and end up paying a much higher rate of rent and security deposit.
You can avoid this by using a decent broker who already knows about the location you are looking into. They’ll know what the market rates are as well as how high supply and is demand in the area. This kind of broker experience is invaluable when it comes to helping you negotiate a better deal on your lease.
4. If You Want To Lease Office Space, Work With A Broker Who’s On Your Side
Real estate agents will always side with the landlord over the tenant. After all, the landlord is paying their commissions.
You want a broker who’s working for you and not the landlord, as they will have your best interests in mind. Often the goal of the landlord or their representative is to get you on-site to take a look at the property. Once you’ve had a look, they’ll spend all their time trying to convince you to sign a deal on the spot.
Tenant brokers represent you, and only you. The best thing is, the landlord, not the tenant pays their fees. A great broker working for you can save up to 25% of the total value of the lease.
Working with an expert broker like Commercial Lease Locators is a no brainer. We will help to make sure you don’t miss any vital details and end up out of pocket if something goes wrong. The best part is, using our services is completely FREE.
Save Time And Talk To A Commercial Lease Locator Today – Best Of All Our Service Is FREE!
Get in touch with Commercial Lease Locators and discuss your needs with us today. All you need to do is drop into the office, send a message online, or call 512-920-6270. A professional agent will help you find the perfect commercial space and negotiate the lease for you.