Finding a commercial space for your company is one of the most essential tasks for a business owner. There are countless aspects to consider and regulations to understand when making this decision.
What should I do before negotiating?
Following these steps will help you receive the best price and avoid any mishaps when negotiating your commercial lease:
- Understand the basics: Before beginning the negotiation process, learning what is typically included in a lease agreement can reduce your risk of making a mistake.
- Learn common lease types: Understanding the most common lease agreements will help you select the one that meets your needs.
- Ensure the commercial space aligns with your goals: When searching for a building to lease, try to envision your company a few years down the road. If you think your business will potentially outgrow the space, you might want to look elsewhere. Another option is to negotiate a short-term lease. You might end up paying more each month, but you will have some freedom should you need a larger space in the future.
- Hire an attorney to negotiate: Negotiating a lease is challenging, especially if you do not have prior experience. Hiring an attorney with years of experience could take some of the pressure off of you and save you money along the way.
- Search for the perfect location: Finding the ideal location is crucial to the success of your business. You might get a great deal on a commercial space in a less populated area, but having your company close to your customers could be more beneficial in the long run.
- Draft an all-encompassing lease: When creating the document, ensure that everything you agreed upon is in the contract. If a problem arises with something not listed in the agreement, you will likely have no legal recourse available.
A lease agreement is an important part of growing your business. Because of this, hiring an attorney could prove to be beneficial when negotiating. Your attorney can also help draft the agreement and make sure it includes the necessary components.