Are you a small business or a startup and are looking for a location to establish your business? You could also be thinking of moving to a better place where there is enough space for your wares and an office. Whatever the size and in whichever location you have thought about, you will definitely get it. However, sometimes it isn’t easy to get what you need, especially when it is your first business. Thus, this article aims to give guidelines and commercial real estate leasing fundamentals that will help you choose the best among many.
Therefore, how do you go about that?
1. Don’t stop at the first commercial real estate space you find; nope, look for three or more available spaces. This will give a variety to choose from, and as you compare, you will have the room to negotiate for better prices and terms and conditions. Therefore, as you go looking for this space, don’t commit yourself the first time you meet a property owner who seems pleasant. That is not to mean that you should put off prospects but put them on hold and get as many as possible. Mind you, your negotiation efforts will pay dividends with time.
2. Until you know the expanse picture and the maintenance logistics, do not sign the lease document. Rushing into commitments could land into some fixes that may be costly and that you may have to bear. Instead, go around the structure, look for space’s details, picture yourself in that building- how will your product display be, and is the space perfect for exposure? Is there enough space for your office and the rest of the staff, and does it allow for the desired design? Such questions are pertinent if you are to get the most appropriate space.
3. Do not get emotionally attached to the place until you have done the negotiations and all is clear to you. In fact, if you must get emotional, it should be whether your customers will have the best experience within such premises. This is business, and therefore the customer comes first. Getting emotional at first may block your ability to judge, and therefore, you end up making decisions that may be costly in the long run. Think about the business rate compared to space, the location compared to your target market. Such considerations will help you remain focused and sound as you settle on the best choice. To ensure that you get the best premises, get a reliable consultant.
4. Get the Pro-forma copy and read it first- remember the details are always in the fine print. Please do not assume that lease documents are all the same; no, they are not. Each document has its details depending on the intent and target of the property owner. If the language has much legal jargon that you find difficult to understand, you’d better get a lawyer to lay it bare for you. This is to avoid a scenario where you sign a document and regret it later. Do not just rush into renting that commercial real estate space. Instead, take your time and make an informed choice with your customers in mind from a variety of offers. Get a real estate property consultant to guide you on the best decisions.