Tips on Renting a Commercial Property
Renting a commercial property is a whole other world from renting a residential property. While you are only concerned about the safety and convenience of yourself and your family when looking for a flat or house to rent, looking for a home for your business has an entirely different set of needs.
Because the needs are different, the approach is different as well. If you’re doing this for the very first time, these tips may come in handy for you:
Find the right realtor. While a real estate agent is a real estate agent no matter what they sell, a commercial real estate agent would be more valuable and helpful to you than the person who sold you a house. Just like in most any career, they have special areas of expertise and you should go to them for tips on where to find the right place for your business as well as everything else concerning your need. Remember, you don’t go to your dermatologist over an upset stomach.
Consider these three things when looking for a commercial space for your office or storefront: accessibility to your target market, size, and convenience for your employees and clients. Try to find one place that meets all of these three areas; where you are located and how well your storefront or office looks like is part and parcel of your general marketing strategy. You know you’ve made a wise investment when your commercial space can achieve all these for you.
Try negotiating on the rent. There’s no harm in trying. You would definitely want to negotiate on lack of parking space or limited storage space. The least amount that you can save up from your rent will go a long way to help your business. Forbes.com reiterates how negotiating and focusing on the strength in numbers is important, as you want both parties to be satisfied. You may also want to try to avail of these discounts on rent after several years of being in the same place.
Make sure you read and understand everything that’s stipulated on your lease. The last thing you need is to become an uninformed tenant; you’ll be sorry for when disputes arise. Invest in a good real estate lawyer to hire to help you on the legal stuff. Don’t hesitate to ask your lawyer – even when you have to ask him/her to explain everything to you in detail. Take time to read and clarify everything that seems vague to you.
Clarify your stand and rights on improvements to your area and what happens when you move out. Most rental spaces are open and devoid of partitions, rooms, etc. All the improvements are mostly adjusted to your business specifications. Make sure you know where you stand on the improvements and alterations you are to make on the place and how it might affect you – financially, most importantly – should you decide to move out.
Having found the right and proper kind of real estate for you is indeed a big step. In choosing commercial real estate, you'd be sure that the profits will be higher, however-- there are also bigger responsibilities that you have to take note of. Commercial real estate properties are more expensive and are a bigger risk than getting a house. It is important that you get the right property that will be beneficial to your business.
More tips on real estate, plus advice on property management-- coming up soon on Misbehavin' Librarian!