Finding the right commercial space is as difficult and tricky as finding your first apartment in the city. But don’t fear. There are effective strategies you can use in your search.
Here’s what you need to remember:
- Don’t stop your search until you have at least three properties that could work for your business. Don’t hesitate to get some professional help if things get complicated. Realty & Mortgage says this will help you in negotiating better deals later on.
- Create a comparative analysis of each property’s details. This should include unit lease price, incremental expenses, leased square footage, lease terms as well as other pros and cons that you need to consider before making a decision. It goes that you need to get a comprehensive picture of each property before comparing it with the others.
- Track who’s responsible for what. In comparing property details, make sure you inquire and take note who will be responsible for the maintenance and repairs of the leased premises. These should include the air conditioning and heating systems as well as any equipment shared between you and your landlord.
- Keep your emotions at bay. Avoid emotional investments until after you’ve signed the lease. Sometimes, it’s the unnecessary emotional investment that ends up in bad decisions. This is business.
- Inquire if you are allowed to make changes. If yes, have this in writing and make sure you are on the same page with your landlord regarding the extent of renovations you wish to make.
- Check the fine print. Sometimes, it’s easy to get carried away by excitement when you finally make a decision to rent a commercial space. Read the fine print in your contract and check for clauses that could easily be missed and could lead to potential problems later.
Knowing your rights, not only your requirements, will help you find the right space for your business. An experienced rental property management company can help you in your search. But, it is best to also do your own research so you can get the best possible deals.