Top 5 Factors to Consider When Renting Commercial Property
When you run a business, you always need to make decisions that are impactful. No decision is more important than choosing what office you want to work out of.
If you are choosing to rent a space for your business, there are several types of retail properties you can look into, in addition to plenty of high-quality property managers that you can choose to do business with.
So how can you match up with the best office space for your business? Which guidelines will steer you in the right direction? We’re happy to explain.
Renting commercial property is easy and productive when you use the tips in this article.
1. Know the Terms of Your Rental Contract
First and foremost, you need to always understand the renting terms and conditions that you’re signing up for.
A commercial lease is a legally binding contract, and it’s your obligation to understand what it entails. This will include things like the time period that you’re bound by the contract, how your repairs will be handled, what constitutes grounds for eviction, out clauses in the agreement, and so much more.
Have your business lawyer take a look at the contract as well before signing it.
2. Lock in Prices That are Favorable
Don’t pay more than you should when renting out commercial property.
There are plenty of options for property that you can choose, so make sure that you find the best fit for your budget. Comparing property prices will help you keep your overhead costs low, which will help you increase your profits.
In addition to the base rent, consider factors like the cost of utilities, and how frequently the rent will go up.
3. Be a Tenant That Every Landlord Would Love to Have
The name of the game is making sure that your landlord wants to keep you around as a tenant. This keeps your business running smoothly, and can even open you up to sweeter deals than new tenants are getting.
Go the extra mile to be a peaceful, pleasant tenant, pay your rent on time, and every part of this process will work in your favor.
4. Choose the Best Property Managers
You need to be vetting and background-checking property managers as much as they are doing the same to you. If you’re signing up to do business with one of these companies, you need to make sure that they are fair, attentive, and great at what they do.
Look to see if they have any open or recent lawsuits, and keep a checklist for any property managers that you are looking into.
5. Look Into Co-Working Opportunities
Looking into co-working spaces can be helpful for so many reasons. These spaces allow you to share resources with other businesses, such as technology, meeting rooms, and break rooms.
It helps to keep your costs in check and increases your networking opportunities.
In the meantime, make sure that you also check out this Concessions acquisitions guide for more information.
Master These Golden Rules for Renting Commercial Property
The tips above are helpful anytime you’re looking into renting commercial property that will make an impact on your business. This is an ever-important step for your company that you will want to nail down so that you can get to work.
Read up on more of our posts related to real estate, marketing, and so much more!