To secure a commercial lease for your office space, you should remember that neither you or the property owner owe each other a favor. You need the space, and the owner doesn’t want it vacant. Having this foreknowledge will form the bedrock upon which a successful negotiation process will be based.
If you have done everything required for your business to come to life, the last thing you want is to take the lease of an office space that will leave you frustrated in the long run. This post is aimed at guiding you in this critical stage, which is a major determinant of your business’s success.
1. Request for a few copies of the lease agreement
Before getting yourself fully involved in the deal, it’s advisable that you request for a few copies of the proposed lease agreement. Discuss the terms and conditions comprehensively with your lawyer or a qualified real estate agent to be able to decode your rights, privileges, and responsibilities, and those of the property owner as well.
An essential factor to check out in this regard is the Common Areas Maintenance (CAM) clause. Insist that the areas covered here are explicitly defined. Also, your advisor will help you look out for any hidden malicious terms.
2. Get your co-signer ready
In getting an office space for lease in Minneapolis, for instance, most property owners will insist that you get someone to sign as surety that he or she will pay for the lease at any time you falter in doing so. Some owners will insist that you sign a personal guarantee to pay if your business cannot, and the assurances such as these can earn you good terms in the deal.
3. Get your business documents ready
Similarly, procedures involved in getting an office space for lease in Minneapolis will require you to present the registration documents of your business, financial statements, or whatever document that will establish an assurance that you’re capable of paying rent when it’s due. Having these documents handy will make a good impression and boost your credibility.
4. Be smart with your negotiations
Being smart with your negotiations means that you should be able to make offers that will get you a good deal. For example, if you’re willing to take the lease for a longer time, you may get reduced rents.
5. Go for only what you need
To get the best terms, don’t negotiate for what you don’t need. A situation like this could be where the owner or his agent asks you to go for a larger space, which you don’t really need so that you can get a discount.
Getting the wrong property may not be in your best interest. You can always secure your opportunity by asking for a “right of first refusal” clause to be inserted into the agreement so that you will be made an offer first, whenever it becomes available in the future.
A commercial lease can help soothe the immediate cost of starting your business. Yet, you shouldn’t settle for just any contract. Office finder gets the best deals, offering you the most conducive office space for lease Minneapolis (at fantastic conditions) that your employees would savor. Getting these beautiful offices could be your first step in landing in the famed Fortune 500 list!
