Commercial leases are one of the most difficult contracts to negotiate for an organization. Unlike residential laws, the protections in place favor landlords over tenants. Landlords also often use industry jargon and other confusing terms to make it more difficult for tenants to understand what they are agreeing to when they sign.
When they do use simple language, many tenants come to find that they missed out on standard perks they could have received if they only knew it existed. So, here are a few ways commercial tenants might increase the likelihood of getting a good deal on a lease.
Do some research
Inc reminds renters that it is never a good idea to go blindly into any real estate or business arrangement. Do some research to see what the current market rates are. Talk to other business owners leasing spaces and find out what terms they received and the kind of perks a person might expect as standard. Shop around.
When checking out potential rental spaces, ask questions and ensure landlords address all concerns. Leave no stone unturned. Whenever possible, ask for documentation to support claims. This is especially important when it comes to utility bills. It is sometimes also a good idea to chat with future neighbors in the building.
Ideally, when shopping for space, renters already know exactly what they need. Try not to leave this only up to memory. Make a physical list to refer to and push for a deal that meets all the necessary points. Remember that no space is the only good space, no matter how tempting it might appear.
Ensure that the building meets regulations that allow the intended business to occupy the space. One way to ensure this is to get a certificate of occupancy. Bankrate explains that this acts as proof that the building meets both local and zoning laws, which also dictate allowed uses. A certificate of occupancy also confirms ownership of the building.
There is no sure-fire way for anyone to get the exact deal they want on a commercial lease. Even so, starting the process with the right preparation improves the odds.