As a business owner—whether that business is a restaurant, a bookkeeping service, a daycare, or a consulting company—one of your primary considerations is the space you need to conduct business. The decision is critical, and it will impact not just you but your employees and customers as well. You want to get into the right commercial lease for your business.
Reasons to Use a Tenant Broker
Usually brokers facilitate commercial leases. It is in your best interests to find a tenant broker to help you. A good tenant broker will use their understanding of the local market, negotiating skills, and access to financing options to meet your needs. The good news is that you get this help for free because the landlord usually covers the tenant broker’s fee. What better incentive could there be to access professional help in your commercial property search?
10 Steps to Leasing a Commercial Property
Determine your space and size needs based on your business plan and overall knowledge of business.
Run the numbers to determine what you can afford now and in the future.
Use a tenant broker to find your space and get the results you want.
Tour the properties that are selected based on your criteria and financial ability.
Once the right property has been identified, submit a Letter of Intent.
Obtain a professional review of the formal offer and lease by legal counsel and broker, and other professionals as needed.
Negotiate the final details of the lease and any other contract issues that may arise.
Make arrangements to move into the leased space and take formal possession.
Sign the Lease and make required payments to secure a lease with the landlord.
Take possession of the space, finish interior/exterior details, and open for business.
Commercial leases tend to be long term, so the stakes are high when you’re getting into a lease for your business. Getting the help of a skillful tenant broker and understanding the ten steps to signing a commercial lease will set you on the way to success. Your business needs the right space to flourish.
If you’re considering a new commercial space, enlist the commercial lease experts at Royal CRE. Their tenant brokers will take the time to understand your needs and budget and find just the right commercial property for you. Their knowledge of the market and commercial leases will ensure the best outcome for your business.