The property that your business is in, whether it is office space or retail space you are looking for, plays a huge role in employee and client satisfaction. The wrong location, or the wrong building, can have a substantial negative impact on your business. Being aware of some of seven of the most common mistakes that you can make while looking for a commercial property to rent can help you avoid making those mistakes yourself.
Forgoing an Agent
While it may be tempting to try to find a commercial property to lease on your own because of the money that you will save on agent fees, trying to rent a commercial property on your own is extremely complicated and time consuming. Without knowledge of the market, especially if you are expanding to a new area, an agent is necessary to find the best deals and connect you with the properties that meet your business’ needs.
Forgoing a Lawyer
In a similar vein, you should always have a lawyer look over any leases that you are interested in. Leases are complicated legal documents and being bound to something that you didn’t know you were agreeing to can cause complications for your business in the future.
Moving Under Tight Timelines
Another common mistake is not giving enough time to find a new location. If you are moving out of an old lease, and you only have a month or two to find a new place, you have no flexibility and will likely have to take a lease that doesn’t fit your needs exactly. Give yourself at least six months, if not longer, to look for a new location.
Only Comparing Leases’ Prices
When comparing different commercial properties, there is more than the price tag to consider. The location of the building, the included utilities (which are especially important for food service businesses), and proximity to competitors are all examples of other, non-monetary variables that you should consider. Sometimes, it’s worth choosing a pricier location to get what you want.
Not Considering Term Length
If you find an ideal location, you don’t want to sign a lease for a short period of time, but a long lease can lock your business into an expensive contract that may be difficult to fulfil in the event of an economic downturn. Determine your long-run growth needs, and find a lease that fits into that timeline.
Ignoring Landlord Incentives
Once you’ve found a lease that you like, you should consider negotiating with the landlord to see if they will offer any incentives, like improvements or updates to the property or free rent to offset the costs of upgrading the property yourself.
Not Considering Interior Layout
Finally, the last thing that people often overlook when negotiating a commercial lease is how the interior will be arranged. Furniture placement, wiring, and the locations of utilities are all important considerations for planning and need to be completed several weeks before your move-in date so that everything can be set up for your first day of business.
Avoiding these mistakes when looking for a commercial property to rent can help your business succeed in a new location and save you much frustration during the process (proplist.com).