Negotiating your commercial lease is one of the most important steps in your business that will have major ramifications. A favorable commercial lease will give you the best chance of success, while a poorly negotiated lease will end up being a significant liability.
To ensure that your new business or relocation starts off smoothly, be sure to get the advice of a commercial real estate lawyer in Broward County as you negotiate your lease, along with considering these tips:
Research other options
You are doing yourself a disservice if you don’t research at least a few other options in your target area and compare rents. With your rent and potential increases being one of the most important parts of your agreement, you’ll want to find the absolute best deal possible and spend some time comparing offers.
Also, be sure to negotiate your potential leases with the help of a Broward County commercial real estate lawyer. They can help you figure out exactly what your rent increases will be, including negotiating a potential cap on increases. This way your rent and costs will be predictable and affordable, even if your business doesn’t do as well as you anticipate initially.
Perform extensive due diligence
We’ve covered due diligence several times previously, as it’s a topic of the utmost importance when it comes to virtually every type of commercial real estate deal.
You’ll want to spend as much time as possible checking off a long and well-thought out list of due diligence steps for any potential property you are leasing.
This includes items such as researching the landlord’s reputation, nearby competitors, checking foot and vehicle traffic, finding out if space has enough usable square footage, scheduling a variety of inspections and several other steps.
Always get a lawyer to help
Negotiating just one or two terms on a commercial lease can easily save you tens of thousands of dollars or more over the life of the lease. That’s why it always pays to hire an experienced commercial real estate lawyer in Broward County to assist with your lease negotiation.
You can always choose how involved you want your attorney to be. In almost every situation, you will benefit from the advice of an attorney, to review your agreement and at the very least check for any deficiencies or terms that could be unfavorable to you.
Mark Schecter at Schecter Law can assist you with any stage of your commercial lease negotiation, from planning and negotiation to signing. Contact Schecter Law at (954) 779-7009 to arrange a consultation.