Getting your own office building is a different feeling altogether. Every business owner dreams of this day and they only hope to climb higher from here on. However, if it’s your first time investing in a commercial building for rent, you need to be a little careful with the negotiation procedure.
Helpful Negotiation Guidelines to Make Use Of
1. Determine your Budget and Essential Requirements
Before you decide to invest in an office building, make sure you have a specific budget in mind. Additionally, you should prepare a list of things that you want in particular. For example, you might want to have a sublease option. Not every building owner offers that option which means you cannot get into a contract with them.
Knowing these things in advance takes you one step closer to the right commercial building for rent. Your agent will only arrange calls or meetings with people who are willing to provide you with a sublease option.
2. Get an Agent
An experienced agent can help you in more ways than you can imagine. Their legal knowledge can save you from falling into a fake deal and identify hidden clauses in the contract.
A dealer will also keep your budget in consideration and help you make the right selection.
3. Don’t Just Focus on One Location
There are plenty of commercial office spaces available in the market and anyone who has money can get one. But the key is to negotiate well. And how can you do that? By negotiating in one more than location. Yes, when renting a building, you cannot just focus on one option. Instead, keep multiple options ready because sometimes deals fall apart at the last minute.
Take suggestions from your agent, they’ll be able to advise you better on this point.
4. Don’t Agree with the Base Rent
Landlords generally ask for a high rent amount during the initial stage. They know the amount is high and yet they take their chance to fill up their pockets. And those getting a commercial building for rent for the first time might fall into this trap.
Always give them a counter offer which is 15-20% less than the amount they quote. Negotiate this way till you reach an amount that works well for both you and the landlord.
5. Carefully Check the Square Footage
It is common for landlords to put up ads with incorrect or false square footage details. As a business owner, it is important for you to check those details at least once. Take measurements by yourself or send someone you trust to do it for you.
Once you have the exact measurements in your hand, you can negotiate easily. You can get a discount if that space turns out smaller than what the landlord has claimed. The landlord will have no choice but to agree to your condition.
6. Inquire about the HVAC Facility
HVAC or Heating, ventilation, and air conditioning is not something that many people pay attention to. It is something that can cost you a lot in the future. So, be sure to ask the building owner about it. Take the help of your agent and see if you can give the HVAC responsibility to the owner.
7.
Discuss the
Fixture/Repair Period
Moving to a new office means redesigning the office as per your style and preference. Some landlords offer help for redesigning while others don’t. You need to look for the former. And once you find an option like that, be sure to ask about the fixture period. Not just that, you need to see to it that this period is mentioned in the contract as well and adjust the base rent amount accordingly.
TO CONCLUDE
We hope these negotiation points help you select
a suitable commercial building
for rent. For queries, you can leave a comment below. We’d be happy to
help you out. Besides, you can always rely on your agent for guidance. They’re
the best people to seek advice from.
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