Renting a commercial space for the first time can be daunting. You are met with new ideas and words that you may become confused. It is important to ensure that you know how to navigate commercial real estate. It is not the same as residential real estate. If you apply the same maxim, you could get lost or lose money. As a newbie in commercial real estate renting, you should keep a few pointers to yourself. Below are some great tips to make you look like a pro.
Agent
As a newbiw, it is paramount that you use an agent. Unlike finding a palce to live where youc an simply walk around looking fir vacancy signs, commercial is almost the complete opposite. You cannot walk into any building and demand to see the space. Most commercial spaces are managed by companies. N agent will help you find the best deals. They will also help you negotiate the rental agreement. You should therefore stay away from the bootleg agents and go for the professional ones.
Contract
The rental agreement is a legally biunding document in any situation. IN residential renting it may not be taken seriously but in commercial real estate it is adhered to to the letter. If you feel like the contract is a bit confusing then you should get a lawyer to review it for you befiore you sign. Look for the term about rent revisions and how often it will happen. Frequent rnt revisions will be inconvenient for you and perhaps a bit expensive.
Contract period
It is advisable to go for the shortest contract period. A short contract period gves you the freedom to move the business in whatever direction you think is right for you and your business. It is said that many businesses die within the first tw years. If you find that your business is starting to go ona downward spiral you will want to change the direction and maybe even the location. It could cost too much to get out of a long term contract.
Think ahead
As you are looking around for a rental space for your business, you must think ahead. You must consider the future. What does the future of your business look like? Wi;l;l the space ypoa re considering support that image you have? Do not simply think about the current rent and the current popularity of the building and area. Think about the rent a year down the line. Tghink about the popularity of the area two years after you have started your tenancy. Basically, think about how your choice will impact the business in the future.
Vision
Before gpoing out to find yourself some commercial space develop a sense of what you would like. Whatr will be fitting for the business? What is the direction of the business? Will that space be suitable for said direction? You should have a mental picture of where your business would be located. This will help you choose wisely. You should also do your research. Find out how much your dream space wold cost you. It pays to be prepared. To show up armed with information so that you are not bamboozled.
Business environment
It is important for you to look at the support system in the area. Will your business thrive there? Will your business grow there? Are there other businesses around that could work in your Fvour? Is the building amenable to attract new clients and mkingthem comfortable? This is something you should look for.
Haggle
When you are looking for a place to live, you cannot ask the landlord to knock off a thousand shillings off your rent. However, in commercial real estate it is perfectly acceptable to try typ bargain for lower rent. Youc an even bargain on some of the rental terms. The point here is that if youa re persuasive enough you can pay less.
