The Art of Negotiation for Commercial Lease

A negotiation is a critical step when you wish to rent or buy a property. If not done correctly it can steal your peace of mind, and leave you stressed. A successful negotiation is an art and cannot be ignored. Given below are some tips to help bring off commercial real estate as per your needs and requirements.

 Know your stuff: You cannot negotiate unless you know what you are looking for. In short, do your homework. Be familiar with the facts and figures so that you know where you stand and what exactly you want.

 Understand terms and conditions: The term and rent are the crucial factors for negotiation. Be flexible and don’t over-commit. Discuss the rent increases and renewal options.

 What needs to be included and excluded? When you know what you want to keep, and what you wish to discard, it will help you know what you can compromise on; if the need arises. 

 Take one step at a time: When one is cooperative and easy-going, it makes the deal a lot simpler. Come across as someone who is sincere and someone who empathises. The trick is to remain pleasant no matter how ugly the situation is at hand. This way, you take one step at a time.

 Who takes care of the maintenance? Residential leasing and commercial rentals are two different aspects altogether. Housing maintenance is generally taken care of by landlords; however, commercial lease requires the tenant to be responsible for the property upkeep and repairs. The idea is to know your lease completely before committing.

 Professional help: When you ask for assistance, you can get a lot of useful information, which may not be possible if done single-handedly.

 Everything needs to be written: Do not say yes to anything unless you see it written. Verbal offers could get you in trouble if not properly consulted.