For many small business owners, finding a good commercial space to rent is often a major hassle. While most people are familiar with the ins and outs of renting a residential property, few really understand the intricacies of a typical commercial real estate lease. That inexperience can lead to unforeseen problems that’ll cost you down the road. Avoid the following mistakes if you don’t want to get taken to the cleaners when renting a commercial space.
Not Reading the Fine Print
Far too many commercial renters fail to really go over their lease before signing. That’s a big problem since every rental contract is different. For example, some will place extreme limits on late-hour activity while others don’t restrict access times. Some rental contracts are deliberately set up to nail renters with miscellaneous fees. The important thing is to really read your lease before signing to avoid paying far more than you thought you’d end up doing.
Underestimating Office Needs
Another big mistake that renters make is underestimating what they want and need as far as total space and amenities go. They find out a few weeks into the lease that they’re locked into a space that’s not big enough for them. Conversely, they may discover that they’re needlessly paying for far too much square footage. Worse still, they may find that the space that they’ve rented isn’t outfitted to meet their business’s specific needs.
Neglecting to Inspect the Space
Before you sign a lease and move the equipment in, it’s vital that you perform a thorough property inspection. For starters, look for any specific damage that might be blamed on you later on when you move out. In addition, it’s often wise to have a professional inspector check out the HVAC and electrical systems to see if there are any potential malfunctions in the making that can lead to business interruptions. Be wary of landlords that are too eager to have you sign a lease without a proper inspection.
Failing to Negotiate the Terms
There’s often plenty of leeway to be had by talking over the terms of your lease before signing the contract. Negotiating a deal is a lost art that can shave thousands of dollars off of commercial leases if you even bother to try it. The worst thing that’ll happen is the landlord will say no. You can then consider whether or not you can get a better deal elsewhere based on local supply and demand.
Picking a Sub-Optimal Location
Where you decide to physically locate your business can have a big impact on the bottom line in ways that most don’t consider. For instance, situating a flower shop in an industrial section of town won’t help you to attract new clients. Likewise, you wouldn’t want a health spa business located next to a construction site where loud machinery is being used all day long. Select a commercial space located in an appropriate locale for the best results.
Renting an Office the Right Way
To reduce the odds of a negative outcome, it’s important to avoid rushing into any contractual obligation. Pick a solid location and look at the contract thoroughly before signing on the dotted line. Last but not least, have a backup plan in place in case your chosen commercial rental space doesn’t work out. Preparation and careful consideration are the keys to commercial real estate rental success.
If you need any help renting an office, or even an apartment in Jenks or Tulsa area Oklahoma, our friends at Trojan Place could help you today!