Winning commercial lease negotiations should not be based on how many years of experience you have with winning leases. The truth is that if you have the right skills you will be able to execute a great lease strategy and come out on top. Here are a few things to keep in mind when it comes to negotiating with clients and other business companies:
First, it’s always smart to take a look at the big picture and focus on what you or your company really need. This means thinking about how you use the space, how people access the space, what business units will be needed, and what overall image you want the space to encompass. Ultimately, this tactic focuses on keeping the end in mind before you begin. Always remember how you want the space to be used, especially in terms of serving the needs of employees and customers.
According to an article published on REoptimizer.com, “By spending the time and money to analyze what they really want and need, you can select a more suitable site for them and, through them, for your business. Those factors end up determining your space’s size and location and your budget,” (Brucella, 3 Tips for Winning Your Commercial Lease Negotiation).
Next, start sooner rather than later when it comes to finding a great space for your company. According to REoptimizer.com, you should always keep in mind how much time it takes to actually get a new space:
“Getting a new space for your business takes at least a year. In a normal market, it’s best to give yourself 18 months or two years in a recession where new construction space can be hard to find or where financing for purchases or tenant improvement work can be unavailable,” (Brucella, 3 Tips for Winning Your Commercial Lease Negotiation).
The reason it takes so long to move into your space is due to a multitude of reasons, including: construction, build outs, landlords, attorneys, and all the details involved with the negotiation process. Therefore, if you plan ahead, you’ll have more time and not feel so rushed to find a suitable space for your business.
Lastly, be sure to keep records of all official documents throughout this process, doing so will save time and will help you keep track of legal papers and certifications. Keeping updated copies of RFP forms, LOIs, Proposals, Counter-Proposals, and Amendments will not only help speed the buying processes along, but it will show property owners that you are prepared and well-organized. If you’re organized when trying to obtain a new space, you will be rewarded.
For more tips concerning commercial lease negotiations, please take look at this article written by Jason Brucella for REoptimizer.com.