Being completely informed about the real estate market in your area is a must. Knowing the prices of amenities and every other factor that isn’t the lease rate is also huge. If you have a broker, this is where he or she can come in for you and save you the time and work. If not, make comparisons around your prospective areas on buildings up for lease. A good idea is to choose three or four spaces that would work out for your company. Send a request to the landlord in order to get detailed pricing and amenities information from them. This will lead you to get an early benchmark price on the market and the surrounding area. I know I’ve already talked about performing a detailed financial analysis, but this comes before that and only serves to get a quick gauge on the market. You don’t want to pay for a financial analysis until you’re almost set on choosing a spot. This is much earlier. When you have these options, you’ll know where to start negotiations and how to address the landlord immediately. Then narrow your choices down to one or two, and do the detailed analysis. Even if you are just trying to renew your lease, get comparisons around your area. Then use them when working for a better renewal rate.
KNOW THE FOUR BASIC COSTS OF A LEASE OFF THE TOP OF YOUR HEAD.
You need to know them very well when you property browse. This way you can look at all options in a timely manner. Here are four costs:
1. Base Rent
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