There are many reasons why you might want to rent a commercial property for your business. You may wish to open a new branch of your business on the international scene, expand your local business or open up a new start-up at a new location. Whatever the reason there are always practical approaches and techniques available to help you succeed in your endeavor. These approaches are the result of many years of study and analysis and they’ve proven their worth to those who use them in the following ways and situations:
The Contractual Agreement
You should be aware that at the base of any commercial dealing lies the contract, a formal document that spells out the legal responsibilities, rights, and penalties of either party. It is a document that you need to be conversant with, and you should enlist the assistance of a legal expert to help you fully understand how it affects you and your business venture.
Know the Length of your Rental Occupancy
Your needs and preferences are important and so is your intended period of stay at the location you have chosen. Knowing the length of your lease is a critical aspect of the success of your business. You should know that the life of a rental agreement can also cater for the long term. Normally a ten-year rental agreement would be ideal, but some vendors can provide short-term lease contracts of five years or less.
Don’t Embark on a DIY Caper
When you rent commercial building through a site like DDProperty, it is not something that you can experiment with. It is an entirely professional process, and you must know exactly what you are doing. Entering into the real estate world especially if you are a newbie in the trade can cause grievous damage to yourself, family, and your wealth. You should seek out a professional broker who can act as the intermediary between you and the vendor. Look for a broker who has intimate knowledge of the kind of business you are starting up. Some specialize in large floor spaces while others are experts on small floor space rentals.
On the Spot Management Assistance
It is always prudent to inquire whether the property you intend to rent provides an on-site management service. If so, you are renting a commercial property that is already in the capable hands of a manager. The on-site manager can become highly useful when something urgent arises such as maintenance and repairs or even exterior and internal renovation of the property before your tenants move in.
The Satisfaction of Your Tenants is Important
In addition to renting a highly suitable commercial building for your business, the satisfaction of your tenants should be a top priority. According to All Business, some vendors provide free parking, relocation perks, especially to new tenants.
Seek Expert Legal Help
Small Bizla recommends a proper study of the contractual agreement as it is of paramount importance and every aspect of your business should be covered. As already alluded, you should enlist the assistance of an expert real estate broker who can fill you in all the details and answer any questions you might raise. You should pay particular attention to provisions for rental increases and maintenance or repair costs to avoid being taken by surprise later in the tenancy period.
Subletting Can Boost Earnings
You may find that the floor space you have rented is superfluous to your needs, and you may want to utilize it in a sub-letting venture to boost your income. Find out early if you can indeed sublet your rented commercial building. Sub-letting should be a simple departure from you own business plans that can add an extra punch to your income earning capabilities. It is recommended that you pursue a sub-letting approach especially if you opt for a long term leasing stay.
Pre-empt the Likelihood of an Early Exit
Sometimes things happen that you just don’t expect like a closure or other emergencies, and you need to move out quickly before your long-term lease expires. In such cases, it would be prudent to know exactly what the penalties are for an early exit as well as the escape clauses in the contract. It will enable you to make payments quickly so you can set yourself up again at a different location.
Have All Documents Ready Before Signing
You will need to produce your license, ID, business registration along with business partners or co-owners. Also, you should not forget to have the deposit ready for payment so that the landlord is satisfied from the start, and you can move in quickly and begin your trading operations. Also, make sure you take copies of all provided documents for the record cabinet in your office.
You can never afford to adopt a lackadaisical attitude towards the business of renting a commercial property where you intend to carry out business and profit from your efforts. It doesn’t matter where you intend to set up your business. All you need to do is just follow the guidelines that have been provided above. You may have to add or adapt parts of it to facilitate compliance with different laws and business practice but on the whole, they are sound and very useful.