Negotiate everything to get cheaper rent for your office
Business owners who have their eye on new premises and have a move-out date coming up fast would be wise to negotiate everything to get a cheaper rent. In real estate, everything has a value. So make sure to assert this fact through negotiations.
To Get Cheaper Rent, Know More
In the case of negotiation, knowledge is paramount and has a direct effect on what the renter can hope to receive. The goal should not just be to get cheaper rent – it should be to get cheaper rent and more. Knowing more than the other side gives renters a distinct advantage because they’ll understand why the landlord is renting out, what the state or condition of the property really is, what it’s worth compared to other premises for rent in the area, and if it’s being priced too high. Businesses should look at quality and proximity of various amenities that are important to them and histories of commercial leases in the area. They’ll also want to look at public transportation, parking spots, and maintenance fees.
The Deal is More Important than the Dollar
Many business owners who are just looking for cheaper rent approach the whole idea of negotiation as if everything is set in stone and the contract is to be accepted as is. Instead, they should adopt the attitude of a buyer. In a purchase agreement, sellers and real estate agents will frequently lob the contract back and forth. If renters can understand why the landlord is renting out the property, they can negotiate for more than just cheaper rent, based directly on the landlord’s motivations. A negotiation should feel successful when both parties walk away satisfied.
A real estate lawyer, in conjunction with an agent, should be the team working on drafting up the contract itself. The finer details like move in dates, security deposits, maintenance fees, and cleaning clauses should be standard but, if this is one of the points the renter negotiated on, it’s best to have professionals draft the changes.