Entrepreneurs regularly commit this mistake that they don’t read the rent terms completely before signing it, and later end up in a negative circumstance where they’ll need to leave the property or pay for certain things they weren’t prepared for. Obviously, finding an office space is a difficult job and the entrepreneurs don’t bother to read the terms when they find a perfect office space for their business.
Below some tips are mentioned to prevent yourself from signing a wrong lease:
Consider Area’s Future
Location is the major factor for every business. Even if your business does not depend on the customers’ you should never forget to do research on the location you are stepping in.
How would you know if it is a right location for you?
There are some factors few components you can consider to choose if the area is perfect for your business. You can connect with old occupants who were there before you and what their business was and how comfortable that space was for their business. It’s even good if you know why they are leaving the space. Then you will get an idea if there are any drawbacks.
Not just the past, you should also be concerned about the future,as you are going to set your office up and be there for a long time. Ensure that the area has a decent future and will enable you to keep the business moving ahead.
Don’t Fear New Space
Most of the entrepreneurs will think new office space will cost them very high that is the major reason for them choosing the existing office space. But the fact is that new spaces enable you to make some minor changes to suit your business and employees the best.
You will know your employees truly well and you can consider their recommendations to make minor improvements on the space to help them to be productive in the workplace which benefits the organization too. Also, it’s simpler to make changes on the new space than on already existing office space.
Have Multiple Offers
Having more offers in hand is the greatest strength one can have while negotiating on a deal. Same applies for workplaces as well. Take a list of few spaces that you think when you have a few alternatives accessible, you can pick the best one that looks fine with all instances.You can also ask to reduce the price for the space you like the most and get the deal done. It’s easy to convince landlords for a lesser price when you already have multiple offers for a better price.
Seek help of Agents
If you have an experienced real estate agent by your side and you will never sign a wrong lease.Yes, if real estate agent is experienced he makes to understand the lease terms and policy clearly also helping you to find an office space that is suitable for your business,budget and employees.
Reviewing the legal documents is not their job also while doing the negotiation agents should stand and get the best offer possible.
These are the few important points considering which prevents from signing a wrong lease.So make sure that you consider them if you’re looking for an office space.