One of the most lucrative ways to make some cash is in leasing your office space. If you are an owner of an office, then you’ll want to ensure that you can do this properly, and that means knowing where the law is and how to get this right.
Negotiating a commercial lease is not always easy. If you have a property and you want to lease each of the offices, it can help to have commercial property management experts on your side to help you out. You need to make sure that you don’t overlook anything as part of the lease, and you should always get some help to ensure that you are getting this right. You need to look after your interests properly, and for that to be done properly you need these top tips.
- Make sure that you have your finances straight. Calculating the costs is so important if you want to put your commercial building up for lease. You need to know whether your leasing rates will cover your costs, and you have to know what kinds of fees and taxes you’ll have to pay.
- Work with lawyers. Signing contracts should be done with the eager legal eyes out there. Legally binding agreements should always be reviewed by a professional and a lawyer that specialise in commercial law will help you to get this right. Commercial real estate is a whole web of worries, so make sure that you have help.
- Get to know your options. You should be completely sure that you know the differences between the types of lease options. When you know all of the differences you can make the best choice for your circumstances for your commercial property.
- Set the terms. How long are you planning to lease your office building? The standard lease term is up to five years, but longer leases are beneficial for you. If you don’t think you could get the tenants, then setting up short lease contracts is going to be more beneficial for companies.
- Look at what the market is doing. Check out the commercial options around you and find out what others are charging for commercial rents. You need to think about what you need to charge vs what you want to charge, and then talk it out with a lawyer.
- Do some research. You’re going to be a commercial landlord, and understanding what that will entail is important. Doing your research about the commercial spaces around you is going to help you to make better decisions with your office space. Commercial offices are something that people need. You need people to be able to get to your office, and it’s easy when you do this properly. Again, speak to your lawyer and know what’s involved!
- Remember to renew! If you have great tenants in your commercial space, make sure that you renew their tenancies on time so that they’re not stung with ongoing costs. It’s so important that you get some help with this, too, because you want to know that you can offer a longer tenancy!
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