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Listen in! Pick up some expert advice to a reader's question that we selected from CyberSchmooz.

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Mistakes to Avoid When Negotiating an Office Lease

 

Moving into your first office is a major step in your business venture. It marks the beginning of real work, and this is also where the future of your business will be forged in the coming years. However, renting an office space is more complicated than renting other property types.

The negotiation phase is where the terms of your lease are finalized. For tenants, this is where they can get more favorable terms for themselves. For lessors, this marks a period where they try to get more from leasing their property out. These negotiation mistakes are what could cost you favorable conditions that are necessary for the growth of your business.

 

Rushing Into a Lease

While it’s true that time is of the essence when starting a business, there are some things that you should never rush. A lease is one of these things, since the terms of your lease will have a significant and lasting impact on the growth of your business. It’s crucial that you dedicate time to conduct your due diligence and to determine what exactly you need from the space you’re about to rent.

 

Forgetting to Factor in Location

The surrounding area of your office is just as important as the space itself as it can have a direct impact on the productivity of your workers. Factors such as traffic, location accessibility, proximity to emergency services and recreational facilities, crime rates, and safety are all things that can indirectly affect the growth of your business.

 

Miscalculating Total Recurring Costs

There are many more expenses besides your rental rates. Failing to account for recurring costs such as utility services, security, and taxes can drastically affect your budget, and also hinder the growth of your business. You may also need to factor in the costs to get your office set up for your workers.

Some landlords let tenants bear the brunt of the taxes and remodeling expenses. It’s important that you’re able to discuss how much of these costs you’d be shouldering. This prevents your landlord from getting you to pay more taxes than what is normally required.

 

Failing to Do Your Own Research

Regardless of the nature of your business venture, you should always do your due diligence before making any major decisions. A lack of market knowledge will create a multitude of problems for your business. as it can make it much more difficult to make good decisions. Never be ashamed to ask questions to clarify concerns, especially when it comes to the terms of your lease.

 

Negotiating Your Lease Without Professional Help

The worst mistake you can commit during a lease negotiation is to forego professional help. Real estate professionals like the ones from the Jeff Tabor Group have a complete understanding of how the market works, and they know the laws that govern real estate rentals. They are also adept at detecting things that you can use as leverage to establish more favorable terms.

Negotiating the terms of your lease without professional help is the same as setting yourself up for failure. Always bring a real estate professional with you whenever you do anything important relevant to the field. They are also your best chance of avoiding critical errors like these.

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