Top 5 tips and tricks for new commercial tenants
In our recent blogs we focused on landlords and commercial property investors, but this month the shoe is on the other foot. For many new commercial tenants, finding a suitable space and negotiating a commercial lease is unchartered territory. Here we give you our top five top tips and tricks to help you get the right space and a lease that isn't all in your landlord's favour.
1. Be clear about what you want.
Location, size, amenities, space, neighbourhood, transport… there’s a lot to consider and consider it all you must. Be explicit about what will work for your business, your staff and you. Understand what are must-haves and what are nice-to-haves. If you have a team, involve them too. It will make for a happier move for everyone.
2. Everything is negotiable. Start by doing your research. If you know the market, you’ll be better placed to argue your case. Enter negotiations with a clear idea of what you want. You can negotiate the rent, the lease term, fit-out requirements, car parks, and much more. Think outside the box and you might be pleasantly surprised – after all, you won’t know if you don’t ask. But keep it realistic based on your research – no one wants to be ripped off and, ideally, the end goal is for a long, mutually beneficial relationship with your landlord.
3. Do the math.
Understand how much your business can afford. There’s no point falling in love with a place that you can’t afford. And it’s not just about rent – there are other financial considerations like transport costs, fit outs, renovations, moving costs, signage and lots more.
4. Use the experts.
Real estate agents, accountants and lawyers – this is their bread and butter. You can’t be expected to know and do it all, so it’s important to know when to call the experts in. If it’s just for advice or to negotiate on your behalf, you’ll get a better result if you engage with the right people.
5. Be prepared to walk away.
You know what they say, never fall in love with a property before you buy or lease it. You need to be objective. If something isn’t quite right with the space, the price is too high or the landlord is hard to work with, don’t settle. Wait it out the right property will come around. Your business will benefit in the long run if you avoid rushing into something that isn’t right.
View our NZ Commercial Properties to Lease.