It’s true that negotiation is a vital aspect for all small and big businesses. Sometimes people try to make negotiation but fail too due to lack of knowledge about the current market. Thus, here we talk about 7 effective points that will aid you in negotiating sensibly whether it is sales terms, a kind of contract or a commercial lease term.
1. Make a comprehensive research
The first most important thing is to know the kind of commercial property you want. According to these factors, you can estimate the average price of the project. It’s suggested that you go through some popular websites to compare the costs. Commercial property brokers can also aid you in getting familiar about the property in detail.
2. Look for the professional help
It’s true that the terms related to commercial leases are complicated for a new person lacking knowledge in this particular sector. Thus, it becomes important to seek professional help from lawyers to avoid all types of issues related to commercial leasing. A professional in this arena will aid you to understand several terms and negotiation points.
3. Commercial space based on your needs
You must understand the difference between your requirements and “not bad to find more space”. Thus while choosing a commercial space, it’s important for you to remember your requirements as you will be paying extra money for that extra space. Also, easy road connectivity, parking facility, utilities, and infrastructure are some points to remember for a buyer.
4. The purpose of the property
It’s also an essential point that you must keep in mind, you must be clear about the purpose for which you are purchasing the property. When deciding to buy a property, you must be very clear about several aspects like the property permissions, zonal law and other rules that are valid to that area.
5. Know the cost
There are diverse kinds of charges that are imposed in a property buying process such as repair cost, property tax, trash collection cost, and utilities etc. According to your rental terms, you may get the liability to pay these charges individually or share the cost with your landlord. Therefore, you have to be completely clear about these charges to evade any confusion later.
6. Renovation and restructure
You may wish to reorganize and renovate the property as per your business requirements however before altering the infrastructure and constructing further, you must understand how much you can afford and be clear about the cost sharing with the property owner (if applicable).
7. Get everything in written
Make sure you have everything in writing for your record whatever terms and rules you and property owner are accepting. This will help you to have sufficient proofs regarding the negotiations.
So keeping the above tips in mind, you can find advantages from your commercial lease terms. These seven points will allow you to get complete support in each possible way whether it is about fixing the price or bargaining more.
Source: https://www.linkedin.com/pulse/7-points-remember-best-commercial-lease-terms-harsh-gupta/
