If you’re considering getting into a lease agreement for your business, be it that you’re going to start a new sale leaseback agreement or are looking to get new space for your business, making sure that your lease is favorable to you should be your top priority.
To help ensure that this is what happens, here are three tips for negotiating a lease agreement for your business.
Think About The Things That Really Matter To Your Business
In any kind of exchange, each party is going to try to get more than their counterpart and give less than their counterpart. So in order for you to feel like you’re getting more and giving less, you have to really think about what it is that really matters to your business as far as a lease agreement goes.
For many businesses, what they want most out of a lease agreement is flexibility. With the right amount of flexibility, you can use the space as your business needs and as those needs change over time, you can get out of your lease at a favorable time for you, and you can have flexibility to negotiate further at a later date. While you may not be able to convince your future landlord to give you all of these things, knowing which ones are going to be most important for your business can help ensure you’re getting what you want.
Know Exactly What Costs Are Your Responsibility
Sadly, people often try to hide things in lease agreements that each party really wouldn’t like had they known exactly what was being proposed. This is often especially the case when it comes to costs and payments.
Knowing this, you should figure out exactly what costs you’re responsible for and if you’re comfortable with those costs for your business. Make sure you determine if your lease is a gross lease or a net lease, as this will help you know which costs are up to you to pay and what costs should be covered under your lease agreement. But because you don’t want any financial surprises for your business, it’s best to know these things upfront.
Speak With Your Lawyer Before You Sign
While you might be confident in your own abilities to look over this legal document and make a decision for your business, it’s going to be best if you have your lawyer look over everything too before you sign anything. Because your lawyer is on your side and wants to get the best possible terms for you as their client, you should be able to trust them to help you make this all-important decision and determine if the lease agreement will be fair to you or not.
If you’re going to be negotiating a lease agreement soon, consider using the tips mentioned above to help you do so successfully.