Whenever the real estate industry is in favor of people who are looking to purchase a home, the commercial real estate industry will generally have properties at a low price for those looking for office space. If you see that home prices are down, then chances are you can find commercial properties for lease at a much cheaper price than you can when the prices of homes are high.
There are so many locations to search for, and so many ways to find the perfect commercial space. You can drive around different locations and see many “for lease” signs in windows or on the ground. For this reason, searching for properties can be a daunting task. It can also be frightening if you are a first time lessee. There are several factors to consider when you are in the leasing process, and you want to make the process as simple as possible.
Give Yourself Time
Try not to search for properties when you are in a rush. You may not make the best decision, especially when you are under serious pressure to find the right property. If you plan to open a new business, you should search for the properties at least six months to a year ahead of the time you plan to have your grand opening. If you think you have found the right property and you need the landlord to hold it, he or she generally will have no problem doing so.
Make Phone Calls
When you see the “for lease” signs in windows, get the necessary information you need by calling the numbers. You should make the phone calls after you have driven or walked around searching properties. When you think you have found the right property, you will feel more comfortable speaking and negotiating. You will be in control of the situation because you have seen the best and worst properties already. You will know what questions to ask to increase your chances of obtaining the property.
Negotiate With More Than Property
When you are negotiating, you want to have more than one offer on the table. You want to have competition of the landlords. When you want the best deal, you need to have more than one deal in place.
When you are searching for properties to lease, you also want to see what other businesses are in the area. You will want to inspect the neighborhood and your potential neighbors. Are you in the type of location that will help your business grow? Do you see plenty of potential customers? Are there many competitors nearby? When you prepare well by doing your research, you will be able to find the best property for your business endeavor.
When searching for space, you should also never dismiss a great space because there is not a “for lease” sign. Sometimes leases are expiring soon or leases are done on a monthly basis. If you do not plan to open your business for a while, sometimes it can be best to be patient and wait.
If you need more assistance on finding the right property for your business, contact us.