New businesses negotiating an industrial or commercial lease for the first time – or the first time in a long time – can find the experience truly overwhelming. It’s a normal reaction to the fact that a lease is a long-term fixed expense, and it can truly make or break the success of your business. Recognizing the weight that a lease will have is a good sign – it can set you up for a positive experience, along with these four tips for new tenants in northern Nevada (or anywhere).
Start with an Expert
This isn’t the time to strike out alone. Just as you’ll consult an attorney for legal issues or a designer for functional, pleasing interior, so too should you consult an experienced industrial real estate agent. Look for someone with direct experience in your type of transaction, explain your needs, and then let them do their job. That is, let them find the properties that best suit your needs, let them advise you on a short list, let them make recommendations on what’s most suitable, and let them negotiate the deal on your behalf. An agent’s goal is always to get you the best property for the best price, and partnering with an experienced local agent is the best way to make that happen.
Questions about who pays the agent? It’s a normal consideration, and we invite you to read this and this.
Be Clear about Your Expectations
Be upfront with your agent in terms of your budget and your expectations. If you’re negotiating a lease renewal or a new space as an established business, your track record will work to your advantage – and an agent can make sure that happens. If you’re a new tenant, you’ll likely be considered in a different light by potential landlords. Your agent can fill you in on common practices for new tenants and guide you toward appropriate locations.
Do Your Homework
Your lease will be a big, complicated document full of confusing details. Your agent will be available to explain what you don’t understand, but it’s a good idea to spend some time researching common terminology. Even a passing familiarity with real estate terms can be a confidence booster.
Practice Patience
Finding the right space isn’t usually an instantaneous process. Understanding that it will take time and beginning things far in advance will help ensure you find the best deal possible. Start with the right agent, and go from there.
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