Can location make or mar the profits of your retail outlet? Commercial leases can be intimidating for businesses trying to set up their establishments. The first challenge you may counter is whether the market favours the owner or the tenant. Maximizing profits is the goal of both tenants and landlords. Here are the best practices to follow to get the most out of your commercial space for lease in Kelowna and Fraser Valley.
- Include the must-have terms
When you are preparing the lease agreement for your retail outlet, be sure to know what you are planning to include. Despite the verbal assurances you get from the agent, be sure to include the basic aspects like the due date of rent, the rent amount, and the period of the lease. Make sure the essential terms are included in the contract and it should not miss the key points.
- Tour the property with the realtor
When you visit the locations for leasing commercial space and analyse the rates, be sure to check the condition of the building from the outside as well as inside. From the walls, roofs, floors, and the foundation of the building, you must ensure that everything is in good shape. Besides, you need to check the plumbing and electrical connections and the HVAC systems to make sure that the intended usage is met adequately. Do what you can during the property visit and ensure that the commercial property for lease in Kelowna matches your specifications.
- Check the profile of the realtor
Being a business owner, you need to delegate the task of finding and negotiating for the property to a realtor. But it won’t be easy to find someone you can trust for launching your retail store. That is why, conduct a background check on the realtor you are planning to hire and find out how good they are at navigating the deal. Unless you check the profile of the realtor, you may fall prey to people who may not be the best fit for the job. Emil Anderson Properties have experience ranging over 30 years in this field and are naturally the best realtor in Kelowna and Fraser Valley you can trust to make sure that the leasing deal passes off smoothly.
- Including additional provisions in the lease
A lease agreement needs to be completed entirely and nothing should be excluded for later. Besides, you need to include future situations and prospects in the lease agreement as well. Finally, some additional provisions are likely to be left out if you are not careful like insurance and hours of operation. But you need to be aware of provisions that require the tenants for renovating the parking lot and the roof.
- Remove the unfavourable terms
Every commercial lease will have a few unfavourable terms for the tenant that you must negotiate. But if the potential landlord does not accept your terms, you can switch to other commercial properties for leasing. Chances are that such terms may dampen your business prospects in the future. That is why you need a realtor to conduct the negotiations in your favour and discard the unfavourable terms.
- Draft the lease offer before submission
Do not prepare the final copy of the lease suddenly but draft the first copy of the lease offer appropriately. Proofreading the agreement will reveal numerous errors. Review the agreement before submitting the lease offer to the landlord. Remember that one small mistake can give the landlord an upper hand. The most crucial step is waiting for the response. If you sound too desperate to the landlord, you will never make the agreement work in your favour during commercial leasing in Kelowna and Fraser Valley. The more patient you are during the deal, the better it is to get the terms working in your favour.
- Check for common maintenance fees
Is there a clause in the lease regarding the common maintenance fees of the retail space you are about to hire? It is very important to calculate the hidden costs mentioned in the lease. That is why you need an expert realtor to review the agreement before it goes to the landlord. That way, you can steer clear of trouble that may emerge later.
When signing a commercial lease agreement for launching a retail outlet, you need to do your calculations perfectly. That way, you will be surer of reconciling the discord later and will have adequate grounds to bring up the discrepancies.