Obtaining a commercial rental property is a more complicated process than doing so for an apartment or house. Commercial leases last for a longer amount of time than for a residential property, and have no standardized lease. Plus, the longer lease terms and special additions mean extra details that can be confusing to a new property renter. In order to avoid problems, retain the services of an experienced real estate lawyer when looking to acquire commercial rental property.
Step One
Ascertain your exact property needs and requirements, as well as the length of stay. A commercial lease can have a long term life, unlike an apartment. If you're not looking for a 10-year lease, find someplace that offers a shorter term of three to five years.
Step Two
Find a broker with adequate experience in the commercial real estate market. If looking for space suitable for a fashion boutique, for example, talk to a broker who knows the industry and can find a fitting property. Some brokers deal in large spaces, while others specialize in small spaces. Look closely at the broker's array of properties to see if she's the right broker for your needs.
Step Three
Ask whether the property owner provides on-site management service. Sometimes, a situation arises where an on-site manager comes handy. On-site management means faster repairs and better conditions for the building tenants.
Step Four
Ask about available amenities for tenants. According to All Business, some landlords provide remodeling services, free parking spaces, or a moving allowance to new lessees. These useful perks save time and money when developing a new site or business.
Step Five
Scrutinize the lease, using the services of a lawyer if necessary. Go through the terms and conditions in detail, and ask for explanations if anything is confusing. Look for language about rent increases and maintenance fees in order to avoid surprises down the line.
Step Six
Read and clarify any existing sublease clause. It's useful to know whether you can sublet the property in the event of a sudden move or business closure. If no such clause exists, ask the manager or landlord to include it in the lease.
Step Seven
Prepare an exit plan in case of sudden closure or emergency. In the event that you have to move out before the lease expires, figure out the penalties for breaking the lease terms. The lease should include instructions for breaking the contract in situations with or without cause. Contact an attorney if you're not an expert in legal matters.
Step Eight
Gather and bring necessary paperwork for the lease signing. Depending on the business, you'll need to bring a license, identification, business registration and other business partners or owners. Have a certified check on hand for the deposit amount. Make sure to get copies of every document for your own records.