Three Tips When Negotiating A Retail Lease

Real-estate agent showing house plans on electronic tablet

Are you ready to take your business to the next level? Finding a brick-and-mortar location to build your brand is a great way to do it. If you’re a small business owner just starting out on a new venture, chances are that you don’t have a lot of experience negotiating a retail property lease. With the right negotiating skills, however, you’ll be able to strike a great deal. Here are just three tips for getting a great retail property lease.

Don’t be afraid to ask for additions to the contract
Almost inevitably, building owners will have more negotiating experience than you. That doesn’t mean, however, that you should be afraid to make demands. You can ask, for example, for an exclusivity clause that will ensure no competing businesses are allowed to move into the building during your tenancy.

Take the time to get it right
You’ll be surprised how often building owners get mysterious, unnamed competing offers once you declare interest in a property. Owners will often try to inspire competitive feelings and make you think you need to rush into a deal that isn’t as advantageous for you as it could be. Don’t fall for these tricks. Take the time you need to get the deal you want.

Get the best professional help
The best way to protect your business’s interests is to assemble the right team of lawyers, accountants and real estate agents to advocate for your interests in any negotiation. They have the expertise required to get the job done right.