Imagine this situation: You’re looking to rent space in a new shopping mall development. You know the location is perfect, but you aren’t sure that you’ll be able to make things work out with regard to your lease.
This is where it pays to know a thing or two about how to negotiate the best possible lease agreement.
Before we go any further, here’s one thing you need to remember: You should always negotiate terms and conditions before the signing day. You need to give yourself plenty of time to work through the details, ensuring that both parties are in the best possible position to work things out.
Along with the above, here are a few additional negotiation tips to consider:
- Don’t jump right into the conversation about rent. While you may hope to negotiate a lower rent payment at a future date, you don’t want to get into this before discussing other details, such as the qualification process.
- Be reasonable. Remember, you want to sign a lease that both parties are happy with. If you become greedy, it could lead to a standstill. However, if both parties give and take, there’s a better chance of everything working out in the end.
- Rent isn’t the only item to negotiate. While many people focus on this, there are other things that are negotiable in a commercial lease. This can include but is not limited to the security deposit, term, and cleaning requirements.
Rent negotiation is a two-sided conversation. While you want to do what is best for you, it’s important to consider where the other party stands. If you put yourself in their shoes, it’s easier to understand what you should be doing, what you should avoid, and how to move closer to making something work.
There are many details associated with real estate law, which can make it a challenge to negotiate and sign a lease that works in your favor. For this reason, you may want to consider the benefits of working with an experienced attorney as you attempt to negotiate a lease agreement. This will give you peace of mind, knowing that you’re not making any mistakes that could come back to haunt you in the future.