Found your dream apartment or the space you were looking for? Congratulations this was the easy part; the hard part is to negotiate the perfect lease, a hassle that every buyer goes through. If you ever find yourself walking down this path keep these 7 tips in mind to ease your pain and to reap maximum benefits:
Tip #1: Finding an apartment for lease or rent that has been on the market too long certainly goes a long way in negotiating lease. The longer the space on the market the more easily it is to grab it from the hands of the landlord after all the poor guy is stuck with it too. You also get some perks and wiggle room to negotiate a deal in a building with lots of vacancies.
Tip #2: Extending a lease even by a mere 6 months could help you save some big bucks. Instead of signing the lease for 6-12 months, sign it for 15- 18 months to get a hefty discount. Landlords generally favour these deals as it prevents from going through this process all over again only after a short period of time.
Tip #3: Being vocal or expressive about the other offers or opportunities on your renting office or apartment space that might result in you not taking that particular space can also put the negotiator in a tight corner. This is a tried and trusted method that always works like a charm.
Tip #4: Discussing the possibility of future expansion or talking about a long term association can also help in negotiating a lease that’s not too much of a burden on your bank account. Just like in every other industry, loyalty has its perks and in real estate it could result in a large sum of money in your own pocket.
Tip #5: Listing out your qualities as a tenant can incite the landlord to actually woo you, changing the tables in your favour. Sending the check time to time, following the rules plus marinating the property can make renegotiating a lease easy-peasy.
Tip #6: If you are negotiating a commercial real estate lease always keep two things in mind. Exit clauses and CAM (Common Area Maintenance) fees. Missing revenue projections is a possibility that might force to terminate your lease. Therefore keeping in mind the reality an exit clause can help you exit the lease agreement even after 2-3 years depending on the developer. Similarly, you can prevent CAM charges from hurting your profits is by negotiating a lease with either fixed CAM charges or by placing a 5-7% cap on CAM increase in fees.
Tip #7: This is the most important tip when you are just like an average buyer that is Hiring the right broker. Take advice from your friends and family, ask questions to potential candidates and also try finding a broker with a background in the location where you are looking to opt the commercial space or an Apartment for rent.
Follow these tips and you just might hit the Jackpot!For more information about office space and apartments contact Officeshub
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