Commercial Lease Negotiating Advice For Tenants: Why You Should Have Free Rents?
Any commercial building that leases out multiple properties to many different businesses will have a host of challenges to meet every month. Not only will they have to deal with finding new tenants and keeping their existing ones, but they often have to maintain the property and deal with complaints and issues. For a number of these commercial property owners, a number of their spaces are considered bonuses when they are rented. That means there are very good reasons why some of the rents that they currently charge could be reduced to nothing. A free commercial lease is a powerful incentive for some business owners to strive to achieve. That's right, nothing.
So why should you have free rent? First and foremost, if the commercial property is relatively empty, having any businesses in there inspires others to seriously consider moving in as well. Just think about the last time you drove into a small strip mall that was struggling. You likely noticed a number of empty storefronts and how deserted the entire area felt. The business that remained wasn't gaining any foot traffic from other stores; they had to bring in their customers through their targeted marketing efforts.
It is more difficult to rent available space when there are more empty spaces surrounding it. If you are interested in a specific location, or your business is the last one standing in an area, make an offer to your landlord that you'll agree to stay when your lease is up for renewal if you get free rent for a specified period of time.
Why else should you have free rent? Your landlord could be a person who lives on the other end of the country and can't always be available to deal with his tenants or with issues that arise in the course of owning commercial space. You could agree to be his or her eyes in the area, showing available units or spaces to potential clients, and other managerial type duties in exchange for free rent.
You could also offer to keep an eye on the property itself, such as maintaining a secure area free of vandalism and damage, keeping the property well maintained, and clearing snow or abandoned cars, for example. Sure, it takes some of your time and effort, but when you are struggling to make ends meet and keep your business aloft, those little things are minor in the scheme of obtaining free rent.
There's another reason why you should have free rent. If your business is the kind of business that your commercial lease landlord wants to attract, then by offering you free rent, he will ensure that you will remain a tenant for a specified period of time. You may have a well-polished image within the community and a professional aura about your company that naturally attracts other businesses close to you. That's exactly what landlords look for. If you polish your image and become a powerful force in the community, then you may be able to negotiate free rent from your landlord.
Knowing some of the keys to the industry can go a long way toward saving you money for your commercial lease.
Jean Louis Racine, Commercial Lease Expert.
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