4 Simple Tips to Prevent Yourself from Signing a Wrong Office Lease
Business owners often make this mistake that they don’t read the lease terms thoroughly before signing it, and later end up in an unfavourable situation where they’ll have to leave the property or pay for some things they weren’t ready for. Of course, finding an office space is quite a tough task and the business owners don’t bother to read the lease terms when they find an ideal office space for their business.
But one should consider having an attorney taking a look at the lease terms and make them understand it properly. If not, they’ll end up singing the lease and later realize that it wasn’t the space they were looking for. It’s not just about lease terms; there are several other things forgetting which make them regret for signing the lease.
So, what are the things to be taken care of before getting into an office space?
Below mentioned are a few tips that help you protect yourself from signing a wrong office lease.
1. Consider Area’s Future
Location is always a crucial factor for businesses. Even if yours is not a business that depends on the customers’ footfall, you should never forget making a thorough research of the location you’re getting into.
But how would you know if it is the right location for you?
Well, there are some factors you can consider to decide if the location is ideal for your business. You can get in touch with old tenants who were there before you and analyse what their business was and how well the space has worked for them. It’s even good if you know the reason for old tenants leaving the space, so that you’ll have an idea if there are any negative points.
Not just the past, you should also be concerned about the future, as you are going to set your office up and be there for a long time. Make sure that the area has a good future and will help you keep the business moving forward.
2. Don’t Fear New Space
Most of the business owners have a fear that new office spaces cost them a lot which has been the main reason for them choosing an already existing space. But the fact is that, new spaces allow you to make some minor tweaks to suit your business and employees the best.
You will know your employees pretty well and you can consider their suggestions to make minor changes on the space to help them be productive in the workplace which benefits the company as well. And, it’s easier to make changes on the new space than on already existing office space.
3. Have Multiple Offers
Having multiple offers in hand is the greatest strength one can have while negotiating on a deal. Same applies for offices spaces too. Search extensively and shortlist a few spaces that you think are good for your business. When you have several options available, you can choose the best one that looks fine with all instances.
You can also negotiate for the space you like the most and get the deal done. It’s easy to convince landlords for lesser price when you already have an offer for a better price.
4. Seek help of Agents
Have an experienced real estate agent by your side and you’ll never sign a wrong lease. Yes, a professional real estate agent makes you understand the lease terms clearly while also helping you find an office space that suits your business, budget and employees.
They don’t just help you in reviewing the legal documents, but also stand by your side during the negotiation and help you get the best deal possible.
These are a few important points considering which prevents you from signing a wrong lease. So make sure you consider them if you’re looking for an office space or just let us know if you need any assistance. We at Commercial Office Bangalore have experienced professionals who can help you with all the procedures right from site inspection to the final negotiation, and put you up in an ideal office space.