As a business owner, finding a suitable office space for lease is at the top of your priorities. But that’s only the easy part of the entire real estate process. Once you find the right property for you, there’s no guarantee it will be yours until you negotiate and close a successful commercial real estate deal.
- Determine your needs first. You need to go into a negotiation knowing exactly what you need out of this deal. Make a list of all your non-negotiables and those that you could compromise on so that it’s easier to come up with an agreement that will satisfy both you and the landlord. Being knowledgeable about your needs will give you more confidence and allow you to make better decisions in the process.
- Know your budget. Your certified real estate negotiation expert will help you with the negotiation process, but you must determine how much you can afford first. It’s also very important to be firm on your spending limit to keep yourself from committing to something that’s way out of your price range.
- Do your homework. You need to rely on more than your certified real estate negotiation expert to do the nitty-gritty work for you. Instead, it would help if you also did your due diligence by researching about the property that you’re eyeing, especially important details that will help you negotiate the lease to a more favorable price range. Remember that you need to be familiar with the property yourself, so you can ask the right questions and make the right proposals to the landlord.
- Make an offer. After you’ve done your research and set your budget, it’s time to make an offer with the help of your certified real estate negotiation expert. A good tip would be to start low and work your way up to the selling price. But in some cases, you might want to start closer to the market value and work your way from there. Again, your agent will help you through this process so you’re more confident in negotiating your offer.
- Be respectful. Even if you’re the buyer, you need to be respectful of the landlord’s rights and keep your cool during the negotiation process. Things may heat up quickly if you let your emotions take over, so you need to go into a negotiation with a clear head and a goal to close the deal while maintaining your relationship with the landlord. Always remain calm and set your emotions aside, so you can stay logical during the negotiation process.
There are no shortcuts to any successful negotiation process, but these steps will serve as your guide in making sure that you will walk out of a negotiation with the deal that you want. However, we highly recommend getting the help of a tenant representative to make this process easier for you and allow you to have everything handled by someone else. Contact Levi Smith at PA, Commercial, LLC today and learn more about what we can do for you!