When looking for a rental space for your retail store, you’re going to want to consider location, size, and the timeframe of your lease. It will, of course, require a lot of research, but once you narrow it down to a few perfect locations, it will be worth the hunt. The paperwork portion of this store search may seem like simply signing a paper, but it is so much more and you don’t want to let some of the fine print make or break your retail store experience. You want to make sure you are getting the very best end of the deal. How can we make sure of that? A real estate lawyer in Bethpage, NY like Joan Agostino can help ensure that you are properly negotiating your commercial lease.
How do you negotiate your commercial lease?
It may seem like a tedious task, but at the end of the day, it will be well worth it. Some tips for negotiating your commercial lease are:
- Plan your budget, wants, and needs– Everyone needs to have their budget in mind, but consider what the store needs to have and what the store wants to have. Does the store require a large stockroom, a public bathroom on the sales floor for customer use, or free parking? These are the things that you need to consider before signing the lease. Your wants can help you negotiate.
- Use help from your real estate lawyer in Bethpage, NY– They will be able to point out things that maybe you didn’t notice at first.
- Negotiate multiple locations– If you are stuck between two locations, let the negotiation decide for you. Maybe you love one space more than the other, but maybe after a little negotiating, you’ll realize the benefits of choosing the other.
- Negotiate for a long term lease– If you can show that you are committed to this location for a longer period, your landlord may be willing to give a few extra benefits.
- Negotiate a reasonable “cure” period– When first starting, it may be difficult to keep up with the rent while your mind is focused on keeping up with your new business. If you miss a payment by a day or two, you don’t want that to end in a fine or legal action from a real estate lawyer in Bethpage, NY.
- Negotiate to decrease early termination penalty fees– If you’re a new retail store, you’re going to want a little peace in knowing that you can back out of the lease without completely breaking the bank.
- Negotiate a clause to prevent your landlord from allowing a competitor into the building– If you’re a clothing store targeting “preppy” female adolescents, you aren’t going to want a clothing store with the same target audience moving in next door.
- Negotiate a fixturization period– If your space needs work, you don’t want to pay for both the work and rent. See what your landlord can do about this timeframe.
Contact a Real Estate Lawyer in Bethpage, NY:
At the end of the day, negotiating can be tiring, but with the help of your real estate lawyer in Bethpage, NY, like Joan Agostino, you’ll be in great shape for starting your retail store! Request an appointment with Joan Agostino for your negotiating needs!
