Finding the right location is one of the most important steps in setting up your Boca Raton business. A good location can make a significant difference in your ultimate business success.
You may have found a location that you think is perfect and be ready to start setting up shop. But do not rush to sign the commercial lease without carefully reviewing its terms and negotiating a deal that is best for you.
Commercial tenants may face more risks
One of the reasons negotiating a good commercial lease is important is because the law typically does not offer commercial tenants as many protections as residential tenants. You are likely going to be bound by the terms of the lease you sign, no matter what.
Your potential landlord will initially provide you with a form stating the commercial lease terms and ask you to sign. The form might have a space for you to provide any additional requirements or a counteroffer, but you can still give a counteroffer even if there is no space.
How to structure your counteroffer
Present your counteroffer in your business name, not your personal name. In addition to your terms, think of your counteroffer as promoting why you would be the best tenant for the space.
Make sure all communications are in writing. This includes not only the initial offer and counteroffer, but all communications between you and the landlord.
If you send the landlord an email and they respond with a phone call, send another email after the phone call recapping the conversation and ask them to confirm receipt.
This helps everyone avoid misunderstandings about the terms of the lease. Additionally, having everything in writing protects you in the future if you find yourself in a commercial real estate dispute.
Be patient and take things slowly
The negotiation process can take time, especially if you are negotiating with a listing agent and not the landlord themselves. However, if you have not heard back on a counteroffer in a couple business days, follow up, but do not bombard the landlord or agent with messages.
Good negotiation skills are essential when running a business. When you are ready to sign your commercial lease, you might still want to have it reviewed by a professional.