You are thinking of renting some commercial retail space. You have a business well-thought-out and now need a base from which to operate. But, you need to be aware that there are certain pitfalls that you must avoid. You want to enter a lease agreement that is favorable to you. We will explore further on the mistakes to avoid when looking for commercial retail for lease in Stafford, VA.
- Not Thinking about Your Budget
Before you start looking for commercial retail for lease in Stafford, VA, think about your budget. Do not get into an agreement that will drain you financially, because you did not plan your finances. High rental properties may have some benefits, but can you afford them? Be realistic about what you need, Instead of trying to impress people with how large or beautiful the premises are.
Once your business takes off, you can move to larger premises. Focus on factors such as location, transport connectivity, amenities, infrastructure, and proximity to similar businesses.
Planning your finances means that you can assign enough money to pay rent for at least one year. It may take some time for customers to start trooping in through the doors. During this time, you need to focus on your core business without worrying about rent.
Negotiating with Landlords Directly
Looking for commercial spaces is not the same as looking for residential one. You may spend significantly higher amounts of money. There are also many other costs you need to consider. It would, therefore, serve you better if you want to deal with a reputable company to handle the search and negotiations for you.
Leasing companies have relevant expertise and networks. They know where to get the right property and how to negotiate the best rates and terms for you. Consider it a worthwhile investment to put aside a certain amount towards the broker fees.
Not Doing Due Diligence on the Individuals or Companies
When looking for commercial retail for lease in Stafford, VA, you must do your due diligence. Do a background search on the company or individuals you are transacting with. If it is a company, look at the corporate profile to determine that it is legal and registered.
Talk to references such as other tenants and suppliers. Do not be afraid to ask for this information. If they’re not willing to share it, you may want to reconsider working with them. Look at how long the company has been operating, and who the proprietors are.
Also, take the time to look at the property by doing a physical visit. Such a simple step can save a lot of problems in the future. You will be able to identify any issues or areas of concern and address them before getting into the agreement.
Remember, this is a crucial step that you must never leave out. Even if you are working with a reputable company, you still have an active role to play.
Not Taking Time to Understand the Lease Agreement
It may surprise you that very many people do not take the time to understand legal documents. Contracts are not the most interesting documents to read. The legal language can also get a bit confusing. It, however, does not mean that you should not go through the contracts thoroughly. Signing documents without understanding them can be a costly move for you. You may find yourself in court fighting your landlord.
Understanding the contracts well will also allow you to negotiate some of the less favorable terms. You also get to know what obligations you have with regards to maintenance and repairs. The document should also address issues such as rent increments, subleasing, assigning the least, among others.
Do not be afraid to ask the landlord for clarification in areas you do not understand. Consider putting aside some money to get a lawyer to go through the contracts for you.
Not Thinking about the Future
You start a business to grow it into the best it could possibly be. However, when you’re looking for commercial retail for lease in Stafford, VA, you do not factor-in scalability. Think about your future growth and the kind of space you will need. You can, for example, negotiate for a sublet that allows you to bring in a tenant to help with some of the expenses.
In the future, once your business expands, you can ask the tenant to leave. Entering a short-term lease agreement will also make it easier for you to move if the space is no longer serving your purposes. You also have the first refusal clause so that you get the first claim to any property when it becomes available.
Rushing the Process
Do not leave the process of looking for commercial retail space until the last minute. The process can be arduous, and you need sufficient time to do it well. Even if you’re working with a reputable company, you still need to allocate time for research and site visits.
Let us Help You Get Your Rental Property
Getting the right commercial retail for lease in Stafford, VA, can be difficult. You need a team that has the right experience to help you with the process. Call us, and let us help you start the journey of getting a commercial retail property for you. We take the time to understand precisely what our clients need. We then use our networks to find the property that works for your business. Our team is at hand to answer any questions you may have.