As a successful business owner, you must make many vital decisions throughout your career. As you grow, there comes a time when you must think of expanding to meet new demands within the company and optimize operations.
While buying a commercial property can be a fantastic investment with many benefits, leasing is highly advantageous for many businesses, as there is less capital involved than buying, more options to choose from, and increased flexibility to meet your unique needs.
With various types of leases, rental periods, and industry-specific options, a trusted commercial real estate agency can guide you through the process and help you make informed decisions that will benefit your business for years to come.
The Steps Of Leasing A Commercial Property
Leasing a commercial property can seem like a complicated process if you don’t know what you’re looking for. To help you start off on the right foot, we’ve compiled a general guide on how the commercial leasing process works, and the steps you need to take to secure a property.
Determine Your Property Needs And Wants
Before you begin the property search process, it’s crucial to be specific about your business needs and wants. The most significant components to consider are location, budget, and the type of space (retail, industrial, office space). Writing out your goals in regards to commercial spaces will dramatically help you narrow your search.
Partner With An Experienced Commercial Lease Professional
Working with a respected and knowledgeable commercial real estate professional can save you innumerable amounts of time, money, and effort. Regardless of whether you’ve already invested time in finding a commercial space or not, an agent can help guide you through the entire leasing process and secure you the perfect property for your needs.
When you approach a brokerage like Mallach and Company, we immediately partner you with one of our amazing commercial real estate team members, who works tirelessly to learn more about your goals and build a strategy for finding the best commercial rental space.
Tour Potential Properties With Your Trusted Agent
Once we understand your business goals and needs, we use our industry knowledge and trusted partnerships to provide you with an all-encompassing list of commercial spaces that match your needs. Together, we’ll tour the potential properties.
Submit A Letter Of Intent (LOI) And Business Financials
Once you’ve found the commercial property that perfectly fits your professional goals and business needs, a letter of intent will then be sent to the property owner. We will also enclose business financials to begin the process of leasing this property.
Undergo The Approval Process
The property owner will then review your letter of intent and business financials, and both parties enter into the negotiation. Having an experienced tenant advocate by your side is vital at this stage. That’s where we come in! With our valuable market insights and skilled negotiation tactics, we will work with the property owner to find an agreeable offer while ensuring you receive the best possible terms for the property.
Review And Sign Your Lease With The Help Of Your Agent
Now that the deal is officially negotiated and both parties are excited about the terms, it’s time to review and sign the lease agreement. Ensure that you are still utilizing the help of your agent and brokerage during this process to review the deal properly!
Achieve Your 2024 Commercial Goals With Mallach And Company
Leasing a commercial property is much more attainable than you might think! Follow these steps and contact a reputable commercial real estate brokerage like Mallach And Company Commercial to help you continue to navigate the process.