4 Questions To Ask Before Leasing An Office

A business owner who is looking to project a sophisticated and professional image for his or her company may not want the business out of a home office. Instead, having an office downtown or in the heart of the business district can improve its standing and attract new customers. If you are going to lease an office, what should you know before signing the lease agreement?

 

✓ How Long Are You Locked Into The Lease For?

The first question that you need to ask if how long the lease is going to run for. Typically, a commercial lease runs for as long as five years. However, you can negotiate a shorter lease term if you aren’t sure if your company is going to use the space for the long-term.

Latest Youth Republic Office Interior Design by KONTRA

Latest Youth Republic Office Interior Design by KONTRA

 

 

✓ Ask About Sharing The Office Space

Many smaller companies will share office space with other companies to reduce the rent paid for the office each month. It also allows new or small businesses to network with each other and help each company become stronger. If you are not allowed to share the space, business owners should ask if it is possible to transfer the lease or sublet in the event that your company cannot or does not want to continue using the space.

 

MTV Office in Berlin

MTV Office in Berlin

 

 

✓ What Services Are Provided In The Lease?

Some landlords will give you the space and nothing else. Other landlords will give you the space and provide trash and janitorial services included in your rent payment. If services are not provided in the lease, your company will need to find a way to keep the space clean and looking good throughout the term of the lease. To get the best serviced office (see ServCorp), you need to be upfront with the landlord and aggressive during the negotiation process.

Cool Office Building

✓ What’s The Price Per Square Foot?

The best way to determine if you are getting the best value for your money is to find out what the price per square foot is. A 3,000 square foot space going for $3000 is going to be a better deal than a 4,000 square foot space going for $5,000. This is because at $1 a square foot, the 3,000 square foot office costs less relative to the space that your company is getting.

When leasing an office, you cannot select a space at random. You have to consider the cost per square foot, the services included in the rent and whether or not you can get out of the lease if your business folds or doesn’t remain profitable.

Bright Pastel Office Chair

Bright Pastel Office Chair

Beware of These Sneaky Sales Tactics by Property Agents

When you are looking to buy a property on sale, it is easy to be caught up in the excitement of the entire process. A visit to an open house reveals the home of your dreams where you can visualize the photos of your children, the dog’s water bowl and the swing set in the backyard. Unfortunately, when buyers fall head over heels in love with a house, they often fall prey to sneaky sales tactics common among real estate agents. Even the best property agents occasionally resort to some of these methods in order to finalize a sale.

 

Fake Offers

Many times, a real estate agent will contact a buyer that showed interest in a home and claim that there has been an offer on the home, indicating that the buyer should “act quickly” or risk losing the home that they love. Quite often, when the buyer believes they have found their dream home, they will rush into a deal, often paying more than the value of the home. The best way to handle this type of sneaky tactic is to inform the agent that you have not made a full decision, and that if someone else has made an offer, they should accept it. Inform them that should that offer fall through, to keep you in mind. In many cases, the other deal “falls through,” giving the buyer more negotiating power.

 

Listing and Re-Listing

Even some of the best property agents ask a seller to remove a property from the market for a short time and then relist it, especially homes that have been on the market for several weeks, or even months. When you decide to buy a house for sale, if at all possible, be familiar with the area. When an agent says that the property was just listed and will go fast, you have much better bargaining power if you can say “I drive through here all the time, and there has been a for sale sign in the yard for months.”

 

Naïve Buyers

Along with knowing the area, it is critical when buying a home to Know the Property Values in the neighborhood where you are planning to buy. Being unaware of property values can result in paying a higher price for the home. In addition, some states require agents to inform potential buyers of potential negative factors about the home that could influence resale value. For instance, if the home was the site of a grisly murder, many agents will market the home to out-of-town buyers, who then purchase the home without knowing the history. Because such events can affect the resale of a home, some states enacted laws requiring agents to notify any buyer prior to the sale. However, it is difficult to enforce such laws, and agents may still hide such facts from potential buyers.

By avoiding these common sneaky tactics by property agents, you stand a better chance of negotiating the purchase of your next home at a reasonable price. The best advice is to know the neighborhood, know property values and learn the history of the home before you agree to buy.

Another Property Guide For Newbies: Home Rental Tips for First-Time Tenants