Looking out to lease out a restaurant space? Well, you have to be a lot careful when it comes to leased spaces – more importantly, you have to be very careful about a lot of aspects. Most of these aspects are similar to those of leased out properties, so yes, here we go with what you have to keep in mind before taking restaurant space for lease:
You need to learn to negotiate and stick to your terms and conditions – you cannot allow those applying for the lease to force you to compromise on your terms and conditions. So yes, you negotiate instead of letting them get you to come to their terms. And if things aren’t really working in your favour, you need to be prepared to let go too. The one who actually deserves the space is the one who agrees to the terms, conditions and cost at which it comes. Wait until you find the right person.
Brokers – preferably no:
Why would you want to pay the commission amount to your broker when you can find a suitable person to lease out your property by yourself? However, if you genuinely don’t have the time to look out for a suitable match for leasing out your property, ensure you choose a right agent who will take the responsibility of finding the best person for you without charging a hefty commission.
A deal for more, always:
Make sure you place the deal for a much higher amount than you actually want from the lessee. This way, you’re on the safer side as you can be a little flexible when the prospective lessees negotiate. The easiest way to get off with a deal of favour is to quote a higher rate and then come down a little low to the amount you actually want. A win-win situation for both.
Learn about leasing:
If you’re going to go about with it all by yourself, you need to be well-versed with the requirements of leasing out a property. Every term and condition you place forth has to be well thought of before putting it down on paper or conveying to the prospective lessees. And if you aren’t aware, educate yourself about it and make sure you have all the facts right before actually plunging into the deal by yourself.