For business owners looking to expand and requiring a new commercial space to do so, NZ Commercial Property Brokers Ltd are happy to lend our expertise in commercial property leasing to provide you with this useful guide. Here’s what you need to know before signing onto a commercial lease:
1. Your Requirements
Before entering into a property lease, you need to be certain of your business’ requirements. For example, is the type of commercial property suitable for your needs? What about the size and cost, location or any specific features – like visibility, parking and accessibility?
2. A Reputable Commercial Property Broker
Always acquaint yourself with a reputable commercial property broker, like NZ Commercial Property Brokers Ltd, before embarking on the journey of commercial property leasing. Without the right advocate for your interests, you may find yourself entering into an unfavourable lease agreement that does more harm than good to your business.
3. The Rights and Responsibilities Involved in a Lease
There are several rights and responsibilities involved in a lease, both for landlord and tenant. For example, a business that leases a commercial space may be entirely responsible for its condition, insurance or maintenance. Combing through the fine print of the ‘heads of terms’ before making a legally-binding commitment to a property is non-negotiable, as additional responsibilities could be hidden within.
4. Your Due Diligence
With the aid of a property broker, it’s essential that you carry out due diligence on any commercial property before leasing. This could include understanding your maintenance responsibilities, as suggested above, or ensuring that the property is up to scratch. By this, we mean it must meet all regulatory standards. Often, business owners are advised to hire a third-party inspector prior to finalising a contract to ensure this is so.
5. Negotiable Favourable Terms and Exit Strategies
When the time comes to terminate a lease, you don’t want your business to be burdened by unnecessary costs, legal trouble or hefty paperwork. If your business is scaling up at an impressive rate, plan ahead and negotiate favourable terms for a quick exit strategy if needs be.
For commercial property leasing services that you can depend on, look no further than NZ Commercial Property Brokers Ltd. Get in touch with our Waikato-based real estate agents at your earliest convenience, and reap the benefits of our years of experience in the commercial property market.