Top Tips for Negotiating Your Retail Lease
So, the time has come for you to sign a new retail lease, or to renew a current one. Unfortunately, many lessees sign on the dotted line without attempting negotiation. However, by speaking up, it may be possible to get a reduction in rent, or to haggle better lease terms. If you are going to pursue negotiation, here are a few useful tips from lease lawyer Glenn Duker to help you obtain the best deal.
Don’t take the first offer
Many lessees sign a lease without realising that they have the power to negotiate better terms. If you think the asking rent is too high, or other included terms are unfair, it’s recommended to reject the first offer. Often, the agent and landlord are looking to get as much as they can out of the deal, leading to a high initial offer. However, there can be some degree of wriggle room for negotiation, especially for retail locations that have been on the market for an extended period of time.
Conduct research and talk to other lease holders
It’s vital to conduct plenty of research before entering negotiations, ensuring you possess all the facts needed to get the best possible deal. Talking to other retail lease holders in the area is a great way to gain a sense of what others are paying. If your neighbouring businesses are paying less rent, it may be worth approaching your agent to discover why they expect you to pay more – chances are they may think you won’t know any better.
Read the fine print of your lease carefully
Sometimes leases can be long and winding, but it’s crucial to read through every page with an eagle eye before you sign. You may discover terms hidden within your contract that you can negotiate, such as termination and exit clauses.
Obtain the help of a lease lawyer
Retail leases can sometimes be over 70 pages long, filled with complicated clauses and legal jargon that’s hard to understand. That’s why it’s strongly recommended to hire a professional lease lawyer such as solicitor Glenn Duker, who can read your lease for you and help you to fully understand everything in it before it’s signed. He can also help to negotiate the best lease, setting your business up to succeed right from the very start. For immediate advice and assistance, contact Glenn Duker today.
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