Getting hold of a commercial property is tough. They cannot be compared with getting a residential property for lease. There are a number of factors which can turn the most lucrative deal against you. Also, there exist a lot of factors that can affect the business opportunities as well profitability if such a property is not chosen without thinking about the pros and cons.
To run your business smoothly you need to keep in mind the right location for the setup which is not very posh that burns a big hole in your pocket but at the same time would be a crowd puller. In such cases, many people rely on their own instinct and go ahead with their strategy and plan to get a lease. They may succeed or they may fail. But if you are looking to get a commercial property for lease, you must always find a broker who knows the tricks of the trade. Getting a broker will help you in selecting the right properties in the area of your choice.
To get hold of a commercial broker is not at all difficult as they are more than willing to find you the right place if you sign a small representation agreement and part with a little incentive. As they will be getting most of the fees from the owner, they will definitely secure you with the best deal available. If you are trying to lease a place in a small town where commercial brokers may not be available, you can search for the public records yourself and have a deal fixed with the landowner. But choosing a broker in a big city will help you as the brokers work for the commissions and they will definitely try to get you the best deal available. Finding such a broker is not difficult at all especially if you are working with any real estate attorney.
As is the case while renting a residential property, you will find that the lease agreement is generally more inclined towards the benefits of the landlord. You have to be very careful about the terms and conditions as there are a few snags that remain almost in every agreement and if not addressed at the beginning, could dent your financial plans. Any commercial property for lease market is a cut-throat market, and any agreement should be prepared so that both the tenant and the owner get to receive benefit from the contract. As of current situation, there is no fixed security deposit that you must pay and it varies a lot. You can use your negotiation skills to reduce the amount though.
The general area that may or may not be mentioned specifically in the agreement needs to be addressed properly and you should come to a decision regarding the up-keeping cost of the common areas. However, even if not mentioned, you are responsible for maintenance and utility of the area you have taken on the lease. The tenure of the lease may be fixed by both the parties and can range from anything between 2 years and more. If you want to leave the place before the normal deadline, you must be ready to pay out the remaining period by giving a termination fee.