How to Lease Commercial Property

General

You are looking for a physical location for your company and are interested in leasing a building to move into. You will want to consider all of your options before committing to a contract so that you protect your business. Here are a few things to consider when you are looking at real estate.

Making Repairs

Find out what the process is for anything that might need to be fixed in the building. If the commercial heating in minneapolis goes out, clarify who will be responsible for paying for the repairs. If the agreement states that you will be financially obligated for any maintenance that has to be done, question if the high dollar equipment has warranties on them or if they can be purchased to offset your cost.

Consider the Future

Before you research properties to look at, define what you see your business doing in the next decade. Document what your goals are then use that information when you consider places to move to. If you are unsure where you will be, you might want to put off signing a lease for a while. However, if your data indicates significant growth, you should look for places that can accommodate the expansion.

Organize Your Finances

Property owners will check your credit when you submit an application to rent from them. If you are wary of what your rating might be, you must make an appointment with your bank officer or financial advisor to go over your expenses and what debt you need to pay off. They will be able to advise you how to improve your credit so you can get the building you want. You will also want to contact a lawyer to read over any paperwork sent to you by the owner to ensure that there is little risk to your company in the event you are financially ready to take on the lease.