While starting up a small business or expanding a new outlet of your shop, you need a place in commercial area. Now, renting retail space is kind of difficult than taking a residential apartment. You can also face difficulties of zonal restriction or other nuances to lease a commercial area. Here, you can take help from a commercial real-estate broker. But, before signing the lease you have to read the terms and conditions carefully and see whether those protect your interest. Understand the terms properly and then go for negotiation.
Steps to Take Commercial Lease
If you are starting up a small business, you must keep in mind that you need more profit from little investment. This is the key point of starting up a trade. Here are some tips to help you on this purpose-
Find a Suitable Place–
This is the first step of starting or expanding your business. Look for advertisements or drive around the commercial zone for any suitable rental house in Bangalore. You can also search online to get suitable answers. Often landlords divide a large space into smaller ones. If that suits you, you can begin your journey from there.
How Much You Can Afford–
The commercial leases are based on dollars per square foot per year. Besides, the tenant is responsible for paying the maintenance of the area like snow removals, parking lot, roofing, etc. also, he/she is liable to pay property taxes and insurances of his area. You may want to get with a commercial roofer like Roof Worx to assess the property to make sure you can afford any repairs.
Walk-through the Property is Necessary–
Arrange an appointment with your landlord. Gather information about the traffic system, leasehold involvement you have to make, tenant turnover and how long the lease will remain.
Are you satisfied with the details of the area? Then, it is the time to sit and negotiate the lease terms. What are the issues you need to check out?
- Base rent
- Net fees
- Security deposit
- Renewal or Termination options
- Exclusive use of the space if it is in a mall
- Subleasing options
- Parking ratios
If the landlord is not ready to negotiate on these matters, it’s better to move on.
Hire a Real-estate Lawyer–
Definitely you don’t want to be in trouble after taking rental house in Bangalore. It is not easy to understand every legal terminology. So, take help from a real-estate lawyer to evaluate lease agreement thoroughly before you sign it up.
Permit Background Check–
Turn in the application and co-operate with your landlord for every possible background check. Provide every document he/she needs to verify.
Start Construction if Necessary–
After your landlord approves your application, start construction and interior decoration of the space. Move furniture, retail products and equipments and renovate it.
Put the hoarding of your business and advertise your product or service to attract buyers.
Turning an ordinary space into a gorgeous shop is time consuming. You just need dedication and effort to deal with every obstacle and stand strong.
Where will you find interval international member in India