5 Steps to a Successful Will County Lease Negotiation
5 Steps to a Successful Lease Negotiation for Will County Industrial Property
In his latest video tutorial, Will County industrial real estate advisor Chris Condon offers insight into the five steps a successful lease negotiation for Will County industrial property.
When it comes to leasing commercial property, time frames are a critical factor in a successful negotiation; for you and the owner. This is the only way you can adjust to the vagaries of the marketplace and the property owner’s needs.
I’ve spent as much as 12-18 months searching for the perfect property for a client but it just wasn’t available in a tight marketplace like we have right now in Will County. So, while most people think the key to real estate is location, location, location – when leasing industrial property it’s also about timing, timing, timing.
Successful Lease Negotiation Tips
While cost and location are usually the most important factors to most business owners, the timing and availability of the best property you can find are critical steps in the lease negotiation process.
- Plan ahead and be patient – When the need for commercial property exceeds demand, when inventory is low as we see right now, you need to look to the future and consider the terms of your current lease versus moving to a new property. If the needs of your business demands making a change, start planning immediately, out your broker to work with a set of guidelines, and be ready to wait for the perfect opportunity.
- Your timeframe for leasing is critical – You should know exactly when you will need to occupy the new space and give yourself enough time to find and negotiate a new lease.
- Understand the marketplace – The tighter the market for industrial property, the more difficult it will be to find your dream location or your dream price. Be realistic about your expectations for both.
- Search for off-market properties – It is always true that the published commercial real estate listings on Will County may not reflect what is immediately available, or soon will be. Check with your broker to make sure you know about upcoming listings that may allow you to jump on them before they hit the market.
- Have your attorney review your lease – Even if you trust your broker, having your attorney take a look at your new lease, or even a renewal, could save you many headaches in the future if a dispute should arise.
Having said all of that, working with an experienced industrial real estate broker who has a solid network of contacts to leverage on your behalf may be the most important step for a successful lease negotiation for your business.
Are you looking for help in a successful lease negotiation for commercial property in the Will County area? Feel free to Contact Chris Condon for answers to your questions or a free consultation today.