1.Negotiating without professional representation
If you negotiate for yourself, it is very likely that you will leave money on the table. With PrimeOffice at your side, your agent will know the best deals being made in the market and will negotiate with the owner for every possible concession. The expert knowledge of a third party negotiator gives you powerful leverage to get the best deal.
2.Underestimating the time required to lease space
Every week we receive calls from people who need to move within 30 days. Although possible, it can be difficult and more costly. Relocating a business and signing a lease most often involves a very time-consuming process. We encourage our clients to start working with us at least three to six months in advance of a desired move.
3.Working directly with building agents
Building leasing agents have a legal obligation to represent the owner's interests at all times. They will not volunteer negative information about the property they are representing or tell you that the owner will accept a lower rental rate. The owner has an expert on their side protecting their interests – who is on your side?
4.Underestimating the complexity of the leasing process
Although leasing office space may not be brain surgery, it is a detailed, time-consuming process. It can be very stressful to run a business while trying to negotiate a lease and move at the same time. Allow plenty of time for each step of the process and get expert help. Handling all the leasing details is what brokers do best.
5.Paying the sticker price
All business terms in a lease are negotiable. Most landlords set their initial lease terms in much the same way that car dealers set automobile prices – higher than they believe their customers (in our case, tenants) are willing to accept. After receiving a Lease Proposal from a landlord, we make a counter offer to negotiate for better terms. In your letter of intent we can suggest a lower price, higher Tenant Improvement Allowance and free rent periods. Our office leasing specialists know exactly what to offer to arrive at the best deal possible.
6.Pretending to be a lawyer
Reviewing your own lease is like playing American Football without pads or a helmet. Unless you are a lawyer or a commercial real estate agent, you need help sifting through the lease and protecting your interests. The owner's lawyer has drafted 30 pages of 8-point type to make sure that the owner is protected at all costs! It is the job of your attorney and broker to point out potentially serious problems with the contract.