Retail Agents - Key Tips for Leasing Retail Property

Author: Sameer Tendulkar

Most of the people while looking for retail property for lease miss some important aspects which are necessary for a profitable deal. They look after the basic things, but miss the detailed instructions and hidden clauses which eventually put them in big troubles. Considering the importance of carefulness in leasing retail property, it is always required that you do with the proper documentation, and read each document clearly. However, this can only be achieved if you know how to start and how to proceed. This is not just required to get the most appropriate retail property for you, but also helps you getting proper negotiation.

Here are top 10 key tips that you must take care of while leasing retail property:

  1. Generally, the property owners prepare a clause mentioning the limitation on the use of the property. Depending upon your purpose of buying the property, make sure that you are allowed to use the premises for the activities you want to carry out.

  2. You must also verify the time period for which the property is leased to you. In case you need it for a longer time, don’t forget to get it mentioned in the agreement. Otherwise, you may have to leave the space after the mentioned time frame.

  3. Check for the refurbishment of the property. If you need the property for your business operations, make sure that it has appropriate furnishing. In case something is missing, ask the property owner for renovation.

  4. Any renovation work, if required in the future, should be clearly mentioned in the agreement. Generally, the property owner is responsible to pay for the renovation, but you can force him for this only if you have the agreement in your hands.

  5. What you will do at the end of lease period should also be mentioned in the agreement. If you have to leave the premises or if you can continue with new agreement, it should be clearly defined.

  6. The payment terms of rent should also be mentioned in the agreement. Also, don’t forget to check the extra costs that you may have to bear during your tenancy.

  7. The agreement should also contain the lease commencement date. This is more vital if you start your lease from middle of a month. If you have the date mentioned on the agreement, you will not have to pay for the extra days.

  8. Clearly mention about the extra incentives provided by the property owner. Also, check for the legal actions, if any, mentioned in case of any dispute.

  9. Retail property for lease requires lease disclosure. Make sure these disclosures comply with the law related with retail lease.

  10. Also check for the insurance facilities in case of any damage or loss to your belongings in the premises.

These are some key tips that you should follow while getting retail property for lease. Follow these simple tips and you will surely find a property that gives you comfortable tenancy.

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