Mistakes in Commercial Leasing
Many companies do not realize the importance of the real estate their business is occupying. When deciding where to open your business, there are several factors you must consider: is it accessible, affordable, and desirable? Before you sign a lease agreement, consider the following mistakes commonly made by entrepreneurs such as yourself.
If you are currently looking for a place to start your business, or if you are trying to break a lease agreement and relocate to another location, the Austin business lawyers of Slater, Kennon & Pugh Ltd.LLP may be able to help. Call 512-472-2431 today to schedule a free initial consultation.
Top 5 Mistakes
Mistakes made by other businesses can help serve as a guideline for what not to do when leasing real-estate for your company.
- Not hiring a commercial real estate broker who can help a company attain its goals. A qualified broker can provide insight into the market, trends, landlords, and demographics, while being a skilled negotiator on behalf of the business.
- Leasing the wrong amount of space. Not picking a location that is too big or too small is crucial. If too small, you will quickly outgrow your space and business success will be capped; whereas, if it is too large, you will be paying more than you need to for space that is not being utilized.
- Picking the wrong location. When choosing a locale, you must consider how accessible your business will be. What are the demographics you are targeting? Are they nearby?
- Not thinking about the future. Although it is difficult, try to foresee your businesses future and make decisions with that in mind. For example, do not sign a long lease agreement if you see your business expanding quickly.
- Not hiring legal counsel. An experienced attorney can help you negotiate a fair lease agreement.
Fortunately, these mistakes are preventable. Discussing your options with an experienced Austin business attorney can help you avoid common pitfalls.
Contact Us
For assistance with lease agreements and commercial real estate disputes, contact the Austin business lawyers of Slater, Kennon & Pugh Ltd.LLP at 512-472-2431 today.