[P.O.W.E.R. Plug Podcast] How to Negotiate the Best Terms + Find the Ideal Lease for Your Business
For most small business owners, negotiating a building lease can be an intimidating and arduous process. First-time lessees may not be aware of the types of leases available to them or the potential opportunities to renovate, improve cash flow, or offset initial costs. Negotiating with landlords, who put their own best interest first, can be time-consuming and take business owners’ attention away from important core business tasks. But, what can a small business owner do to streamline this undertaking?
In this episode, I discover the secret to simplifying a property lease as I speak with Elizabeth Morrison of RE/MAX Heritage about what can be confusing, but necessary to running and growing a business, including finding the right location and negotiating lease terms that for work for you, not against you. Elizabeth is a self-proclaimed commercial and residential real estate geek. When her father, also a real estate agent in New Orleans, suggested she chip in towards the cost of her education at Tulane, she got her real estate license and has been working as a professional in the industry since 2001.
The different types of leases available and the pros and cons of each
Common landlord responsibilities
How to negotiate percentages or caps on maintenance fees
How utilities are handled in large spaces versus office spaces and retail centers
The benefits of hiring a leasing agent or attorney
Finding the right space: Leasing a newer or older development
The biggest mistakes people make when leasing space and how to avoid them