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Renting a commercial or a business property is a bit complicated. The time period and the nitty gritty should be looked upon before renting it out. Typically, most of the properties come with a 3-year turnaround time.
The process is also complicated and a lot of legal factors should be reviewed in depth. Since it is different from residential property, the terms and conditions will be different. Hence, you must take time and read the terms and conditions of the land lord and tenant in detail.
Needs and requirement
Even before you start looking for properties, you must ascertain your needs and commercial requirement before renting one. Do not forget to understand your length of stay. There are properties which give 10-year lease, if you are not up for it, you can go for three to five years lease to cut down on unnecessary cost.
Online brokering services
Finding an experienced broker is difficult in the commercial real estate market scenario. Instead of looking in yellow pages, you can search them online. Most of the brokers will have tags like ‘dealing in commercial properties”, “LuxuryMTL”, “affordably rent commercial property” listed on web. You should hire as per industry.
For example, if you are looking for a salon, you must find someone you can advise you accordingly. There are brokers who specialize in large spaces and some in small ones. Look closely about the broker’s specifications and working area.
On site management and maintenance
Any property will require maintenance. Moreover, commercial properties require on site management services. There are few properties where you might also get on site manager. This means, you will have quicker repair and better conditions to reduce accidents in your premises.
Amenities
You must not forget to ask about the amenities the property is providing for tenants. As per new State rules there are few properties which provide remodelling services as per the requirement, free parking spaces and even moving allowances if you need them. These features can save a lot of time and money while you are busy developing your business.
Legal
You must scrutinize each and every line of the lease. You must hire a lawyer if needed. Read the terms and conditions carefully. Clarify your doubts in case you have any confusion in understanding them. Additionally, understand What would be the increase in rent and maintenance fees year on year in order to avoid untimely surprise over the period of time.
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