You feel ready to lease a commercial space in Florida to house your small business. Because this is your first time leasing a brick-and-mortar space, you may not know all the red flags to look for before signing a lease.
Forbes offers tips to help make your first commercial lease a success. Learn how to protect yourself and your company.
Read through your lease carefully to make sure you understand all landlord fees. This may include advertising, insurance, percentage rent, management, rent and administration. You do not want to mistake a great deal for a financial burden because hidden fees slipped past you.
Where do you see your business in the next several years? Depending on your projected growth, the space you want to lease now could become too small for future expansion. You may find that it makes more sense to lease a bigger space than you need, so you and your business have room to evolve.
Repairs and maintenance
Besides future success, consider future frustrations, like repairs and maintenance. A single appliance breakdown may cost several thousands of dollars, a cost you may bear alone if you do not negotiate your lease before signing it. Look for properties that have a warranty in place, or see if you can limit your out-of-pocket costs with the landlord.
Cure/remedy and default/breach terms
Should things take a turn for the worse with your lease, the right cure/remedy or default/breach terms can save you a lot of time and aggravation. To protect your tenancy, ensure you know how the landlord plans to address a breach of lease terms.