Choosing the right commercial property for your business is an important decision. It can have a significant impact on your company’s success and growth. However, leasing a commercial property can be a complex process that requires careful consideration. Making mistakes during this process can lead to costly consequences, both financially and operationally.
At Daniels Greer Commercial Real Estate, we understand the challenges of finding the perfect commercial property in Tulsa. With years of experience in the local real estate market, we have witnessed many common mistakes made by business owners when leasing a commercial property.
To help you avoid these mistakes and make informed decisions, we have compiled a list of the most common ones to keep in mind when leasing commercial property in Tulsa.
Not Knowing Your Needs
One of the biggest mistakes people make when leasing commercial property is not fully understanding their needs. It’s important to have a clear understanding of your business and its requirements before searching for a commercial space.
Consider factors such as the type of business you have, the size and layout of the space needed, and any specific amenities or features that are necessary for your operations. Knowing your needs will help narrow down your search and ensure that you find a space that meets all of your requirements.
Not Researching the Market
Another common mistake made by tenants is not researching the market thoroughly. Leasing commercial property is a significant investment, and understanding the market is crucial in negotiating the best deal. Tenants who fail to research often end up overpaying for their space, missing out on potential opportunities, or getting locked into unfavorable lease terms.
To avoid this mistake, do your due diligence and research the current market conditions in Tulsa. Look at factors such as vacancy rates, average rent prices, and upcoming developments that may impact the market. This will give you a better understanding of what to expect and help you make informed decisions.
Not Considering Location
Location is crucial when it comes to leasing commercial property in Tulsa. Choosing the wrong area can greatly impact foot traffic, accessibility for customers and employees, and even affect the reputation of your business.
It’s important to consider factors such as demographics, nearby competition, and the overall vibe of the area when choosing a location for your commercial space. Take the time to research different neighborhoods and visit potential locations to get a feel for the area before making a decision.
Failing to Read and Understand the Lease Agreement
One of the most common mistakes made by tenants is not fully understanding the terms of their lease agreement. Many tenants are so focused on finding the perfect location for their business that they overlook the details of the contract.
Before signing any lease agreement, it is essential to carefully read and understand all of its terms and conditions. Make sure you fully understand your rent amount, additional fees (such as maintenance or CAM charges), lease duration, renewal options, and any other clauses that may affect your tenancy.
It is also advisable to seek legal advice before signing a lease agreement. A professional can help you identify any potential red flags and negotiate more favorable terms on your behalf. At Daniels Greer Commercial Real Estate, we have years of experience negotiating lease agreements for our clients. Our team can review the contract with you, explain any complex clauses, and ensure that your best interests are protected.
Not Doing Proper Due Diligence
Before signing a lease agreement, it’s crucial to do proper due diligence on the property and its landlord. This includes conducting thorough inspections of the space and understanding the landlord’s reputation and track record.
Be sure to have the property inspected by a professional to identify any potential issues that may arise during your tenancy. You should also research the landlord and their previous tenants to ensure that they are reputable and have a history of fair dealings.
Underestimating Costs
Leasing commercial property in Tulsa can come with additional costs beyond just rent. It’s important to factor in extra expenses such as utilities, maintenance and repairs, insurance, and taxes when budgeting for your commercial space.
Underestimating these costs can lead to financial strain and impact the success of your business. Be sure to carefully consider all potential expenses before committing to a lease agreement.
Not Planning for Future Growth
Another common mistake made by tenants is not considering their future growth when leasing commercial property. While space may seem perfect for your current needs, it is important to think about the long-term growth potential of your business.
Before signing a lease agreement, ask yourself if this space will accommodate any future expansion plans. If not, consider negotiating an option to expand or find a larger space altogether.
Not Negotiating
Many tenants make the mistake of accepting the terms of a lease agreement without negotiating. In reality, most landlords are open to negotiation and can be flexible on certain terms.
Before signing a lease agreement, consider negotiating for more favorable terms such as rent amount, maintenance responsibilities, and lease duration. You may also be able to negotiate for added amenities or services that can benefit your business.
Conclusion
Leasing commercial property may seem like a daunting task, but by avoiding these common mistakes, you can ensure that you find the right space for your business. It’s important to thoroughly research and understand your needs, location considerations, lease agreements, due diligence process, and overall costs before making any decisions. With careful planning and consideration, you can avoid costly mistakes and set your business up for success in Tulsa’s competitive commercial real estate market.
With the help of an experienced commercial real estate agency like Daniels Greer Commercial Real Estate, you can navigate through the process with ease and secure a space that meets all of your needs.
Don’t make these mistakes – contact Daniels Greer Commercial Real Estate at (918) 740-1015 for expert guidance on leasing commercial property in Tulsa. Your business deserves the best!