Running a business can be difficult. On a daily basis, you are juggling everything from HR issues to finance, customer service, procurement and so much more. It can be overwhelming. When it comes to your premises the last thing you need to worry about is the renewal of your lease agreement, or, if you are moving your premises, the negotiation of your business lease.
A lease agreement can contain a number of complex issues and clauses. These can be confusing, and if not correctly understood, they could lead to expensive disagreements down the road. It’s worth considering the pros and cons of investing in professional advice and guidance when renewing your lease agreement. So what are your options?
FREE RESOURCE: Download your free guide on “What You Should Know Before Renewing Your Business Lease“
Hiring a professional
It goes without saying that having someone with the right experience and expertise as your negotiator gives you an advantage in any situation. So how can a professional property consultant help you?
An experienced property consultant is well versed in the relevant property laws and understands the contents of the lease. This may seem simple but missing something at that early stage could lead to unexpected expense later.
They are also familiar with the market situation and the typical conditions that you would expect to see in your lease. This allows them to advise you if the terms and conditions of your agreement are out of line with the current standards. Simply knowing this information before you finalise your agreement could lead so large savings over the lifetime of your lease. Well worth the initial cost of hiring an advisor.
Of course, there can also be some downsides to allowing a property consultant to negotiate on your behalf. Agents are often paid on a commission basis. This commission is not paid until the transaction is completed. If you don’t choose your agent right, this could act as an incentive for your agent to rush through the process in order to get paid as quickly as possible. If the process is rushed important details could be missed or overlooked. Keep this in mind.
Speaking of costs, your agent will require payment. If you have a very small business and you are simply renewing your business lease with a very straightforward transaction and contract, this cost might be something you can avoid. Generally speaking, the benefits of hiring a professional should pay for themselves, so consider this carefully.
As well as acting on your behalf, property consultants act on behalf of landlords. If you are in the market for a new premises your agent may only have access to a limited number of properties. If they do not have a suitable property in their listings it may be difficult to find what you need or you could end up with an unsuitable property. Not restricting yourself to a single agent easily solves this problem so keeping an open mind on the options is important.
If you are a business owner in the Buckinghamshire area and are renewing your lease or considering the options available check out this great free guide. Inside you will find everything you need to know before making the decision to renew or enter a lease.