Signing a lease is a major financial commitment. If you carelessly agree to your lease without fully understanding it, that decision could be hugely detrimental to you and your business. It is essential that you understand all of the terms in your lease, possibly with the help of an attorney if need be. Here are a few red flags to be aware of when going over your commercial lease:
Red Flag #1: “Trust Me”
While you want to build a relationship with a landlord based on trust, it is always smart in a business relationship to put everything in writing. Do not rely on verbal agreements or oral modifications in your lease; transcribe any agreement into a document that both parties can sign.
Red Flag #2: Vague Fees.
Make sure that any fees you have to pay are clearly spelled out in the lease. Some landlords might attempt to charge you for extra fees, but never pay any unanticipated or occasional expense that is not mentioned in the lease.
Red Flag #3: A Lease That Restricts Your Improvement Potential
You have to anticipate that your business might grow during the term of your lease, so try to modify a lease that restricts you from improving or altering your space.
Take care to avoid pitfalls like these when signing a lease!
If your business needs an affordable office space in Overland Park, give a DDI Commercial real estate broker in Overland Park a call at 913-685-4100 to find out what we have available!