1. You Did Not Ask the Right Questions
You found a space that matches your needs and fits your budget. However, you didn't realize that there will be common area charges or additional fees (such as utilities or management costs) you missed in the annual expenses. Use Tenavox's tour checklist to make sure there are no surprises. Starting from scratch? Check out the Ultimate Guide to Leasing Space.
2. You Picked the Wrong Tenant Broker to Represent You
We highly recommend you use a qualified, commercial real estate broker to represent YOUR interests! Some people think they got a great deal negotiating a lease directly with the landlord or a leasing representative, but we can say with 99.9 percent confidence that you could have received better terms with a tenant representative. Also, do not let your brother-in-law who is a residential agent do your commercial lease! You will regret it. Read our tips for choosing the right broker to align with your needs.
3. You Lost Money or an Opportunity Because You Didn't Understand Commercial Real Estate Lingo
You need to know the basics and understand terms like "triple net" (NNN), "common area factor" (CAF), and the key factors of negotiating a lease. Check out Step 5: Letters of Intent in our 10-Step Leasing Checklist. We talk about the importance of knowing key lease terms in our blog as well.
4. You Signed a Lease Before Agreeing to Build Out Costs with the Landlord
Once you sign that lease you cannot go back to the landlord for more tenant improvement (TI) allowance! Some landlords will have contractors you can use or require you find your own contractors for improvements. Follow our critical checklist for building out your space the right away. Try not to skip this, it's a total nightmare once you have already signed a lease.
5. You Move in and Your Internet Sucks
Once you move logistics start rolling, fast. It is easy to underestimate the timing and coordination required between technical set-up needs and building and provider technologies (access, speed, integration, etc.). Before you assume the fetal position and whine softly in a corner during the ensuing riot, check out this 6-Step Punch List to run through as soon as you can. Also, get more info in this blog from our IT Partner and resource, Higher State Technology. You signed a lease, make sure you can use it!
Remember, our comprehensive Ultimate Guide to Leasing Commercial Space is available any time you need it...as are we! Contact us anytime you have questions and we'll get you to the right resource, fast.