If you’re in the market to find a commercial property for rent it can feel overwhelming – especially if you’re not a commercial property expert. By educating yourself before you begin to look for a property, you’ll reduce your vulnerability to misleading sales tactics and undesirable lease agreements, resulting in a better outcome for your business.
Therefore, we’ve put together a foolproof guide with tips and tricks to help you become better informed on finding the best commercial rental in Perth.
The less time you allow yourself to research and find a commercial property to rent, the more pressure you’re putting on yourself find the perfect lease. This will decrease your negotiating power and increase the likelihood of a rushed decision.
We recommend planning 6 months in advance and giving yourself plenty of time before you need to sign on the dotted line. The more time you have ahead of the crunch increases your flexibility and puts you in a better negotiating position. You’ll be more aggressive when negotiating lease agreements and may even get a rent reduction.
This planning time will help you be more informed on what spaces are available and how the commercial rentals you’re considering compare to others on the market. You can also speak to your colleagues about what considerations they have for the new space. You may need a bigger office, a larger air conditioning system, or a fixed boardroom or meeting space. Making time for colleague input will ensure team members are also happy with the transition.
What Can You Afford?
Before you consider looking for a new commercial rental, it’s important to have a sound understanding of what rent you can afford to pay over the course of the lease. It’s smart to set a strict budget, as we often tend to push beyond our limits when we see something we love. Sticking to the budget will ensure you reduce placing yourself in a rocky financial situation by committing to something you can’t afford.
Review The Property Market
Keeping an eye on the property market will mean you have the opportunity to jump on a fantastic opening if it arises and the market drops. By having this leverage, you could save yourself thousands of dollars in rent.
By keeping an eye on the websites of commercial real estate agents, you will be able to see what properties have been sitting on the market for the longest duration. Giving you the opportunity to negotiate better terms for your lease.
What Do You Need to Consider?
Now you have assessed the commercial rental market, it’s time to consider what you need from your new property.
Here are our top tips on what you should look out for.
What features are essential?
Consider factors including:
- High ceilings
- Office space
- Male and female toilets
- Lunch or break out room
- Server room
- Stationery and printer storage
- Meeting space or boardroom
Finding The Best Deal
The newest commercial rentals will sit at the top of commercial real estate websites, but sometimes agents will pay to move old listings to the top. To ensure you have a solid understanding of which properties have been on the market for the longest time, head to the commercial real estate agents website to find their list of commercial properties and head to the back of the list.
The oldest listings will often provide the most value when it comes to negotiating. If the property hasn’t sold it may be due to a number of reasons, such as price or location. If one of these listings suits your requirements, you may be able to negotiate a better deal.
One of the main criteria commercial real estate is valued on is features. Generally speaking, the more features a property has, the higher the rental price will be. If you have a sound understanding of which commercial property features are and are not valuable to you ahead of negotiating, you may be able to lease the property at a lower rate. If you do not require a property with extended office space for example, you can work with the real estate agent to negotiate down the premium placed on this feature.
Be In The Know
By subscribing to email lists of agents leasing commercial properties in Perth, you will be the first to know when a new listing appears on the market and have the opportunity to be the first to view it. This means you lower the chance of having any competition to lease the property, resulting in better negotiating terms for the lease.
Consult a Commercial Property Expert
If you’re still feeling overwhelmed with the process, speak to the local commercial real estate experts at Ross Scarfone Real Estate. We specialise in commercial and industrial buildings for lease in Perth’s south-east corridor of Belmont, Welshpool, Kewdale and surrounds. You can view our entire list of properties to lease and request a tour of the available commercial rental properties in the area.