ASCP Skin Deep

July/August 2013

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Leasing Commercial Space 7 Tips for Tenants by Dale Willerton For most estheticians, negotiating a lease on a building or other commercial space is a rare event in their working life. On the other side of the negotiating table are landlords and their agents, who do it every day. As a result, the process can feel like a real challenge. Real estate agents are salespeople, and the listing agent's job is to lease you the property at the highest possible rateā€”not to get you a good deal. They typically work for the landlord and are paid on commission, so the more rent you end up paying, the more the agent earns. All too often, estheticians aren't even aware negotiation is an option when leasing. But in all real estate transactions, if you are not negotiating to win, you won't win. Remember, it is OK to be assertive. By learning a few secrets of the process, you can save money on what's likely to be your biggest business expense. 1. Do Your Homework When you find a suitable location, gather information before speaking to the leasing agent. Try to find out what the building's other commercial tenants are paying, what incentives they received when signing their leases, and any other information they are willing to share. SkinDeep_JA_2013.indd 31 2. Deal Directly If you are researching multiple properties, it is likely that each is represented by a different agent. Even if they all work for the same real estate company, try to deal directly with the individual agent who listed each property, rather than letting one agent show you around multiple properties on behalf of other agents. Your tenancy is more desirable to an agent if he or she can avoid splitting the commission with other representatives. 3. Measure the Space Most commercial rents are calculated per square foot, and a surprising number of commercial tenants are paying for phantom space because they did not check the actual square footage of their room or suite before they signed a contract. Always make sure you are getting exactly what the lease agreement states. Get connected to your peers @ 31 5/15/13 4:25 PM

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