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Leasing related articles:
Steps of Commercial Leasing
A lease, at its core,
is a business relationship - an agreement between a tenant and a landlord. Although leasing commercial real estate may appear
simplistic, perhaps even one-dimensional, it is crucial to take 7 essential steps. Otherwise, the process can turn into disarray.
- Define your requirements
- The first questions to tackle are as follow: "What am I looking
for?" and "What would suit me best?"From prerequisites such as deciding location to determining the property's
prospective use, evaluating the space is critical.
- Locate suitable property
determining space requirements, a hands-on search begins. Locate suitable properties, survey the market, and narrow down the
- Tour properties
- A property review and physical tour is the
next step of commercial leasing. Since an expected lessee engages in numerous visits and tours, it would be beneficial to
take notes on each property.
- Make a proposal to lease
- The proposal process consists
of five elements: preparing a RFP (request for proposal), issuing the RFP to suitable properties, reviewing the landlords'
responses, evaluating offers, and perhaps preparing a Comparative Lease Analysis.
planning and architectural evaluation
- Negotiate the lease contract
- Negotiating may
be tedious and frustrating. It is important to meticulously examine every aspect of the deal to avoid future problems. A checklist,
legal involvement, and realization of tenant's resources are discussed thoroughly in this category.
the transaction The mutual execution of a lease.