Learning the process of retail leasing will soon earn you your dream retail space!
Do you own a retail business or plan on starting your own soon? More than likely, you’ll need a place to sell your wares or offerings. If so, you are going to need to start by looking for retail space. Finding a space is relatively easy, but the more complicated part lies in the retail leasing stage. But there is no need to worry. Clagett Enterprises has prepared this for you to use on how to get familiar with the process of retail leasing with this simple four-step guide.
Step One: Find a Perfect Retail Spot
Firstly, do you have a place in mind to start your business or place your retail store? If you do, there are many ways to browse for that perfect lot. Keep on the lookout for “For Lease” signage or other means of contact when you see a vacant retail lot. Some more specific considerations before jumping right into the retail leasing stage are how much traffic the area gets, how convenient space is from roadways and by foot, and if it is accessible by those with walking disabilities. Another thing to consider is if there are competitors nearby. Having competitors too close to one another can cause both retail businesses to lose customers and sales due to the proximity to something similar.
Step Two: Make Those Phones Ring
Once you’ve sorted through the available retail spots in your desired location, make sure to start having conversations with the property managers, brokers, and retail leasing agents. You can get this information through an ad with their contact information, by looking up who the property is owned by online, or even by asking a neighboring tenant who they pay their retail leasing rent.
Step Three: Negotiations
Since you now know who you will be retail leasing from, it’s time to get down to business. During the negotiation process with any retail leasing agent, it’s important to come prepared with a budget in mind. Usually, leases are paid monthly, but different contracts can be arranged if needed, all of which can be prepared by your retail leasing broker. Oftentimes you will have to sign a letter of intent, which basically means that you are committed to going forward with a retail leasing prospect. This is not a legal requirement, but some retail leasing landlords require them for the sake of bookkeeping.
Step Four: Signing The Lease
You’ve made it all the way to the last step of the retail leasing process: actually signing the lease! Always make sure to thoroughly read the lease agreement before signing any important documents. If something doesn’t seem right, talk it over with your landlord or broker, and they can work something out.
Trust the Professionals at Clagett Enterprises for Your Realty and Management Needs
If you’re looking for an experienced property management company, the perfect realtor for your property, or a professional to assist you during your purchase of any home, you can rely on Clagett Enterprises. Clagett Enterprises is a full-service real estate company with almost 30 years of experience in the Frederick and Western Maryland area. For assistance with commercial sales, leasing, management, and development and consulting, contact us online or give us a call at 301-665-6009. To meet our team and see some of our beautiful homes, follow us on Facebook and Linkedin.