How to Renegotiate a Commercial Lease ?


How to Renegotiate a Commercial Lease ?

 

Here are some tips on how to contact your Landlord about renegotiating the contract. Make sure to promptly approach your property owner with trust, expertise, backup plan, and an honest wish to meet on a halfway path.

Say something early:

Speak now when it comes to the end of your leased or when a business doesn’t go well. Don’t suddenly apply for an unsuspecting landlord to have a reduction. You must leave time, if necessary, for a second renegotiation, and you surely won’t seem unprepared.

Call on the phone instead of emailing:

The most promising start to talks that satisfy everyone’s needs is the informal meetings, shaking hands, and exchanging of documents. But if it’s not feasible, go for a telephone conversation instead of an email. Each group is therefore assigned to the mission and listens to one another. There is also always the opportunity to ignore or miss an email.

Have the right attitude:

Whatever medium you use to connect with your property owner, make sure to function trustingly and professionally. I hope you have a good relationship with your property owner already. This is your occasion to remind him or herself that you are a valuable tenant who tries to find the best option for each party.

Do your research and know what to ask for:

Many tenants go to renegotiations without understanding what they want or need. Don’t come up with vague questions such as, “What do you have to help?” Or “How much can you give me the rental discount?” “Decide if you want a permanent or temporary cut, a discount, permission to deduct from space, or something else. Have all the documentation ready. 

What to include in your proposal:

The reasoning behind your request should be explained. When market research shows that tenants who lease similar properties get better rates, the figures show. If your company simply cannot achieve ends, for now, prove that. Include the financial statements of the previous year, the current financial statements, a clear proposal, and your business strategy to produce more revenue and pay more for rent in the future, if appropriate.

What to do if the answer is “no”:

You have to be prepared with the backup package if the answer is “no.” After all, this is a negotiation, so it may take many attempts to reach an agreement. If your arrangement is complicated, you could be looking for help from a tenant broker outside of your business. Better still, before even the renegotiation process start, you may want to ask for insight. 

However, if you would prefer to take your renegotiation handled for you, Qatar Office Space can help you handle it perfectly.