5 Unexpected Business Decisions You Should Negotiate
Most leases provide an option for the tenant to renew their lease when it expires, and may even detail the exact terms of the renewal. However, it is important to understand that your lease renewal is negotiable; even if you have lease renewal terms specified in your current lease that outline items such as the length of lease term, lease rate and annual increases.
The lease renewal option is just that, an option. If the option contains economic terms that are competitive and fair for the ‘then-current market’, exercising or agreeing to the renewal terms without negotiating may be an acceptable process.
However, if the lease renewal terms are less favorable than if you negotiated a new deal, don’t be fooled by a landlord or listing broker trying to convince you otherwise. When a party who is on the opposite side of a negotiation tells you that you can’t negotiate, refuse to be taken advantage of. Hire representation and ensure your interests are first and protected.
If a landlord wouldn’t accept a ‘below-market’ deal… why would you accept an ‘above-market’ deal?
A landlord who says you cannot renegotiate the terms for your lease renewal is hoping you roll over and not push back in order to keep you paying more. They would much rather you exercise the option to renew your lease instead of negotiate new lease terms.
The only way to be certain you have the best possible terms for your lease renewal is to compare those terms with other viable options in your current market. This vital step is often missed by healthcare professionals entering the lease renewal process alone. An expert agent will be able to provide you with a free evaluation and ensure you understand the terms you ultimately decide to move forward with are in the best interest of you and your practice.