Robert Aronov & Associates, PC has been proudly servicing the Long Island community for decades. We have successfully closed thousands of properties in the Nassau & Suffolk county area. We invite you to view out complete client portfolio which includes clients like Citi Mortgage and the United Nations.
Our Services Include:
Buyer representation, seller representation, foreclosures, loan modification, zoning, short sales, closings, banking, commercial leases, deed transfers, mortgage law and more. We invite you to learn about our unique closing process which has made Robert Aronov & Associates, PC the clear choice for so many Long Island residents.
Tips Concerning Commercial Real Estate Leases
So, you have finally reached that point where your business is just too big to run from home and now you’re looking for a commercial property to lease. Your next move is a big step — once you have reached this point and you might not be sure how to proceed.
The first thing you need to do is familiarize yourself with some of the steps to prepare for the big move and to learn the characteristics of a good real estate broker.
The biggest thing you need to consider is the lease — this is the agreement between you and the property owner. It is just like renting a house or apartment, there are guidelines, rules, restrictions, etc. Just remember that there are leasing laws and regulations that vary from state to state — even city to city. You might sign one contract for a commercial property in one city and the next contract you sign in another city may be completely different. This is normal.
If you are serious about your business, it would be worth your time to research any commercial property laws in the city where you intend to lease; and also to research any stipulations in the lease. This is a big thing, there are multiple cases of people having issues with leasing agreements.
This is what commercial real estate brokers are for; they are familiar with the municipalities and the entire process you need to take.
When you meet with a broker, be prepared to answer a few questions that will maximize your broker’s effectiveness. First, how long are you planning to stay in any particular commercial space? This is a major question and it’s something that you need to know ahead of time. if you’re planning to stay in a place for several years the commercial broker will be able to work out a better deal for you.
That being said there are two primary contract types: short-term contracts and long-term contracts. Short-term contracts costs more money over time since the property owner will have to search for a new lessee and usually last 5 years or less, whereas long-term contracts will sometimes include bonuses like a percentage discount since they normally last up to 10 or more years.
The second question you want to prepare for concerns location. One of the biggest killers of a business is its location. For example, let’s say you’re a retail clothing store selling high end products. It’s not a good idea to choose a location in a low traffic low income area, it would be more beneficial to place yourself in a high traffic area like a mall. The nice thing is commercial real estate brokers will usually do all the footwork for you and find you a great location.
Last but not least, you need to look at a few things before you settle on your broker. The first thing you should check is their level of experience. How long they have been in the industry, their track record, for example, how many successful contracts have they landed; how satisfied their clients are, etc. Once you get satisfactory answers from regarding your broker’s capabilities then you are good to go.
If you would like to set up a free consultation with Robert Aronov & Associates, PC we invite you to call us today and schedule an appointment. We are conveineently located in the Village Of Garden City which is in the center of Long Island between Nassau & Suffolk county. Public transportation is easily accessible if you are looking to get to our office. If you are driving we are right off the I495 (LIE).
Phone: (516) 512-8967