Contacting a real estate broker is the obvious choice when buying or selling properties, but the advantages of working with an advisor go far beyond the for sale sign on a lot. With years of experience and strong market knowledge, brokers are equipped with a wide range of strategies to save their clients money on lease renewals or new office space leases. Want to cut your office overhead? Read on.
As a business owner, your job is to be an expert in your field. You study trends and compare costs to ensure that your company is providing the very best product or service. But, while doing all of that work within your field, you’re not left with much time to evaluate the commercial real estate market. That’s why the first step to ensuring savings on your lease is hiring a real estate advisor. Brokers study market rates, negotiate leases, monitor availability and advocate on your behalf to help you find the very best deal.
Once you’ve chosen an advisor, get a feel for the market. Whether you’re renewing your lease or looking for new office space, you should know what options are available. Tour available properties, then create a short list of possibilities and request proposals and floor plans from those spaces. Not only will this give you a good overview of options, it will provide negotiating power – you’ll be able to leverage one space against another to secure the most favorable layout and lease terms.
Finally, if you’re looking to reduce your lease costs, consider reducing your office size. Many industries have been consolidating employee workspaces through benching rather than traditional cubes or offices, and advanced technology allows more staff to work from home. Through this trend of “right-sizing” you may be able to find a smaller space that maximizes your budget while meeting your business needs.
While the keys to cost savings are many, not all will fit your business’ needs. The best way to secure the best lease savings is to meet with an expert who can guide you through the options. Schedule a meeting with the professionals at Intelica Commercial Real Estate today to capitalize on the market trends and minimize your costs.