Your business is growing, you need more room, and you've found the perfect space! In all your excitement (and relief), don't sign on the dotted line until you fully understand the leasing agreement and negotiate what you want. Today's guest reveals her pro tips to negotiate a commercial leasing agreement so you can avoid common pitfalls and get the best terms. In this episode, host Mary Foley talks with Katherine Watson, President of Manakin Farms, a real estate and development company, and Co-Founder of Office Alternatives, a co-working space in Richmond, VA. A big part of her day is spent leasing space to tenants. So, we tapped into Katherine's expertise about what to do and what to avoid to set yourself up for the best commercial leasing agreement possible. Listen and learn:
- What should be included in a Letter of Intent (LOI)
- The savvy question that will reveal hidden Common Area Maintenance (CAM) fees
- How to turn landlord funds for Tenant Improvements (TI) into your rent abatement
- How to avoid being stuck with HVAC repairs that can blow your budget
- A big mistake tenants make regarding water, sewer and utility costs
MEET OUR P.O.W.E.R. PLUG HOST...
Mary Foley — Known for her insights, candidness and humor, Mary Foley energizes women entrepreneurs with the clarity, confidence, and tools to attract, engage, and win more clients. In addition to hosting the P.O.W.E.R. Plug podcast, Mary is the author of three books, energizing keynote speaker, business mentor and lover of red capes. For more, go to maryfoley.com.
The information contained in this P.O.W.E.R. Plug Podcast expresses the opinion of the author and does not constitute advice from or the opinion of Sonabank.