Whether you are launching your retail business from scratch or moving a small online business to Main Street, you need a solid understanding of commercial lease properties to proceed. Indeed, more often than not, commercial property real estate for sale can be too expensive for a small retail business or a retail venture in the early stages of its existence. Therefore, you may be looking for a store lease to establish your brand.
That is precisely why our expert team at Vesper Realty is dedicated to helping business owners find a storefront for lease in Metro Detroit, Michigan, and around!
The first step: A commercial lease near me
What does it mean to find a lease near you? In layman’s terms, you want to look for a store lease conveniently located for your clientele. If you already have local customers, remain in an area that is easily accessible via public transportations or highways. If you don’t have any customers yet, you need to identify your target audience. Your target demographics will help you define the most relevant areas for a storefront to capture a high footfall.
Ideally, at this stage, you should be able to select a few potential commercial lease properties that meet your location criteria. Make a point of visiting each location to get familiar with each store lease. It’s the perfect opportunity to check for car parks, surrounding shops and competitors, and any other business relevant commodities.
How do I approach the landlord to discuss the store lease?
At Vesper Realty, we can act as an intermediary between the landlord and the tenant so that you can easily kick-off the negotiating process for the commercial properties lease. We regularly update our commercial properties on our website.
If you are unsure about when a store lease becomes available, you can reach out to our team by phone, 587-228-3177, or via our contact form for more information.
To express your interest in a storefront for lease, you need a letter of intent. The letter is a non-binding document that identifies both landlord and tenants and states the lease terms. It needs to include:
- The name and address of the commercial property
- Base rent cost
- Any other fee related to the property
- The required deposit
- Lease guarantors
- The duration of the lease
- Landlord and tenant’s identifications
Negotiating the storefront for lease
The landlord will request a personal financial statement and a credit check to access your viability as a lease guarantor. At Vesper Realty, we can run these steps on behalf of the landlord.
Different types of lease can leave room for various negotiating techniques. They define tenants and landlords’ responsibilities, including base rent, real estate tax, common area maintenance, repair, facilities replacement, etc.
For instance, you may be able to negotiate who is responsible for maintenance costs to keep your costs low.
You can also consider negotiating perks, such as getting a paid-for broadband connection as part of your store lease, as perks can save you costs in the long term.
You can ask for a period free of base rent when you move in, especially as it gives you time to set up your business.
Only sign the lease draft when you are satisfied with the negotiated terms as it is a binding document.
Unsure how to proceed? We’re here to help. With over 25 years of experience, Vesper Realty is dedicated to meeting and exceeding your expectations!