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5 Tips on Obtaining a Lease
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Lease contracts come in many varieties; Office and Retail Space, Vehicles, and Equipment leases. Be prepared to negotiate. A landlord's printed lease will most likely favor the landlord. Vehicle leases can be made directly with an Auto dealership or through a Lease Trading Organization. Equipment leasing is another option as you consider your cash retention strategies.
- Match the lease to your business's needs. If location is important, you'll want a longer lease, for high tech equipment - what's the time frame for equipment obsolescence? Remember - your goal is to stay competitive!.
- For real estate leases understand who pays what - such as utilities, repairs, insurance and even taxes. You may want to pay slightly higher rent for eliminating these items. Be aware that your negotiating power is stronger in a market where lots of commercial space is available.
- The credit score that your business maintains influences the rate that you will be charged on some leases. Be prepared to run the numbers on the lease agreement before you sign, so you'll know your cost of use and/or potential return on investment.
- Remember that a lease is a legal document. Have your attorney review it before you sign.
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