Real Estate 101: The Do’s and Don’ts!
Prospective tenants should be aware that what they say and how they act at the outset might greatly impact future negotiations for their lease. Here are some tips on the dos and don’ts when we are showing you facilities and the landlord, their broker, their space planner or the property/maintenance manager are with us:
- Do nothing to reveal how much you like the location. If they sense that you’d love to be located here, this will compromise our negotiating position.
- You can tell them the nature of your business,e. insurance, but it isn’t necessary to reveal the name of your company until it has been determined that the space is of interest. The fewer people who know your business activities, the less likely inaccurate rumors will be floating around to your competitors or employees.
- Take the time to lookat the grounds, lobby, hallways, parking lot and restrooms. Notice maintenance and appearance of building.
- Ask non-economic questionsabout the “property” such as: is there on-site maintenance and on-site management, what are the security procedures (if that is an issue), is on-site storage available, etc.
- It’s OK to ask for a few moments of privacyif you want to discuss confidential issues with your associates, or us.
- Don’t give out your business card; it provides a lot of information. At the right time, we will provide them with the information about your company that they need.
- Economic issues should not be discussed. We have supplied you with the asking rate per square foot, whether the utilities are included and if it’s a gross or triple net lease. Please leave the negotiations to us.
- If your company is downsizing, this could be construed as a negative that your company doesn’t have a good balance sheet. You are simply “relocating”.
- You don’t have to answer every question asked. Simply say you don’t know, aren’t comfortable revealing that information at this time, or, ask them a question in return.
MOST IMPORTANT: KEEP A POKER FACE!
- Don’t be overly enthusiastic if you like the building.If they sense that you couldn’t live without it, this will compromise our negotiating position.