Lease renewals can be a tricky proposition. Whether you’re talking Tempe commercial real estate or about property in any other city, there is a fine art to renegotiation. Landlords know what they’re doing. They negotiate regularly. And they are typically pretty comfortable knowing that tenants renew their leases 7 times out of 10 and that moving isn’t always an option a tenant wants to take. But, there are some negotiation techniques that can help both tenant and landlord find satisfaction. If your Tempe commercial real estate property lease is up for renewal soon, consider the following tips:
- Wait for the landlord to show his offer first. Take your time to evaluate it before countering with your offer.
- Ask for more than you want and make sure your offer counterbalances the landlord’s first offer.
- Be prepared with options. If relocation is possible, know what else is out there. Even if you’ve been the ideal tenant, you never know what the landlord might want to do.
- Involve a professional tenant representation broker who is accustomed to negotiations. Let your broker do the talking.
- Limit your team to a few key, trusted people. Negotiation information should be kept under wraps.
- Keep your emotions in check. Stay as neutral as possible with your demeanor.
Of course, not all Tempe commercial real estate lease renewals have to go through a difficult renegotiation process. There are landlords out there who are absolutely easy to work with and will make the lease renewal of your Tempe commercial real estate property a breeze. In fact, in our business, we know plenty of great landlords out there. But, in the event that you need to play the negotiation game, we hope the above tips will be helpful to you. And, as always, we at the Menlo Group are always ready to be at your side with any of your Tempe commercial real estate needs.