Negotiation is an art, and the right lease terms can make a big difference to your bottom line!
Jack Woodcock is a commercial real estate expert and he has been working with the largest leasing team in Berkshire Hathaway HomeServices – NV Properties. He was asked to share his insights on how homeowners and sellers can achieve such success and Jack outlined the following thoughts for LasVegasRealEstate.com readers, so read below.
We’ve had our fair share of commercial tenants over the years, and from that experience, we can offer some best practices, says Jack Woodcock. One of the first things you need to do before leasing a commercial property is getting an experienced realtor. Commercial spaces have special needs, and it’s important for them not only to be well-represented but also marketed for their value (and yours) to increase over time!
A commercial lease is an agreement between a landlord and tenant that defines what the property owner will provide in terms of space, fixtures (such as washrooms), equipment maintenance, etc. Lease contracts can be long-term or short-term depending on whether they are renewable annually or monthly respectively. An experienced commercial realtor can walk you through the small print and details and compare costs and contingencies to industry norms. Here are a few more tenant recommendations from Jack Woodcock:
According to Jack Woodcock, to avoid costly mistakes in leasing, tenants should first ask themselves these three questions: How many years is the original term of your lease? Do you have the right to extend the term of your lease? How will the lease extension impact your lease rate? Don’t assume your landlord will be willing to negotiate extension options and terms with you at the end of your original lease term if they haven’t negotiated on those points beforehand.
The lease agreement should very clearly spell out who is responsible for maintenance and repairs. In most commercial leases, the landlord has this duty which includes maintaining building common areas like roofs or plumbing systems servicing more than one tenant with their consent given through an initial inspection before any work begins on those properties.
You might be surprised to learn that many commercial leases are written with the tenant bearing responsibility for HVAC maintenance and servicing. This can result in some interesting consequences, especially if it’s a single-tenant building lease, says Jack Woodcock.
A commercial space should be delivered in compliance with all laws and building systems. The contract for such a lease should delineate who will do what work to prepare the facility for occupancy, as well as any deadlines set out by law or otherwise that are necessary before tenants can move in on their time frame without penalty fees attached.
A prospective tenant should document the condition of their commercial unit at move-in and move out. A written account can help you defend against wrongful damage charges, says Jack Woodcock!
To legally collect a deposit, landlords need to provide tenants with an in-depth move-in checklist. The list should include pre-existing damages that may exist on the premises and both parties must sign off on it before you can move into your new apartment or home.
Do you ask yourself, Am I ready to buy a piece of Las Vegas Commercial Real Estate? Then you think, Where do I begin? How do I know if I am seeing all of the available commercial inventory? What area of Las Vegas will best serve my commercial needs?
Jack Woodcock, a successful real estate team leader with The Woodcock Real Estate Group is providing LasVegasRealEstate.com his insights into their commercial success and how you can get started!
The first step to buying Las Vegas commercial real estate is simple: define your search, says Jack Woodcock. We advise our clients to really think about their specific needs when including the amount of space required, budget factors, and desired location(s).
Buying Las Vegas commercial real estate is a complex matter with many factors to consider since no two properties or transactions are alike, says Jack Woodcock. Moreover, in today’s market, you need an experienced professional on your side if you want to avoid pitfalls and seize opportunities because of all the unique opportunities that exist.
When you’re looking for the best commercial realtor, it pays to do your research. Find someone who has a proven track record of success and a piece of in-depth knowledge about all aspects of buying or selling property – this way they can handle everything from financing options through negotiation tips with ease!
Commercial real estate can be a difficult and confusing field to navigate, especially if you are looking for commercial properties on your own. Searching through all the different sites that offer this information may take quite some time- which is where hiring someone who specializes in finding exactly what you need comes into play, says Jack Woodcock. In retrospect, the free commercial search engines are currently displaying about half of the active inventory in any market, including Las Vegas real estate.
The key to a successful commercial search process is knowing what you’re looking for. Among other things, that means distinguishing between “must-haves” and “like-to haves”, says Jack Woodcock.
Once you’ve found the commercial property that suits your needs, it’s time for an offer. Commercial contracts are available in various forms and one can draft them themselves with a qualified real estate lawyer as needed.These contracts ensure that you are given complete control over the terms of your purchase, allowing for any conditions or specifications to be included in these agreements.
Once you have a pending Las Vegas commercial real estate agreement, it’s time to return to your chosen lender to establish mortgage details. This means finalizing the down payment amount and interest rate with all other financial conditions associated with closing the deal.
If you’ve efficiently taken care of everything connected with purchasing your new commercial property, then taking ownership should be one of the proudest moments in life and there should be no surprises involved, says Jack Woodcock.Key steps to the closing, also referred to as the “escrow” or “settlement”, include:
You will need to conduct a thorough historical review of all legal documents relating to ownership of the property for there not be any claims against its title, says Jack Woodcock.
You’ll look at the commercial property one last time to make sure it’s in the same condition as when you signed your sale agreement.
You will meet with an escrow agent to verify and sign all the paperwork required for a successful closing on your property purchase. You’ll pay up-front costs, which include prorated expenses as well any adjustments or other fees necessary before receiving copies of documentation that proves ownership in full accordance with state laws governing these things.
Oh, and one last thing – you’ll get the keys to your commercial property!
We refer commercial clients to the Woodcock Real Estate Group for very specific reasons: Service, Integrity, and Market Knowledge. Click here to learn more: Preferred Partner: Commercial Realtor