By: Jeff Grandfield and Dale Willerton – The Lease Coach
For many veterinarian tenants, negotiating a good lease or lease renewal against an experienced agent or landlord can be a challenge. While a veterinarian focuses on his/her animal patient’s care, savvy real estate agents and brokers are specialized sales people. Their job is to sell tenants on leasing their location at the highest possible rental rate.
As explained in our new book, Negotiating Commercial Leases & Renewals FOR DUMMIES, tenants may go through the leasing process only two or three times in their entire lifetime – yet they have to negotiate against seasoned professionals who negotiate leases every day for a living. Negotiating appropriate leasing terms is vital for a veterinarian tenant as the amount of rent he pays will directly affect the doctor’s financial bottom line.
Whether you are leasing a new location for the first time or negotiating a lease renewal for your clinic, these are some money-saving tips for veterinarian tenants:
Be Pleasantly Assertive … Not Passive: If you don’t take control of the situation, the leasing agent will. If you see a property that you would like more information about, call and ask the agent to e-mail you the site plan and related details. Don’t drop whatever you’re doing and run over to the site. For the first meeting, ask the agent to meet you at a location more convenient for you (e.g. your office or a neighborhood coffee shop). If you like what you hear from this meeting, you can schedule a meeting a few days later at the site available for lease. Try to set viewing times more convenient for you … remember that you are the customer.
Determine Your Bargaining Strength: Several factors will determine your bargaining strength with respect to your negotiating a new lease or a lease renewal. These include the overall vacancy rate of the building, recent tenant turnover, and your unit’s size in relation to the entire commercial property. It is not only whether you occupy 1,000 or 5,000 sq. ft., but what percentage of the building that you occupy, that counts (your share of the Operating Costs will be determined by this percentage). Other factors include your own business history and your type of industry … as a medical professional, your tenancy should be very appealing to a landlord.
For a copy of our free CD, Leasing Dos & Don’ts for Commercial Tenants, please e-mail request to JeffGrandfield@TheLeaseCoach.com.
Jeff Grandfield and Dale Willerton – The Lease Coach are Commercial Lease Consultants who work exclusively for tenants. Jeff and Dale are professional speakers and co-authors of Negotiating Commercial Leases & Renewals FOR DUMMIES (Wiley, 2013). Got a leasing question? Need help with your new lease or renewal? Call 1-800-738-9202, e-mail DaleWillerton@TheLeaseCoach.com or JeffGrandfield@TheLeaseCoach.com or visit www.TheLeaseCoach.com.