You now have a list of three Qualified Properties which have passed your screening process for: location, services and amenities, acceptable physical tour of the premises, positive feedback from existing tenants and acceptable history of the landlord. And you have received a copy of the Standard Form Lease agreement from each of the three landlords.
Now is the time for you to prepare – with input from your real estate broker – the RFPs including all of your needs and basic requirements which are more likely to be met by the landlord early in the negotiation process. These would cover such issues as possible expansion, renewal options, and corporate signs/building directory listing.
Also included in the RFP should be areas in which you are flexible and willing to yield. Sometimes called “throw away issues”, these are legitimate requests based upon what you as a tenant can expect in this current market condition. Part of the negotiating strategy should include asking for concessions which are not really necessary but because you can!
Comparably, a number of landlords have their own lease clauses which they are willing to amend or delete – based on how much you are wanted as a commercial tenant.
In order to document the negotiating process, the RFP should list specific points requested by the tenant with the landlord’s responses in the Word program. After points are accepted or rejected or modified by either or both parties, Comparative Lease Analysis software can be used to input basic information for up to five different leases. You and your real estate broker can review and evaluate financial information to help you make your final decision.
This is the time to consult your attorney before you and the landlord execute the lease – and then you are good to go.