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What To Do Before You Seal the Seat Leasing Deal

By admin@myofficein | Seat Leasing | 0 Comments

Finding the best office to rent Cebu for your business is no joke. Many businesses are already offering seat leasing services and office space rental, some even allow organizations to lease staff. There are a lot of promising seat leasing deals out there. But here’s the question: Is that the best deal there is for you? Before signing the seat leasing deal, consider the following.

Establish Your Needs

A clear business plan determines the location advantages and the type of office your business requires. Think about the possibilities of business growth and expansion, transportation access for your employees, parking space, technology requirements and so on. Looking for an office is not only limited to location but also the neighborhood. Are there enough restaurants or food services nearby? Are the location of the office and its neighborhood safe for the business and its people? Also, you will need to think of the competition in the area. Remember, aside from growing your business, it is your responsibility to provide a safe and secure workplace for your employees.

Choose the best location

Location, location, and location—it’s still the most import in today’s highly technological world. It’s the heart and soul of your trade and the life of your business. Depending on your industry, choose an office space with high foot traffic. Such as major establishments, government spaces, shopping malls, or crowded residential areas. Your location must be accessible to all including yourself as the owner, your team members, and to the customers who visit your shop or office. It should be easy to find, near public transport, and make sure that there are financial institutions such as banks within the vicinity.

Location plays an important role and it’s not something that you can do overnight as well. It takes time finding the best location. There is a long list of factors that will affect the timeline, factors like market conditions, availability of the property, renovation period and much more.

Therefore, before you seal the seat leasing deal, ensure that the office you’re going to lease is in a good location.

Create Your Team

You can always look in the internet for available office spaces in the area of your choice but it is recommended that you seek help from licensed brokers handling real estate to help you find the best deals. You may also get assistance from real estate attorney to help you with the legalities in a seat leasing deal.

Estimate the Costs

When your team already has a list of office space Cebu, you can compare the price and estimate the costs. The calculation should include the monthly rental, utility bills, renovation expenses, and other expenditures that may not be part of the seat leasing or office leasing deal. Also, it is important to include possible expansion costs.

Determine Your Financial Status

Now, this is going to be serious. It is no hidden fact that leasing space is expensive, that’s why property owners and landlords tend to choose the most financially secure lessee. It is because they usually ask for a security deposit, which is very typical, while the others may even ask for financial references and bank statements to ensure you have the capacity to pay your dues. It’s only wise to set a realistic budget before looking for the perfect location, and stick to it. It’s pointless to have the most perfect office space if you’re down in debt and it will only make your business suffer. For the best of your leasing, crunch the numbers and set a working budget with minimum and maximum allocations.

Rent plays only a small part of your overall lease expenses. Keep in mind that there is still a whole lot to be considered such as renovations, local permits, sanitation, business insurance, equipment, furniture, utilities, and more.

When you look for an office to rent Cebu, be specific of=n what’s included especially internet connection or even the water bill.

Consider the length of the lease

Length of occupancy is another factor that has to consider when you sign a lease. Will you go for short-term or long-term? If you’re a startup company, the future of your business is still not clear. Next year might be good but what about two or three years after? Will your business still be thriving during that time? What if you don’t have the financial capability to continue renting the following years? What are your available options?

Committing to long-term lease is a good idea if you have financial means to pay the rent but for growing businesses, getting a short term lease is much more feasible and safer. You don’t want yourself to be stuck in a long-term commitment because your business’ future is uncertain. There’s a chance for you to outgrow the space, dive into another industry, or feel like the community is not giving you the room to expand. You can consider co-working spaces or the option to extend the lease for a stated number of years at the same rate rather than the long-term lease. But still, the decision is all yours as long as you know your provisions especially for an early exit such as incurred fees, extra charges, and penalties.

Include revisions within the leasing contracts

There’s more to leasing a commercial space than paying your monthly rent. You should equally factor in revisions such as re-building an existing space or renovating the area. When added up, this could leave your money on the table. Before signing a lease always determine the conditions firsthand. Things like remodeling, moving doors, rearranging portions, adding extra rooms, etc—and who will pay for these improvements?

Likewise, you should pay attention to expansion, cancellation, and space reduction options. Your lease should be as flexible as possible, both for you and the landlord. Don’t be afraid to ask and add revisions within your contract that should be agreed to by both parties.

Consider working with a broker

Leasing an office space can be an overwhelming and difficult experience. From finding the right location to dealing with legal complexities, newbies might find it hard and inconvenient. If you don’t want to deal with burden, consider working with a qualified professional to help you out – a real estate agent or a broker. They can help you find your target market and simplify the whole renting process.

Working with a broker is a no-risk, high reward solution. Most will accept the job without you spending even a small amount of money. Find a broker that receives a basic salary, so you know they won’t rush your lease just for them to get a commission. Brokers are willing to do all the legwork for you from location to paperwork. Negotiate on your behalf and find the best possible option that is comfortable for your needs. Lastly, they are always open to help you in terms of property location, pricing, and lease technicalities.

Know your rights

Leased office space is just like a borrowed item. You are entitled to use it, but not to abuse it. Know what is permitted in the premises before deciding to lease it. Find out the limitations because surely you’ll be drilling a few holes and install a few lights to better suit your business needs. Always remember that you do not own the space. Make sure that when you add some expensive fixtures, they agreeable to having a few items installed permanently even when the contract ends. Property managers may require the property to be reverted to its original condition. In this case, you should negotiate with the owner about normal wear and tear policy specially to damages that are beyond your control. Also, be certain about maintenance and repair costs as to who will cover them.

Keep Your Options Open

If your numbers say you cannot rent a full office yet, don’t worry, there are plenty of other options out there. You may want to explore co-working spaces or shared offices for your business instead of spending a large amount for an office space. There are so many seat leasing providers offering flexible leasing terms and rate, all you need to do is keep your options open.

It’s not going to be all sunshine when it comes to opening up a business or looking for an office space. There will always be obstacles along the way but with the right attitude and practices, you’ll surely find one that will work best for your business.

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