For a long time, we've all been believing a big myth that a lease is set in stone. When in reality, it's all subject to change based on landlord and tenant needs. Everything from the rent price to the length of the contract can be negotiated.
Discussing the terms of the lease is a key part of having good landlord and tenant relations. So you want to be as prepared as possible to make it a good experience.
Going into your meeting with a plan can help you keep your commercial property marketing strategies to come up with the best outcome. Check out these tips before your next negotiation!
Gather Property Information Before Starting
Before you even start trying to negotiate rent or a lease, you need to know everything about the property. Even if you've owned it for many years, you'll need to do some research. Having all the information ahead of time gives you a solid foundation to start talks with.
The biggest thing you'll want to do is a property inspection. This gives you the most accurate property value and what you may need to do to make it better.
Check Local Market Trends
Along the same lines, it's important to do some research into local rental market trends. Rent prices are always changing, but you need to keep up.
You'll find it hard to find a good tenant when you're charging more than everywhere else. And you definitely don't want to be undercharged. Finding that sweet spot with the current market will give you the best rental income.
Decide on Non-Negotiable Lease Items
Having a rental property means you're largely out of control of a lot of things. You aren't there all the time to manage what's happening inside the home. But you can put rules in place to try to keep things as nice as possible.
Before your negotiation, decide what things you won't budge on. That could be the number of tenants or whether pets are allowed or not.
Be Open to Lease Term Changes
Even though you may have some non-negotiable items, it's important to be open to changes. Coming into a meeting being closed off will turn your tenant off immediately. Be sure to have open communication and be ready to make some compromises.
That's especially important if you're trying to keep a good tenant around.
Commercial Property Marketing Strategies for Negotiations
Commercial property marketing strategies are a key part of being a successful landlord. These plans help make sure you're finding good tenants, creating strong relationships, and making a profit.
Successful negotiations make sure you're meeting all of those goals. But they can be difficult, even for the best landlord. Getting some professional help for these meetings will make them much easier!
Our team at PMI Flatirons Group are experts in negotiations. We've spent years developing the skills needed to find common ground, so both parties are happy with the agreement. Sign up for a free rental consultation to learn more ways we can help your rental property in Colorado!