What Are The Dos And Don’ts When Renting A Commercial Property In Singapore?
Do you need tips on renting a commercial property in Singapore? Then you have come to the right place! This article will not only offer you guidelines on how to be the perfect renter but will also discuss some common mistakes you’ll want to avoid making. You might think that leasing residential property is similar to renting an office space. Unfortunately, not. Remember that you have to comply to rules and basic considerations when moving to acommercial property in Singapore. So before you hit the streets looking for your business’ next office, be sure to jot down our dos and don’ts guide for you.
Know your options – don’t settle for the first commercial property that promises you great services. Shop around and learn about your options – from rental fees and services to community amenities and home features. Spend some time to visit potential communities and take as much time you want to evaluate the facilities.
Try to negotiate – don’t feel shy to ask for a much lower rate since many commercial space landlords tend to inflate the rental fees just to leave room for negotiation. Practice haggling skills until both parties have reached an agreement.
Choose a reliable landlord – aside from preparing your company from any background checks that your landlord will be doing, you should also be doing some research on your landlord’s credibility. Get in touch with other tenants and ask for their feedback about your soon-to-be landlord to see if he or she will live up to your expectations.
Ask for legal advice – don’t jump into signing a contract without consulting your lawyer, most especially if this is your first attempt to lease a commercial property. This will help you miss important details and forecast problems.
Evaluate your needs – if you are a first time tenant, one of the mistakes you would want to look out for is over leasing. Avoid leasing more space than you need by evaluating your needs first. Consider the nature of your business and number of employees that will occupy the space before signing a contract. It will be best if you will only lease less space and then expand once your business grows.
Do not be discouraged – some landlords prefer companies who have experienced leasing commercial properties before since they are more aware with the rules and regulations. It’s also easier for landlords to check their ability to comply to payment terms. Don’t let this kind of process discourage you. Show the landlord that you have impressive credit reports and background to let them know that you are credible for leasing their space.
Avoid neglecting even the smallest details – when reading the contract and agreement, take your time to check on even the smallest details. Ask about anything that is not clear to you to avoid any issues in the long run. Overlooking important details could restrict your plans and activities for your company.
Do not go beyond your budget – during meetings with your landlord, do not forget to ask about the inclusions of the base rental fee. The rental fee may be too affordable due to the fact that you will also have to shoulder additional fees for utilities, taxes, repair, and maintenance. Determine your responsibilities as a tenant so you know if your budget can keep up if there is any rental increase or additional charges that are not stated on the contract.
Get the kind of commercial property that your business needs. Ask about the services of SOL for more details on how they can help your company find its next office in Singapore. Visit their website and schedule a tour today!