Successful negotiations are the lifeblood of a company, and if you don’t have the right agreement in place, then you could literally be paying for it for years to come. For a company that’s looking to lease new office space, this means two things: Finding a Broker and finding a Real Estate Attorney.

The Role of the Broker

Professional lease brokers are fiduciaries who act on behalf of the client to get the best possible deal. They’ll take into account your budget, your plans for growth, and your needs as a company when negotiating a final offer for your review.

A broker will be able to help you deal with aspects like these:

• Rent: Your broker will be able to break down the rent for you and explain what’s covered, what isn’t covered, and how this may affect your operations.
• Rent-Free Opportunities: These are more common than many startups realize. Some communities sponsor office spaces to help new businesses that fit certain criteria, while Co-Working spaces may give the space provider the first chance to partner up with you. You may even be able to obtain space on a University campus, and that can bring quite a lot of prestige. Your broker can tell you if you qualify for these kinds of opportunities.
• Tenant Improvements: How much will it cost to improve the space you’re using, and what kind of effect will this have on what you pay for it? Most businesses will want to make at least some improvements, especially if they plan to occupy the office for a long period of time. With the right negotiations, a broker can help deduct the cost of improvements and save you a significant part of their cost.
• Securitization, Termination and Renewals: A broker can help you get the best terms as it relates to all of these areas. Aside from the ever important “rent” you pay, conserving cash with low security deposits, negotiating opportunities for possible termination or renewal are all areas your broker should be able to help.

The Role of the Real Estate Attorney

Attorneys exist to help protect your business from risk, and you should always ask an attorney to review or assist in drafting aspects of your lease before you sign it. However, many businesses make the mistake of believing that the only thing they need to do is have their attorney look things over – that’s wrong.

Don’t just find an Attorneys – find a good referral to a Real Estate Attorney! In fact, many attorneys aren’t even familiar with market terms – they’ll be looking at things like the processes for resolving disputes and what each side must provide at the beginning and end of the lease. There’s no doubt that these are important considerations – but an attorney who specializes in leases in Chicago is what you want. Just imagine walking into your new office space and realizing that you’ll have to adjust your budget to spend money on furniture or utilities that you thought was included with the rent of the space.

However, as important as these considerations are, knowing you’re protected isn’t the same as knowing that you’re paying a fair price for what you’re getting.

Final Thoughts

Brokers and Attorneys both bring valuable services to the negotiating table – one is there to find the right space and minimize the costs of your lease, while the other works to minimize your risk. The most successful negotiations will involve both of them, allowing you to rest secure in the team you put in place.

Remember to think in the long-term when talking with either of them – you may not want to change your office right away, but you could find yourself pressed to make renovations as your business expands, and it’s usually easier to adjust a current office than it is to find a new one. Don’t be afraid to talk to your broker or your attorney about your business and ask what kind of issues you might face in the future – both of them have likely helped clients resolve issues like that, and writing what you want into the original agreement is the best way of expanding without trouble.