Signing a rental agreement is one of the most important things you will do for your business. This is because you firmly and legally choose the place where your business will be located at. Considering that this decision is important there will be a lot of things to take note of before you put your signature on the legally binding document.
Check if this place is the most suitable for your business.
Every business has different needs thus their location preferences would change accordingly. Therefore first understand if the location you have chosen and the place you have set your eyes on, matches what your business needs.
If you have an online business then there wouldn’t be a need for a huge showroom in the midst of a shopping centre. This is because your customer base are the people who prefer shopping from home and second, this is so unnecessarily expensive. Even though an eye catching showroom would be really nice it is just impractical if you don’t need it. For an online business they can have their workplace located outside the main commercial area as in the end they are just going to hire someone to deliver the products.
Therefore always make sure that the location suits the needs of your business, if you fail to do so then you may have unnecessary expenses to deal with or even face a closure.
The amount you pay should be suitable for what you are getting
A mistake many people make when going for rentals is that they either underestimate the value of a location or they overestimate it. This mistake is done mainly because they do not know how to judge value. Unfortunately, this is not something you can learn within aday. You should have an in-depth knowledge of your business and the locations suitable for it and at what price. This is something you gain from experience working in the industry. Of course even then it is not guaranteed. If you truly want to understand if you are getting the best for your dollar then before entering a Wanchai commercial leasing agreement, consult with a real estate agent who has experience in corporate rentals.
They would be able to tell you the benefits of locations and what they can do your business. However even then they would not be able to tell you how much office rent you should pay. For the latter, it is just better to do research on other similar properties and then decide.
In the end do remember that once you sign a rental agreement you cannot easily back out. You can face legal trouble if you try to back out after signing one. Therefore be careful and do research before signing an agreement after all this is your business so do it right.