Preparing for the Expected or Unexpected
My Lease is about to expire, what should I do?
- Start the process early - The more time you have, the better. Commercial lease negotiations take longer than you think.
- Get well-informed - Get information on market conditions and read your commercial lease contract thoroughly. It’s important that you understand your lease terms.
- Schedule a meeting with the landlord - When trying to renegotiate a commercial real estate lease, it’s better to do it in person.
- Be prepared to trade concessions - Landlords are not usually willing to give you everything you ask; they will typically want something in return.
- Get some help – Consider hiring a commercial real estate agent and consult your real estate attorney to fine tune your lease terms.
Phoenix retail vacancy rates to prerecession levels.
Phoenix Business Journal Reports - Southwest Valley shows biggest improvement over past 10 years!
What are some financials a Landlord will require?
Application/Business Plan
Developing a comprehensive business plan determines whether or not your business has the potential to achieve a profit.
Personal financial statement
A document or spreadsheet outlining an individual's financial position.
Release for credit history
Credit reports are obtained to provide a detailed report of your credit history and to determine a tenant's credit worthiness in future rental situations.
Release for Background Check
Landlord may require a background check in order to reduce potential risk or liability to Ownership or other occupants.
Personal and/or Business bank statements
A Landlord can ask for information such as bank account statements to prove that you are able to afford the rent.
2-3 years of personal and/or business tax returns
To verify income on an individual who is self-employed or is an individual with significant income from sources other than W-2.