Episode 35 Your Step-By-Step Guide to Commercial Real Estate Leasing: Contracts, Negotiation, Pitfalls & MORE!

Episode Summary: 

Are you ready to unlock the secrets of commercial real estate leasing? Tune in as Ashleigh Kilcup joins us and learn all things commercial real estate leasing, leveraging your tenant power, understanding personal guarantees, and avoiding common pitfalls. Don't miss out on the insider tips being shared by our guest expert.

Main Takeaways

• Residential real estate is a lot more regulated than commercial real estate, which makes it essential for one to be extra cautious when dealing with commercial leasing.

• The tenant has most of the leverage while leasing commercial real estate before the LOI (Letter of Intent) is put in.

• If you’re leasing commercial real estate for the first time, you can expect to give some sort of personal guarantee as it is considered high risk to rent to a new business owner.

• Start the process of commercial leasing 24 months prior, this gives you ample time to plan and prepare for everything.

• As a tenant, you should always consider hiring a broker since the landlord pays for their service, so it’s a free resource for you.

• Tour the market and understand the different options available to you before you start sending out letters of intent.

• When the draft lease is sent over to you, you want to have your attorney review it for you.

• Pitfalls to Avoid When Leasing Commercial Real Estate:

1. Giving unspecific personal guarantees.

2. Thinking something is non-negotiable.

3. Agreeing to a high amount of annual rent escalation.

4. Letting your landlord draft the letter of intent.

Resources Mentioned:

• Free Commercial Lease Checklist: https://wondrous-motivator-2883.ck.page/a889479e45

• Commercial Lease Crash Course: https://ashleighkilcup.thrivecart.com/commercial-lease-crash-course/

Connect with Ashleigh Kilcup:

• Website: https://ashleighkilcup.com/

• Instagram: https://www.instagram.com/lease_leverage/

• Facebook: https://www.facebook.com/LeaseLeverage

• Talk to Ashley: https://wondrous-motivator-2883.ck.page/3087cee24d

Connect with GBP Law:

• Website: https://www.gbplaw.com/

• Instagram: https://www.instagram.com/gbplaw/

• Facebook: https://www.facebook.com/GBPLaw

• LinkedIn: https://www.linkedin.com/in/gbplaw/

• Your Contract Buddy: https://yourcontractbuddy.com/

• SubscribeLaw™: https://girijapatel.podia.com/subscribelaw

• For Collaborations & Sponsorships: PR@gbplaw.com

Watch the episode on YouTube: https://youtu.be/A5OA1h_MBHA