How To Get a Good Lease Step 9 & 10/10

After your commercial lease is signed, I have bad news. There is still a lot to do related to each knowledge area of the lease.

For teaching purposes, I call these leasing knowledge areas ‘verticals’ because they will be present throughout the lease transaction. More active or dormant depending on your specific deal and lease stage you’re in.

Executing each of the 5 knowledge Verticals is a recipe for success. And they are: Financial, Legal (not just having an attorney), Target Market, Buildout Management, and Commercial Real Estate knowledge.

I’ve outlined a quick summary of each vertical. If you’d like it, make sure you Follow me and please write verticals in the comments and I’ll dm it you.

Totally honest — Most people good in 2–3 areas and loath the rest.

But as a small business owner…you still have to do or delegate all of it.

Step 9. Your Post-Lease Journey

This is the time between signing your lease (yay!) and the move-in. Your lease should spell out exactly what the landlord requires of you.

At a minimum, you will need to coordinate the move-in or new FF&E, new signage, plan to provide your certificate of insurance to the landlord. Most jurisdictions will also require a business license and any specialty licenses.

On the other end of the spectrum, you may need to coordinate the entire design and buildout of the new space. Which means, you need to get a permit intake date (like now!) and get your architect rolling on the drawings.

This process can be disturbingly slow…so don’t wait.

Beyond the buildout, you need to close all the 5 Verticals. From there, you need to get your tushy in high gear for…marketing. This includes meet your new neighbors, offer specials or discount to nearby residents and businesses, and get active on the neighborhood FB group. You’re trying to expedite the know, like, trust factor. Your most active neighbors will talk, and you want one of them to say, “Oh yeah, I met her last week. She’ll be a great addition our neighborhood. Let’s support her.”

Amidst all the activity, you need to ensure you’re following the lease requirements. Otherwise, your landlord could put you in default.

If you have a tenant improvement allowance, the lease will spell out how to get it reimbursed. And then you can prepare for…

Step 10. Your Grand Opening Event

First impressions matter. From a personal and business standpoint, you want to get your future customers and neighbors in your space to understand what you offer and how you plan to give back. I say invite everyone, give away free stuff (ideally your products or services) to create buzz and reciprocity. Also try to partner with local business for offerings.

Take a moment to introduce yourself, your business, and thank the neighbors for a warm welcome. And have fun! This is a huge moment.

That’s a wrap on How to Get a Good Lease. Hope this has been helpful 😉

Read this post and more on my Typeshare Social Blog