The RENT blog gives you the resources and tools you need to make the best decisions regarding your real estate needs. We cover a broad range of subjects regarding office space, tenant needs and what to look for when investing in property.
The first step in the negotiation process is setting objectives. Never enter into negotiations without a clear sense of your organization’s goals. Prioritize the goals, and start negotiating from the top of the list.
Distinguish your “needs” from your “wants”. Bargain hard for your needs, and don’t be afraid to establish a bottom line on each issue. Explain the reasons for the positions to establish your credibility and to allow the other party to empathize with you.
Your “wants” are the goals you are willing to concede. Before you start negotiating, prioritize you wants and decide how you will sacrifice them in exchange for needs.
Be sure to negotiate your needs in the proper order. It’s easy to get caught up on a minor point and lose sight of the big picture. It makes little sense to dwell on the security deposit clause if you have not resolved the rent. Don’t spend a lot of time negotiating the use clause only to discover that the property’s zoning prohibits the use.
Businesses should retain a commercial real estate broker to advise them in real estate negotiations. An experienced broker can help an organization throughout the negotiation process, starting with the first step of establishing the firm’s real estate goals.
At Golden Group Real Estate, we specialize in tenant representation real estate services for office space users in the Chicago area, helping local business owners find office space and negotiate lease and purchase agreements. We never represent landlords, so we are prepared to negotiate aggressively on behalf of our tenant clients. For more real estate negotiation tips, read Real Estate Negotiation Tips Part II.
For more on Golden Group Real Estate, read about our real estate services. Let us know if we can help you find office space for rent or buildings for sale. Call us at (630) 805-2463, email us at email@example.com, or enter your office space search criteria below.
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