Are You Considering Buying Your Building From Your Landlord? Read On!
Do you want to buy your building from your landlord? Longing to get better control of your costs? After interviews with over 100 thriving businesses in the past year, and throwing in some business-school negotiations tips, here is how I suggest you prepare ahead to purchase space from your landlord.
Prepare your Landlord:
● Consider your landlord’s motivation and watch for selling signals (If your landlord is frustrated, pessimistic, or losing other tenants they might be ready to sell).
● Consider your landlord’s finances: are they highly mortgaged? Do they have other investor partners? Are they heading into retirement?
● Have a real estate professional send letters or make calls to raise your landlord’s interest in selling
Prepare yourself:
● Do your own financial planning to determine your financial means (i.e. determine your down payment, and look into a pre-approved mortgage or business loans)
● Get professional advice on market research (get comparables from your real estate agent) and alternatives you would seriously consider.
Review your lease and know your rights, timelines and financial obligations
Here’s wishing you storefront success!
Don’t hesitate to reach out if we can be of any help in your commercial real estate journey.
-Matt
