0816_TOEFL-Test-and-Score-Manual-1997

84 ● 201 Great Ideas for Your Small Business
• Find out exactly what the landlord pays for and what you are financially
responsible for.
• It may make sense to work with a commercial real estate broker,
especially if you are renting more than a small office.
• Ask a lawyer to review a lease before you sign it.
For more information on using a savvy real estate broker, see the next
Great Idea, #58.
GREAT
Hire a Savvy Real Estate Broker
Moving into commercial space is a serious financial
IDEA
commitment. In many cases, rent is the secondhighest
expense after payroll. If you’re feeling cramped now, consider hiring
a commercial real estate broker to help because it can take six months
or more to relocate.
If you need only one office, you can probably find one on your own,
but if you have a dozen employees and need more than 1,500 square feet,
working with a broker makes sense. Plus, in most cases, landlords pay the
broker’s commission.
“Since small business owners are not in the real estate market day in
and day out,” said Steven Swerdlow, a real estate expert. “It’s very important
to work with a team that you can trust.”
He recommends working with both a broker and a real estate attorney
because very few business owners are familiar with real estate law or jargon.
“People who work with leases every day know how the game is played.”
Being able to sublet your space is very important, he said. “I can’t tell
you how many lease transactions we’ve been involved in where we did all
kinds of planning for long-term leases and, invariably, the world changes,
and your company is either too small or too big for the space.”
Before you call a broker, sit down with your employees and decide
exactly how much space you need. Brokers say figure on renting about 250
square feet of rentable space per employee as a rule of thumb. Write down
what else you need in terms of private offices, conference rooms, a reception
area, storage space, kitchen, parking, and security.