Financially strapped business owners often overlook the fact that they can get a break in their rent, if only they ask for it. Rent can be a huge component of fixed costs and anything you do to stem the bleeding - even for a few months – can make the difference between survival and disaster.
Landlords come in all stripes. They may be struggling with a mortgage to pay for the property. Or the ownership may be a large, well-heeled entity. But don’t be afraid to discuss your situation with them, or their agent.
You can be sure that the landlord will not want to incur the costs, hassles and uncertainty of finding a new tenant, especially if you vacate the space in the meantime.
Your negotiating strategy will depend on your circumstances. You can seek rent relief, to restructure the lease to lower the monthly payments. Or you can aim to get rent abatement, so that you pay less than your original obligation. This will typically involve lower or zero payments for a specific period.
Seek the help of a qualified specialist if you feel unable to do this yourself. We generate rent relief and abatement settlements for our clients on a regular basis. You can also call upon a building lease specialist such as the highly regarded Dale Willerton at www.TheLeaseCoach.com.
Whatever you do, take measures to cut other costs first. And make sure your landlord knows it.
Don’t be like one local business owner, who recently decided to try to negotiate rent relief on his own. Trouble is, he was driving a brand new Porsche. And he always parked it in the most prominent place in his retail store parking lot. Guess how that one turned out?