New Year, New Store- What to Look For in a Retail Lease
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New Year, New Store- What to Look For in a Retail Lease
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Have you ever thought about how having a lease is like being in a relationship? You need to know what you're looking for, find the right match, and be in it for the long haul (5-10 years). Sheila Tarasuik and Faith Broderick join Main Street Matters to talk to you about all things leasing. They introduce the "BLT" framework—budget, location, timeline, and space criteria—as the essential foundation for any successful real estate strategy. They explain the transition from a non-binding Letter of Intent (LOI) to a complex legal lease, asserting that every term in these documents is open for negotiation. The discussion also highlights the necessity of building a professional support team, including specialized brokers, lawyers, and architects, to protect the tenant's interests. Finally, the advisors offer tactics for lease renewals, encouraging established business owners to leverage their proven success to secure better terms or property upgrades. This is a great episode for a crash course on what you need to know before entering a new retail leasing agreement! #smallbusiness #leasing #Heartonmainstreet #pedalretailadvisors
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