A few weeks ago, we talked about why you shouldn't be afraid of a ten-year lease term, but we know that many new retailers are most comfortable starting with a five-year term (or even shorter).

If you determine that a shorter lease term is best for your business, here are two tips to keep in mind:

1. Ask for multiple renewal terms of at least three to five years a piece. If things are going well, you do not want to find yourself homeless with a growing business.

2. Negotiate your lease like you're committing to it for ten years or more. You may be tempted to think that you don't need to think long term in a short term deal...

BUT leases are like dogs, and just as you house train a puppy ...

A decade feels like an eternity until it's over.

When you live inside the commercial real estate bubble, a ten year lease term doesn’t seem like a big deal — like a long weekend on the Cape (since that’s obviously where you’re going if you work in CRE.) But to many new retailers, the thought of committing to a lease for TEN WHOLE YEARS feels more like being sentenced to the federal pen for a white collar crime.

If that new retailer sounds like you, here are some things to keep in mind:

+ Your lease locks down the rules for the entire term.The longer your lease, the longer you have to operate your business on your own terms since you’ll have negotiated the rent and other important financia...

 If you had a burning rash on your face, would you really need to see a dermatologist? Well, it really depends on your tolerance for DIY solutions. You can use WebMD and YouTube and try to diagnose and remedy your affliction, but a burning rash on your face sounds pretty painful and gross, so you’d probably call an expert. 

Yes. Yes. 1000% yes. Leases are not exactly rashes, but they can certainly be painful and lead to (emotional and financial) disfigurement if not properly handled. We say this all the time, but once more for the crowd in the back…leases are five to ten year legally binding contracts. Also, they are written in Legalese, which is a foreign language to those of us whose lega...