Renegotiating your spa or salon lease

Having secured over a hundred spa leases and worked with landlords, tenants, attorneys and brokers, I have collected skills and experience and want to share some advise. I notice that over the last several months, there have been a good number of blog "hits" searching for "how to renegotiate your lease".

Here are a few pitfalls and mistakes that are fairly common.
Don't wait until a month before your lease ends to renegotiate your lease. By then your pretty much backed into a corner. If you haven't thought through the worst case scenario - which is having to move - finding a new location, building it out, having your business interrupted is bad for business. The best time to renegotiate a lease is 4-6 months prior to termination. It gives you enough time to think through your short term and long term business goals and time is on your side.

Don't try to engage your former broker to renegotiate your lease for you. There is no upside to him/her to lower your rental rate. If the lease has terminated and you engage your former broker thinking they will save you money - guess what. The landlord will pay them their commission and that will be built into your lease and you will end up paying their commission.

Retaining an attorney for lease negotiations. A landlord doesn't want to go through an attorney for a lease renewal and why would you want to pay big bucks when you already have agreed upon terms? If you are going to go this route - at least hire a real estate attorney and not a generalist. If your going to hire an attorney - engaging a real estate attorney - preferably one that has worked on leases for small businesses - is the way to go.

Lastly, if you are interested in lease review and coaching to reduce your rent or to strategize before your lease terms have expired, please contact me at contact@globalspaandwellness.com
As they say in the real estate industry, I'm ready, willing and able to help you.