Ask Timpo: I'm looking for new property. Any tips?
Q: I’m launching my second start-up in the new year. Any tips on negotiating good office deals in this climate?
There will never be a better time
to negotiate with landlords
A: First think carefully about the office you want and whether you need an office at all (why not share office space with the business you have already established?).
Every £1 you spend on overheads makes it more difficult to get your business off the ground. It’s easy to kid yourself with persuasive phrases like “we need a decent place to entertain customers” and “an upmarket office will help attract the right recruits”, but, in truth, it is usually best to have a modest office and keep costs down.
Whether your office of choice is plain or posh, the present property market means there are plenty of good deals to be done. Look at the prices being quoted by agents, then think big when you ask for discounts.
Don’t just look for a lower rent, go for a rent-free period plus a contribution to your fitting-out costs – and ask for a length of tenure that suits your business.
It is best to keep your options open. Don’t fall in love with one particular property. If you show an interest in three or four offices, it is easier to get a great deal. That’s how competition works.
There will never be a better time to negotiate with landlords. Good luck!
Picture: source