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This is the Twitter transcript of Financial Bin’s chat with Jeff Grandfield of The Lease Coach on Wednesday, November 16, 2011:
@FinancialBin: What is The Lease Coach?
@TheLeaseCoach: The Lease Coach provides commercial lease consulting services exclusively for tenants.
@FinancialBin: What is your role with The Lease Coach? Could you please describe it?
@TheLeaseCoach: Consulting and negotiating to/for #entrepreneurs and business owners on their commercial leases.
@FinancialBin: What professional services does The Lease Coach provide?
@TheLeaseCoach: Most tenants have neither the desire or expertise to negotiate their lease so they turn to us. Coaching & consulting, negotiation &site selection for tenants on new leases or renewals.
@FinancialBin: What are three of the most common errors commercial tenants make when negotiating a commercial lease?
@TheLeaseCoach: #1. Not allowing enough time – I suggest 6 months on a new lease and 9-12 months on a renewal. #2. Not creating competition-having multiple options even on a renewal strengthens your position. #3. Not getting professional help-lack of experience leads to mistakes & money left on the table.
@FinancialBin: Why would a commercial tenant turn to The Lease Coach for help with negotiating/renegotiating?
@TheLeaseCoach: Most tenants want to save money, avoid mistakes or just do not have the time. Expertise – most entrepreneurs would not want me run their business; nor do I want most tenants negotiating my lease for me.
@FinancialBin: Can’t a real estate lawyer do this for a tenant?
@TheLeaseCoach: There’s a time and place for a lawyer. Most tenants don’t turn to a lawyer to negotiate a lease. You want to negotiate the financial terms and terms that impact your business first, then a lawyer if legal issues arise.
@FinancialBin: Does The Lease Coach work with just new business owners looking to start a business?
@TheLeaseCoach: Entrepreneurs opening their first business to multi-unit operators with new leases/renewals.
@FinancialBin: Does The Lease Coach specialize in a certain type of industry? If so, what?
@TheLeaseCoach: Not really. [Our clients work in] a wide range of industries from restaurants, general retail/office to medical tenants.
@FinancialBin: How would you describe most relationships between a commercial tenant and a commercial landlord?
@TheLeaseCoach: Good, bad, or non-existent. Every situation affects your negotiation differently. Most tenants have little contact with their landlord making a renewal or new lease negotiation similar. In commercial leasing; tenants don’t get what they deserve, they get what they negotiate. Any follow up questions I can always be reached through our site at http://www.TheLeaseCoach.com