If your business has more space than it needs and is looking to make extra cash, subletting space is a great option. If you sublet commercial property, you can make extra cash on unused office and commercial space.
By subletting space, you can help reduce your company's expenses. However, there are risks, so you should weigh your options carefully before your business takes on a renter. Make sure you:
1. Check your existing commercial lease to make sure that you have the right to sublet business space. You may need to work with your landlord.
2. View a sample sublet agreement before you create one yourself so that you know exactly what you need.
3. Consider working with a property manager or a Realtor to help you find the right renter.
Advertise to sublet office space to the right personThe first step to sublet business space is to find potential renters. Whenever possible, try to steer clear of Realtors as they often want a commission based on the size of your sublet commercial space. Find places where you can advertise your space for a low-cost.
View a sample sublet agreement and create your own onlineAfter you have your renter, you need to think about the terms and conditions you want on your sublet agreement. One of the best ways to research these contracts is to view sample copies and see what kind of terms and conditions are feasible on the agreements.
Hire a lawyer to write your sublet agreementIf you are worried about creating your own sublet agreement, or would feel more comfortable with a professional's help, think about hiring a lawyer. A lawyer will take away the pressure of creating your own agreement.
- If you sublet office space in your building, think of other ways you can work to save money. Perhaps the two businesses can share expenses such as leases for copiers, employee break room supplies, etc.
- Your company is always responsible for meeting the rent to your landlord on your sublet commercial property. If your renter is not paying, your company is still liable.
- Always do a credit check on your renters before subletting space. If they have a history of running out on the rent, you won't want them.