You want to be on your p’s and q’s when you’re exploring new studio spaces. We see it too often where a space looks pretty and perfect, but 6 months later you’re locked in and pissed off.
Realtors aren’t exactly forthcoming with a lot of the nitty gritty details, so it’s on you to ask the right questions and to make sure it’s the best fit for you and your business.
PS: We polled BABS to add to this list! Many of these are from personal experience by other bodyworkers.
Happy hunting!
Ask these questions before you signed the dotted line:
- How much is the deposit?
- How often do you raise your rates? Does the rent typically increase each year?
- Has the space been inspected for mold/termite damage?
- What is the neighborhood like?
- What is the location zoned for?
- Is security available on site? What are the security features of the building? (panic buttons, CCTV cams)
- How often is the property cleaned and maintained? Is there a cleaning service?
- Who were the two most recent tenants to move in and when?
- Approach these tenants, identify yourself as a potential new neighbor and ask them how their lease negotiations went. If the leasing agent claims he/she has only recently acquired the listing and does not know, push for the details.
- Who were the last two tenants to move out? When and why did they move out? Did they move across the street or did they close?
- As before, you will want to speak to these former tenants and ask for more details about their reasons for leaving as well as their opinions of the landlord, property manager and the property itself.
- How long has the landlord owned the property?
- Long-time landlords are knowledgeable about the property, will retain interest in continued ownership and have more realistic rent expectations. A new landlord may have a high mortgage and charge tenants higher rents to cover the cost.
- What is the building’s history?
- An older building may require further upkeep and maintenance, which tenants pay for in Common Area Maintenance (CAM) charges. If there has been a high turnover of tenants in the past, for any reason, this should raise a red flag for you.
- Also, has a similar-use tenant previously leased space within the property and either closed the business or moved elsewhere within the past 10 to 20 years?
- If the space is in a shopping center, ask about CAM (Common Area Maintenance) fees. CAM fees are additional rent costs, on top of your base rent, associated with overall maintenance for the building.
- And with this, who takes care of landscape maintenance?
- Who pays for fire inspection?
- Is parking included, or are there extra fees associated with parking?
- What happens in the case of natural disaster damage, or a freak accident?
- Does the landlord take care of the HVAC system?
- Are animals allowed on the premises?
- What type of insurance coverage do I need?
- Will my business be exclusive to the complex? (Preventing the landlord from adding another LMT in the building)
- What’s the nearest interstate/point of reference?
- Is renovation allowed? If I improve the building, can I get a rent deduction?
- Is the building for sale? If it is, what is the lead time for tenants to move out after the sale?
- Who clears the sidewalk during the Winter? Who buys the salt?
- Are there washer and dryer hookups?
- Who cleans the common area? (Shared a bathroom w someone who did lashes and she left the toilet so gross after her spray tans)
- Can you sublet? (BAB: I broke my leg, and that helped me a lot)
- Does your landlord require preapproval from them to have someone rent a room from me individually? (Stephanie Jasinski)
- Do you have control of heat and air? (Sandy Hobbs)
- Who is above, below and next to you. I have a heavy weight gym next door and Pilates studio upstairs=not quiet! Also ask about parking and entry into the building (Bethany)
- What is the process and timeline for getting things repaired? (Annette Montgomery)
- Is there functional A/C? Sufficient outlets? Water temperature and pressure? (Sally Keith Knepp)
- Is it a triple net lease? (Anaika Ocasio)
- Is it common to pay rent + NNN? (NNN fees are property taxes, property insurance and common area maintenance) (Stephanie Jasinski)
- Does the basement flood?
Add your own questions to this list, and you’ll be well equipped to decide if you’re ready to say “yes, let’s do this!”
Lastly, please try not to be intimidated by this process. It’s important to be thorough, but trust yourself and you’ll find the perfect space for you!
