Few words can conjure up a sense of satisfaction as that of “Free.” Add in a simple phrase and you’ll have people lining up to make purchases, left and right. “Free with purchase.” “Buy one, get one free.” The list goes on and on.
Inevitably, however, that “free” add-on item, or super-special free classified find, has some long-term costs that make up for the lack of ability to pay upfront. Similar to the way “free” firewood often requires you to come and chop up a tree, free can actually create a ton of backbreaking work which in the long run may be costlier than if you had paid for the item outright. While we appreciate saving time and money, when it comes to your lease agreements in your CRE portfolio, the best things certainly aren’t free. In fact, taking advantage of free commercial templates can cost you big time in the end.
The Cost of Mistakes
When it comes to free commercial lease templates its best to approach with caution and a healthy does of skepticism. Providers of these documents are often making little to no money up front which means that they are less invested in providing a quality product. In addition, these standard forms are a far cry from customized templates that have been specifically crafted to comply with the laws of your state.
In most cases, free commercial lease agreement templates will have little-to-no instruction or guidance that there may even be a specific requirement based on the size, location or specific business moving into your commercial property. This can open your CRE portfolio up to liabilities including fines or potentially hurt your bottom line in the event of a tenant dispute.
Time is Money
Perhaps you’re an innovative and business-savvy CRE owner or manager who thinks they have enough knowledge to start with a free template and add their own customizations. You may start off downloading a nice free lease agreement, or four. Maybe you then conduct additional research on specific requirements for your state. Next you look up best practices for your property type. Before you know it, the day has flown by and you’re no closer to having a completed lease agreement for the tenant that’s eagerly waiting to sign the dotted line.
As a CRE professional you know that time is money. Using sophisticated and highly researched lease administration software, such as that offered by Quarem, means that within minutes you’ll be up and running on preparing that lease agreement and ready to move on to your next important project. Growing your empire of CRE properties requires your full attention, skill and time and saving a few dollars on a free template is far outweighed by the value of time spent researching new properties or planning for future growth.
Rehab Often Costs More Than Starting from Scratch
Maybe you’re still not convinced about the hidden costs lurking in that not-so-innocent looking wrapper of a free lease agreement template. Maybe you’re the gambling type and figure you’ll roll the dice with your important lease documents, despite our best advice, figuring you can make corrections later. From commercial to residential, real estate professionals know that sometimes it cost more to rehab a problematic office, home or other property than it would to start from scratch.
The lease agreement is one of the most important aspects of a successful CRE portfolio. Quarem Vantage and Quarem Access can help make sure you get this fundamental element right from the get go. Our solutions are customizable and fully supported meaning that your lease agreement will be right the first time, every time. Save money in potential liability and wasted time by starting with an expert service such as Quarem. Like our thousands of other satisfied customers, you’ll be thanking us later.