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Commercial Real Estate Agents – Franchise Tenant Opportunity Today

In commercial and retail property today, franchise tenancies are a significant opportunity for you to work on.  Franchise tenants know exactly the property types and locations that they require to make their business model work.  You simply need to know their needs and then find the required properties.

The good thing about the franchise business structure today is that the hard work of tenant selection is largely removed.  Any tenant taking up the lease of the premises for a franchise brand, will already have been vetted and scrutinized by the franchise holder for business skill, quality, and stability.  In other words you are likely to get a high quality tenant as part of the leasing process.

It should be remembered that the franchise business agreement will run for a number of years and work in a particular way.  It is therefore a requirement that the lease to be negotiated ties into the circumstances and conditions of the head franchise agreement.  Any landlord that owns the property or the premises to be leased to a franchisee should be somewhat flexible in achieving the match between the business agreement and the lease arrangement.  The best way to handle this adjustment is to have a solicitor work on behalf of the landlord to achieve the documentation balance and parity.

So let’s go back to the point that you can tap into the leasing advantages of a franchise business today.  Many of them require premises to operate from.  All of them will have studied the local area to understand where the best locations are for their product and or service.

Here are some ideas to help you establish the right communication links for future leasing opportunity with franchise groups:

  1. It is likely that there is a website for the franchise association in your city, state, or country.  From that website, you can usually get a list of franchise brands and models.  The list thereby becomes a cross reference for future telephone contact and cold calling.
  2. Understand how your local area, town, or city is changing.  That demographic shift will provide an opportunity for some franchise businesses.  Get the figures from your local council or municipality as to how the population is changing, where new developments are to occur, how the transport corridors are working, and what the business community is doing.  All of these things will create pockets of opportunity for franchise businesses.
  3. Check out the other franchise tenants that are already located throughout your region.  They will have competitors operating within a similar product or service.  Talk to the competitors in each case to see if they would like to enter the region and tap into the local business opportunity.
  4. When it comes to retail premises and shopping center properties, some locations are well suited to the franchise business model.  Talk to the shopping centre managers and landlords to see what future leasing needs they may have.  You can then judge how that will suit the franchise operators or tenants that you have been talking to.

These four things give you specific leasing strategies to work on.  It is a particular business approach given that the franchise tenant and the business model are quite unique and special.

When you have established the right levels of communication with these franchise groups, you can identify the right locations, properties, and leasing circumstances that allow their operators to be successful.  Over time this can be a highly prosperous arrangement.

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Top 10 Questions to Ask Tenants in Commercial Property Leasing

When tenants are on the lookout for a good commercial property to lease they will visit or call many local commercial real estate agents as part of the research process.  Rarely will the tenant work with just one agent.

So you have to get to the facts of their property need and what they are looking for.  You also should ask about where they have looked for premises elsewhere and who they are working with currently.  It is likely that they already have a significant amount of lease information about other properties available for renting locally; when you know what they have seen already, you will know how to pitch the available properties that you have on your books to lease.

Here are some questions to ask the tenants that are in the property market currently and looking for a property to lease:

  1. Who are you talking to?  If you are talking to a business based client, who is the decision maker and what is the contact detail for them?
  2. In what location do they require the property or premises?  That being the case, what have they looked at already and with whom?
  3. How big should the premises be?  You will need to define that area in types of buildings and or areas of the property.  For example office space, warehouse, showroom, car park, and hardstand.  Different rents would apply in each area and therefore will influence the overall total lease package.
  4. What improvements should feature in the property and in what way will they use those improvements?  Some of those improvements will be essential whilst others will be discretional.
  5. What is their rental budget for the premises?  The budget will give you a guide as to what they can inspect and what is beyond their budget.
  6. There are different types of leases and rentals available when it comes to renting an office, industrial, or retail property.  Some of your landlord clients will have already set their guidelines in that regard.  Match the tenant to the property type and the lease terms and conditions that suit their requirements.
  7. What is the timing of the property changeover?  That timing could shortlist some of the properties that you show the tenant.
  8. What will be the use of the premises?  It may be that the local property zoning will need to be reviewed to ensure that the expected or required property use is allowed in the area.
  9. Where are they coming from now and is that property leased?  You could get some reference from their previous landlord as part of the intended relocation.
  10. What other properties have they seen already locally?  What agents are they working with locally?  There is no point wasting too much time with tenants that have seen everything that is available for lease in the area.  Selectively show them properties that suit.  Be aware that they may have seen some properties with other agents prior to seeing you.

The more facts you can get from the tenant, the greater the chance that you can locate a property for them to lease.  Leasing property is a good part of the industry to tap into.  You will find lots of leads and commission opportunity if you ask the right questions.

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Shopping Centre Managers – How to Get the Retail Tenant Mix Right

When it comes to leasing and managing a retail property today, the tenant mix is critical to the income that you create.  Without a successful tenant mix, the investment performance for the property owner will be difficult to achieve.

In a retail property today, there are just so many things to be carefully balanced; that is because of the prevailing economic conditions and the property market pressures locally.  At this current time and in most locations, it can be difficult to find the right tenants to fill vacancies.  It is also hard to keep the tenants in the property.

For this very reason, a tenant retention plan and a vacancy leasing strategy should be adopted by all agents in serving their clients.  These elements should form part of the business plan for every investment property under management.  Top clients need a top property management and leasing service, and that is what this process can do.

All of this being said, as professional commercial and retail property leasing experts and property managers, it is up to us to bring the required experience and knowledge to the landlords that we serve.  Special skills are required when it comes to tenancy analysis, and tenancy mix strategy.  These special skills also command a fair and reasonable fee for service.  Discounts do not apply for a top service in our industry!

The placement of a tenant is simply not a matter of just leasing, negotiating, and occupancy creation.  It is a matter of finding the right tenant for the right property, and matching the lease back to the requirements of the landlord’s investment strategies.  The age of the property will also have some influence on the leasing process given the requirements of refurbishment and tenancy relocation.

Here are some factors to merge into your property leasing strategy and tenancy mix.

  1. Get to know all of the tenants in the particular subject property.  A close working relationship with them will help you identify any pressures of occupancy or rental payment.  With the property market today, as difficult as it currently is, it is better to retain tenants in occupancy through good lease management procedures, than to lose them to another property where incentives or rental adjustments may be more attractive and the landlord is more flexible.  Understand that many other real estate agents will be chasing your tenants as a natural course of business.  Your property package needs to be competitive in the local property market.
  2. The factors of supply and demand will apply to your property type and the local area.  Those factors will also influence market rentals, incentives, and vacancy factors.  Every landlord needs to be updated regards the trends of the local property market so that sensible leasing decisions can be achieved.  An extended vacancy and loss of rent is far more damaging to a property than a startup lease with a lower rental.
  3. Check out all of the major properties locally that could be considered as competitors to your subject property.  Review their tenancy mix and vacancy factors.  Look for the strengths and weaknesses that apply to each particular property.  If possible, get details of the current market rentals and the upcoming vacancies in each property.  With this information, you can influence some of those tenants towards your landlord’s property.

A very skillful commercial or retail leasing expert knows how to balance all of these things for the clients that they serve.  Create a tenant retention plan and a tenant communication strategy to strengthen the overall lease profile of the property for the landlord.  That is what leasing and property management is all about.  In one word you could say it is the creation of ‘stability’.

If you want more tips on tenant mix and tenant retention, you can get them at our main website http://commercial-realestate-training.com/

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Commercial Agents – Thinking Through and Planning Your Tenant Mix

When it comes to managing and leasing commercial or retail property, the tenancy mix will always have priority when it comes to the overall strategy and the function of the property.  Every significant and important retail or commercial property should have a tenant mix plan and a tenant retention plan.

When these plans are established, you can optimise the performance of the property in the directions that the landlord requires.  It is no secret that the property market is under some pressure at the moment.  Global economic trends, retail shopping, and business sentiment all place pressure on property performance and tenant occupancy.

Here are some tips that can be applied to your overall tenancy mix strategy.  As a commercial or retail property leasing expert, these factors should be structured into your services and specialisation.

  1. The best tenants should be identified in each and every property that you manage or lease.  Those tenants should be given specific focus and attention when it comes to lease occupancy requirements.  It is wise to meet with these tenants on a monthly basis to ensure that you know their intentions and any pressures that may be applying to the business currently.
  2. Lease terms and conditions will vary by property type, landlord, and location.  In some circumstances, there are specific terms and conditions that should apply to the arrangements between landlords and tenants.  As the leasing expert, you should know what those terms and conditions are, and give guidance to the landlord as appropriate when they are in negotiation with a new tenant.
  3. Anchor tenants are an important component of property function for many reasons.  Most importantly, they will pay the majority of the rent for the landlord.  That being said, the anchor tenant also provides stability for the image and function of the property.  Any specialty tenants in the property will build their business around the activities of the anchor tenant.  Make sure you understand the lease intentions of the anchor tenant and the current trading situations.
  4. Specialty tenants should be chosen for their property offering and retail offering.  Specialty tenants will be selected for the best position within the property that suits their business needs and services.  Stay close to your specialty tenants as part of the lease management system and overall property strategy.
  5. Market rental will change from time to time based on the local market property activity.  You need to know what the changes are when it comes to rental and how the rental will be impacted by the supply and demand for future premises and occupancy.  The market rental can be either gross or net, and incentives will have impact on the rental.
  6. Understand the factors of outgoings costs that apply to a property type.  For any property to be successfully least, the outgoings should be within standards that are acceptable for the property type and the location.  Most tenants will avoid any property that has high outgoings.
  7. Competing properties and any new property developments should be understood for the pressures they apply to your subject property.  Inspect any other properties locally that have interaction with your customer base.  Look for any changes in their tenancy mix or product offering that could pull customers towards their tenants.
  8. Landlord investment intentions will change from time to time.  Those intentions will have impact on the leases that you negotiate.  Be aware of the landlords intentions so that you can adjust your negotiations in any upcoming lease situation.
  9. Property age will have impact on property refurbishment and renovation.  The tenants in the property will need to be moved around that activity and the leases may even require renovation and relocation clauses as part of lease negotiation.  Consider the factors involved, and the legalities of using these courses as part of lease occupancy.  When it comes to retail tenancies, some special terms and conditions may be required has to advice and timeframe.

Every property will improve when you develop a strategy for the tenancy mix and the tenant retention plan.  To those points above, you can add factors of location, and property type.  In this way you can be seen as the property leasing expert that landlords require.

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Commercial Real Estate Agents – Lease Renegotiations are Fee Opportunities

In commercial real estate today, there are some significant opportunities for lease renegotiation.  Some tenants would seize the opportunity for a rental reduction or lease adjustment in exchange for some benefits back to the landlord.  This then says that you can through this process stabilise the tenancy mix, and rebalance the property for the longer lease term.

When the business community is under some pressure in regards to trade or occupancy, the lowering of the rental over the short term is a satisfactory exchange for other lease terms and conditions that will have benefit for the landlord.  The pressures on tenants and businesses today will not remain so forever.  A lower rental for 12 months can give you tenant stability through difficult times, whilst preparing the property for greater capital gain or future sale.  This is what lease strategy is all about and these are the ideas that we can give our clients to help them with tenant and lease optimisation.

Lease renegotiation opportunities are normally structured into a tenant retention plan.  That tenant retention plan would identify the tenants that are critical to the future of the property, and then seek to retain these tenants for the long term.  Things should be done to assist them to remain in occupancy conveniently and economically.  The landlord therefore benefits by tenant and rental stability.  There is however the need to achieve a tradeoff and benefit for the landlord if you are to give the tenant a benefit today.

Here are some ideas that can apply to the landlord benefit process.  This is assuming that you achieve or provide an adjusted lower rental for the tenants in occupancy.

  1. Get the tenant to exercise their option in the property early.  By exercising the option, the landlord knows that the tenant will remain in occupancy for the longer term.  That is the base benefit.
  2. You can adjust the terms of the existing lease so that the prevailing make good conditions are more beneficial to the landlord at the end of the lease term.  You can obligate the tenant to undertake further renovation works if they choose to leave the premises at the end of lease.  This then prepares the premises for alternative occupancy with a new tenant, at a lower cost to the landlord.
  3. Any lower rental today, can prepare the tenant for a higher rental at some stage in the future.  This assumes that the business can be seen to be successful in coming years and months.  The lower rental today provides the tenant with breathing space for generating income and repositioning their business. Over time they can likely achieve a better ability to pay the rent.
  4. Any longer lease term provided to the tenant today should include a renovation requirement.  They can be obligated to renovate the premises in a particular way at a certain time.  Normally leased premises require renovation every five years.  That renovation can include painting, carpeting, and cosmetic upgrades.  A suitable agreement can be struck with the tenant and appropriately documented as part of an agreement for a lower rental today.

It is in property markets like this where we can be assisting the landlords to reposition their property and stabilize the tenancy mix.  That is the high value of experience and knowledge in commercial and retail real estate that we can apply to help our clients at this time.

 

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Tenant Retention Plans – A Checklist for Commercial Real Estate Agents

In today’s property market, your current tenants in your tenancy mix are important to the future of the property.  When you create a tenant retention plan, you can optimise the income potential for the property.  That being said, a tenant retention program should be part of a professional property management and leasing service provided to landlords by agents.  Good commercial property agencies provide this specialised service.

It should be said that tenant retention is not just about lifting the rent for the landlord; in fact, that is probably the wrong strategy to adopt in your plan.  It is better to have a few priorities in balance so your retention plan forms a key part of the business plan for the property.

In particular, a good retention plan should include the following as goals:

  • Stabilise and minimise the vacancy factor
  • Create a group of prospective tenants for the vacancies in the property if and when they arise
  • Support the tenant mix so that tenants can occupy in comfort and build their businesses
  • Control occupancy costs for the landlord and the tenants within realistic benchmarks
  • Underpin the market rental for the property which in turn can support sustained property values for the landlord
  • Allow for tenant movements and property refurbishment strategies in parts of the property as planned at the beginning of the business or financial year
  • Help keep tenants in occupancy for the long term and in balance with the landlords investment requirements

Retail Importance

It should be said that a retention plan is highly important in retail property given that the stability of the tenant mix is required to keep customers coming to the property on a regular basis.  Any vacancy in a property is quickly seen and will detract from the image that a successful retail property needs to set.

So how can you establish a plan of this type?  Here are a few ideas to help you get started:

  1. Understand the supply and demand for tenancy space in the local area today.    As part of that process get to know what new property developments are coming up that will impact the available space ratio.
  2. Consider your property as it is today and determine what refurbishment and relocation issues should be merged into your retention plan.
  3. Split your tenancies into high value tenants and low value tenants when it comes to the future of the property.  Some of your tenants you cannot do without and everything must be done to encourage them to stay in a property.
  4. Anchor tenants will normally be secured on long leases.  The instability or change of an anchor tenant can impact all speciality tenants in a major way.  Find out when the anchor tenant lease expires and just what the anchor tenant thinks about the property today.  Do they intend to stay in the property?  When does their lease expire?  Can they do more to work in with the other tenants in the specialty areas?
  5. What levels of trade exist in the retail property and what tenant types are more successful than others?  This information will help you find new tenants that suit the customer needs in the property shopping centre or retail property.
  6. Is your property servicing a particular need?  In retail property this could mean ‘convenience’ or ‘destination’ shopping.  When you know what works in a property, you can do something more with it.
  7. Common area use will have impact on special property precincts such as ‘food courts’ and just how customers move through the property.  Take a survey of those factors and form and opinion as to how successful they are now.  Changes may be required to help in tenant sales and retention.
  8. Look at all the leases in the property and identify any leases that have market rent reviews, options, or expiry dates in the next 2 years.  Those tenants or leases will be a major focus of your retention plan.

You can add to this list based on your property and the overall location.  Importantly you should create a tenant retention plan that can help improve the performance of any property in any market.  That is why you were engaged by the client in the first place; correct?

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Top Leasing Agent Formula for Success in Commercial Property

In commercial and retail property, a top leasing agent will make a lot of commissions.  That is because they specialise.  They know the local businesses that are looking to move over the coming years and they work towards putting the right deals together.

In reality, landlords need the top leasing agents to help them that really understand the local area.  Those top agents will have their market covered in a comprehensive database of tenant movement, lease strategies, rent alternatives, and marketing ideas.  Finding the right tenant for the right property is a real skill.

Landlords do not need an agent that just knows how to lease.  Anyone can put a sign on a property and list it on the internet.  When you are a ‘top agent’ you will have the market coming to you because of that intense and relevant market knowledge.  You will also know who are soon to be moving and for what reason.  Market intelligence is invaluable in our market today as businesses change location and seek better leasing deals.

These are the skills and knowledge factors of a top leasing agent today:

  1. They have a comprehensive awareness of what all the local tenants are doing in their current leases.  They know when those leases will expire and will work towards helping those tenants in the last year of their lease to find something of better value or relevance to the business.
  2. They know where the successful businesses are that will need property change.  They look for tenants in pressured occupation.  Expansion or contraction factors are major triggers when it comes to property leasing.
  3. Top agents know the landlords of the area and the best properties that create the major interest.  When you can relate to those properties and the existing tenant mix, you will soon see property change and opportunity in each.
  4. Rentals will change from property to property and location to location.  To a great degree, the rentals in any location are driven by the rate of tenant enquiry and the supply and demand for leasing space.  As part of that equation it is wise to keep a close eye on the upcoming property developments in the local area.  It takes about 2 years from approval to completion when it comes to getting a new investment property established.  That being said, the property developer will be offering some very real incentives to attract tenants even before the property comes out of the ground.
  5. Lease terms and conditions are sometimes standard to a property or landlord, but they will also be influenced by the rate and type of local property enquiry.  A lease that is offered for a vacant space should be matched to the prevailing market conditions and current lease enquiry.  You may need to create incentives to attract that lease enquiry.
  6. Franchise tenants are a good source of lease enquiry.  Top agents work the franchise groups to find the right properties that suit them.  Those franchise groups will have a priority in location and lease terms.  Get to know what the franchise groups want.

To be the best leasing agent, you can dominate your market when you know what the tenants, the landlords, and the properties are doing.   Isn’t that what we should do anyway?

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Commercial Agents – How to Find Commercial Real Estate Tenants to Lease Premises

Today it is somewhat of a challenge to find the tenants that you need to fill the vacant premises in all of your listings.  Rest assured that the tenants are out there, and it is just a matter of developing a contact system to find them.

An in balance in supply and demand for new and existing lettable space means that most cities and towns can be experiencing an abundance of vacant space.  If that sounds like your property market, then read on.

The Best Way?

One of the best ways to find new tenants to lease premises is by maintaining a contact system in your database where you keep going back to the businesses in your local area every 90 days to see if occupancy matters have changed for them.

  • Do they need to relocate?
  • Do they want more space locally?
  • Do they want to sublet?
  • Would they want to assign their lease?

All of these are interesting questions that require specialist assistance and that is where the local agent can be of great value.  The local leasing agent understands the property market in many different ways including rents, lease terms, incentives, and lease types (just to name a few).

The fact of the matter is that most business owners just want to get on with making money.  They have little or no idea of leasing trends of the local property market until they require new premises to relocate to.

Most leases go for a period of 3 or 5 years, however the 3 and 5 year term is really common.  This then says that any tenant that has been in a lease for a period of time could be coming up to a lease expiry or renewal.  Approaching tenants and asking the right questions is all that is required to become successful as a leasing agent in this and any other property market.

Build the property market around you so that you know what is needed by the tenants today and have all of the property information at your fingertips.

What does a ‘top agent’ look like?  They look ‘busy’.  Build your system of contact with your local businesses and the leasing market opportunities will open up for you.

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Commercial Property Leasing Handover

When you lease a property, it is not just a matter of finding a tenant and matching them to a property.  There is a lot more to the relationship and the leasing deal itself.  This is where the professional property leasing agent stands well and truly above the other competitors in the market.

So let’s assume you have found a tenant in a property transaction and that you have negotiated a deal that is acceptable to both the tenant and the landlord.  Moving the parties forward to lease finality will be part of your role and focus; if you do not stay with a property transaction to the very end, others can slow or stop the transaction without your knowledge (solicitors are good at that).  Of course that will mean loss of commission and credibility.   Top agents stay with the deal to the very end on behalf of their clients or principal; you should get in a habit of doing the very same.

Here is a leasing checklist that contains some of the main issues in a leasing deal.  You can add to the list subject to your property type and location.

  1. Make sure that the lease that is created by the clients solicitor reflects the facts that have been discussed in your leasing negotiations.
  2. Get the lease signed by all the parties.  It may be that solicitors for both parties do this, however, make sure that it is done in a timely way.  Delays create uncertainty.
  3. As part of getting a lease signed, the rent should be paid together with the required lease deposit as a commitment by the tenant.  Get the money into a trust account so that the cheques are cleared (or get a bank cheque).
  4. All bank guarantees and bonds should be lodged with the right people as part of the signing and the completion of the lease documents.
  5. Double check with all the solicitors (and particularly the solicitor acting for your client), that the correct documentation has been served and signed.  Some leases require secondary supporting documentation such as disclosures and licences.  The whole bundle of documents should be treated as one and all correctly signed.  The completed and signed documents should be in the possession of the client’s solicitor.
  6. If all of the above is in order, it will be time to allow access to the premises, and hence hand over the keys.  This should be done correctly with the receipting of the keys as they are exchanged, and the documenting of the condition of the premises at handover.  These records will be required at the end of the lease when the premises are to be made good.

You can add to these items based on the property type and complexity.  Importantly you can build a great checklist to keep you on track in finalising the lease.  In the end result you will get a good commission and have a happy client.

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How to do a Commercial Property Leasing Inspection

When inspecting commercial property with a prospective tenant you will need to give the person concerned a package of information that outlines the property detail. The contents and comprehensiveness of the presentation packet will assist you greatly in converting the deal to a successful lease. So let’s give some thought to the contents of that ‘packet’. We have put these separate matters in a logical order that is common in the market place.

  • Covering letter – This needs to summarise all previous conversations that you have had with the decision maker. It will thank them for letting you serve them with their leasing needs and it will then detail your understanding of the occupancy needs. From that point you can overview the properties that you are to take them to and let them inspect. Your reasons for showing them these particular properties should also be given.
  • Map of the area and greater region – Maps are always of high value in the inspection process. You need to give maps of the immediate region of each of the relative properties to be inspected and also a map of the greater region showing transport corridors and key points of business geography such as city centres, main roads, and railheads or airports.
  • Locate the properties – On your regional maps ensure that you highlight the location of the properties that you are showing. Some prospective tenants do not know where they are in relation to other parts of the town or community.
  • Property review information sheet – As the name suggests every property must have a property information sheet that is carefully constructed with key property information. Given that properties can be of different types such as office, retail, or industrial, the property information sheet will be adjusted with the relevance to suit. This will include:
  • Buildings name
  • Address
  • Area detail (site and tenancy)
  • Asking rental (for the specific space plus any supplementary rentals such as signage, car parking, storage)
  • Outgoings applicable to the deal
  • Asking lease term
  • Map of the property or tenancy
  • Photographs of the property inside and out
  • Floor plans of the space available for lease
  • Details of council zoning that effects building usage
  • Building detail to suit property type (floor loadings, height of warehouse, span detail in warehouse etc)
  • Car parking detail and access points (plus a plan of the car park)
  • Access detail and transport systems or corridors nearby
  • Improvements provided in the premises for the occupants (carpets, walls, floors, fitout configuration, electrical supply, air conditioning layout)
  • Services in the property (power, water, communications, lighting, air-conditioning, cleaning)
  • Amenities provided for occupants (car parking, showers, tearooms, toilets, common areas)
  • History brief of the property (this is general information on the age, architects, engineers)
  • Demographic overview of the region
  • Profile of neighbouring properties
  • Sample draft lease document – This is not always provided at the first leasing inspection with the tenant, but it is helpful to be able to go through the general terms of the lease with the prospective tenant. This says that you must feel comfortable with knowing how to quickly scan through a lease and look for key issues to answer simple and focused questions from the tenant. Detailed lease questions are best referred on to the solicitor acting for the landlord.
  • Inspection tools of trade – In any inspection you should carry the essential tools of trade to deal with any simple questions. These tools should be in your motor vehicle and easily accessible.
  • Measuring tape (up to 10 meters)
  • Measuring wheel (for large distances)
  • Laser pointer (to illustrate points of interest in the inspection)
  • Laser measuring device to measure rooms and internal space or height (you can get these from any large hardware store)
  • Camera (to record matters of interest or questions from the tenant)
  • Note pad
  • Mobile phone (so you can call the office or the landlord if needed)
  • Compass
  • Dictaphone for general notes during inspection

 

GOLDEN RULE: In any inspection of a property should you have any doubts or questions in your own mind regards a request for information from the tenant, do not ‘guess’ your response. Always suggest that you will get the full and correct answer that the tenant needs, and that you will come back later that day in writing with the relevant information. Legal action is not uncommon in the industry for things that have been said without due care.

BUSINESS COURTESY: After all leasing inspections are undertaken send a simple letter or email to the prospective tenant to thank them for their interest and suggest that you will be happy to help them with any further questions that arise. Also drop a note off to the landlord summarising the inspection and the outcome to date.

RECORDS: Keep separate written notes after all inspections with each potential tenant; it is surprising how this helps when you have premises that are attracting great interest from the market. Whilst it should go without saying, all prospective tenants must get entered into the office database after the inspection so that you can optimise the enquiry on other premises if necessary. Most tenants look around the market for only a short time (less than 2 months) and then make a new occupancy decision.