Commercial Property Leasing Activity Report – Your Complete and Foolproof Guide

When you manage or lease a commercial, industrial, or retail building you have to track the leasing issues, not only for the landlord, but also for the tenant. The performance of an investment property is impacted by rental and lease documentation in a variety of ways; you do not normally want a vacant property.

The Property Manager or Leasing Manager for the property has to keep things under control and on track to the property strategy, business plan, and tenancy mix.

To solve the problem it is best to run a leasing activity reporting process and update it at least monthly. Within each month the report becomes a moving tool to support the property investment for the landlord. It is a document that tracks:

  • Current lease activity
  • Forward lease changes
  • Vacancies

What you are normally looking to avoid here with the report is disruption to cash flow or something that disturbs the function of the property outside of any plans you may have. Accuracy in the report is paramount as it is likely to be the main document that keeps you abreast of critical lease issues. If there is an error in the report then you will likely miss a critical date on a lease, and that can be significant in the function of the property over the longer term for the landlord.

The leasing activity report is a forward looking report usually covering the next 12 months and everything that can happen to leases and licences therein. Special attention has to be given to anchor tenants, and tenancy mix strategies that are already in place; these strategies are already active and should be continued.

In a multi-tenant occupancy, the number of leases in the building can become daunting and diverse. When the landlord owns and operates a number of properties at the same time, the matter of lease stability is also complex. The leasing activity report keeps you on track.

A leasing activity report should include the following issues:

  1. A tenancy schedule of current leases including upcoming predicted or known changes such as rent reviews by type and timing, options for a further term, and expiry dates.
  2. Status of any current negotiations with tenants both new and established.
  3. Signed leases report (that is for existing leases for occupying tenants)
  4. Submitted leases report for documents that are outstanding for any reason
  5. Proposals for new leases pending a decision by the landlord or tenant
  6. Vacancy report of areas that are soon to be or are already vacant
  7. Marketing strategy and inspection feedback for vacant areas currently
  8. Prospects currently looking at the property and status
  9. List of vacant areas in competing properties nearby
  10. Changes to tenancy mix recommended
  11. Schedule of rentals in the current surrounding market to which you compete
  12. Overview of the types and level of incentive that exists in the surrounding market
  13. Target rentals and target lease terms
  14. Summary of recent leasing decisions made by the landlord in the last month that impact the property or any vacancy.

When you use these topics for your leasing report, it is clear for you to see that most things are covered and under control. In addition to the items above it is best to provide a time line graph of events both current and foreseen to help track events before they happen.

How To Negotiate A Rent Decrease With Your Landlord During A Recession

Recessions are difficult. A tenant may have accepted a lease arrangement in good faith with the expectation of continued income, but then find circumstances change. Rent that once was easy to pay can suddenly become difficult, or even impossible, to pay. As a result, many renters consider asking for a rent decrease in such trying conditions.

Considering asking for a rent decrease is not the same as asking for or getting a rent decrease. It takes a combination of honesty, planning, courage and desperation to be able to successfully negotiate a rent reduction. If you need to reduce your rent, there are some essential tips on how to approach your landlord with your request.

Landlords often find that it is preferable to grant a rent decrease instead of forcing an existing tenant to move and then to incur the expense of finding a replacement tenant. Tenants who are able to negotiate a rent decrease also are spared the time and expense of looking at other rentals.

While no landlord wants to hear a tenant say that they are unable to pay the rent as previously negotiated, during extended economic recessions, landlords often are willing to be flexible for existing tenants. If you are unable to pay your rent, it is preferable to be upfront with your landlord, so be prepared to approach them as soon as you are aware of your situation.

When meeting with your landlord, explain why your income has dropped. Your employer may have cut your hours down, reduced your wages, or both. Avoid being emotional about the situation; discuss this in a logical manner with your landlord. Experienced landlords will have weathered economic downturns before. The chances are good that they will understand and perhaps even appreciate you coming to them as soon as you are aware of your decreased income.

Particularly during lengthy recessions, it may be useful for you to ask about rental rates for similar units in your area. Providing current rental rate comparisons to your landlord may give you an additional bargaining chip.

If your research shows that other tenants in your area are paying lower rates for similar units, this can be helpful in negotiating a lower rent. Landlords will generally desire to keep some income coming in rather than losing all of the income from your rental unit.

Be sure to negotiate directly with your landlord. If the complex uses a management company, negotiate with the highest ranking person available to you. Have proof available as to the reason your income is reduced and be sure to remind them that you have always paid your rent on time in the past.

Looking for Affordable Apartments for Rent

Are you moving to a new city? If you are then, finding affordable apartments for rent is probably one of your priorities. You can choose from plenty of options in your search these days. Finding the right rental property may not be as difficult as you imagine.

Your income is the first thing that you should consider if you are looking for an apartment. It may be possible to seek help from organizations like HUD if you fall within a certain yearly income. You can benefit from the affordable apartments for rent for low income tenants that these groups offer.

Do you fall within the state guidelines of programs like HUD? If you do, then you should make sure that you take advantage of the opportunity to find affordable apartments for rent according to your income. These organizations work with your specific level of income so you will only pay what you can actually afford.

Asking questions from the people I knew was the first thing I did, when I was looking for affordable apartments for rent. This turned out to be one of the most valuable resources available. I was lucky to have friends and family members who were willing to help me find a place that I could afford on my meager waitress income. I have to say that I was shocked when I discovered many cheap, unadvertised apartments for rent in my area.

An unadvertised rental that was behind a private home was one of the nicest options available to me. I found a cozy one bedroom suite that was perfect for me in that small building. I almost fell in love with the place, even though it wasn’t one of the affordable apartments for rent that I put on my list. That wonderful apartment was just too far out of the way for me.

I had no choice but to try the other affordable apartments for rent on my list. I had my eye on a place that was located on a perfect location and I already knew the landlord. I talked to the owner and asked to be put on a waiting list because the current tenant was about to move. I would have never known that the apartment was going to be available if I hadn’t networked with friends and family.

You can also find affordable apartments for rent by searching the newspaper. However, shopping around might be a better option. It’s important that you become familiar with the neighborhood. It would also be wise to consider how far you want to drive to work each day. You can find the best cheap apartments for rent available by simply asking around.

The Truth About Landlord Protection Services

Anyone who is contemplating renting out their home or other property needs to be well-informed about landlord protection services. These services assist landlords in determining everything there is to know about their rights and those of their tenants. Landlords work hand-in-hand with their service of choice to obtain accurate background checks on potential tenants. Doing so makes it much more difficult to rent to unsavory characters that may have had leasing problems in the past.

As most landlords are aware, crimes against their properties are on the rise. That being said, it is of the utmost importance that every landlord determines whom exactly they are renting to. By knowing the true identity of a renter before signing a lease makes it much less likely that the wrong person will be occupying their property. Careful and thorough screening is a must and it generally guarantees that the landlord’s rights and property will be somewhat protected.

Tenant screening is one of the most important aspects of landlord protection services. It needs to be done immediately after a potential tenant has completed the proper paperwork and has turned in the rental application. The information gathered during the screening process will be fundamental in the landlord’s decision as to whether to rent or not to rent to a potential tenant. This screening process takes an in-depth look at the applicant’s credit and criminal background and reports back to the landlord any adverse actions that may have occurred in the past. Companies specializing in helping landlords avoid future court proceedings are easily found online and each offers its own unique services.

Landlords who decide to use an online service to help them in their rental arrangements will find that it is well worth their time and effort. Once the information has been entered regarding a potential renter, background information will be available almost immediately. Doing it themselves takes much longer and it is often difficult to get the information needed to determine if a person is a good credit risk.

The best advantage that landlord protection services offers is that upfront verification of the potential renter is done by the company. This means that there is less chance for lengthy and costly legal proceedings down the line. And if the renter turns out to be less than desirable, the company will be there for the landlord for advice and assistance whenever needed. These services are absolutely essential for anyone who owns rental property and should be seriously considered before signing any type of leasing agreement.

Tips to Choose Perfect Serviced Apartments

Serviced apartments are preferred mode of accommodation, for families on a long vacation, business men who travel on work, for people who move into larger cities for medical care and prolonged treatments, for parents who move into cities for training or education of their siblings and as a temporary accommodation before you move into a renovated or a new house. The serviced apartments score high when compared to a hotel because it gives a feeling of a home away from home, for which a proper match of, our needs and services provided in the apartment is a prerequisite. Take care of:

Location

Location of the Serviced apartment is important. The serviced apartments are usually, situated in the centre of the city so that it will be easy to commute for students and businessmen who need to travel often. But, this might not be an ideal location for people who are looking for long lazy holiday to rejuvenate themselves and for people who enjoy picturesque places. In case of medical tourists, a quiet place in proximity to the hospital is suitable. Therefore, need determines the location.

Amenities

It is imperative to collect a list of all amenities available like availability of air conditioner, geyser, kitchen appliances, refrigerator, couch, cot, foldable bed and other amenities like 24hrs water supply, WIFI facilities, well manned front desk, round the clock security, intercom facilities for room service, laundry facilities etc. Checkout, whether, the cost for these amenities are already added to your rent. Make a list of amenities for which you need to pay, decide if those services are needed and then opt for it.

Flexibility in house -keeping services

House keeping services can make or mar your peace. If the house keeping services are going to be rigid and restricted to fixed timings, it would definitely be detrimental to your freedom to move out when you are on a holiday. One should also ensure that washing utensils is also included in the house keeping services if cooking your own food is in the agenda.

Food

If you plan to cook, clarify that the kitchen is fully equipped with utensils you need to cook and to serve. If the apartment is annexed to a hotel (aparthotel), problem of locating an eatery is put to rest. However, verify if room service is available. It is better to select an apartment with at least a cafeteria so that it saves you the trouble of locating a café for your coffee or tea early in the morning, if you are dependent on food from outside.

Budget

Take stock of your needs and see at what price it comes to you for the length of the stay. It would be better to compare it with the other serviced apartments in the locality you prefer and then take a wise decision.

Serviced apartments which match your needs at affordable cost with good security and transport facilities can make your life easy during your stay.