First Time Tenants – Here’s Your Guide

I moved into this entirely new city – a less paying job at hand, no friends to stay with and absolutely homeless. Honestly, I had no money to waste staying in a hotel even if it meant for a day (I mentioned the low on fund thing) and no time to waste looking for flats in the new city. The easiest solution was PG Renting – it was supposed to be a relied for my low budget thing and I’d not have to worry finding someone to stay with too.

But, this is not where it all ends; PG renting is one hell-of-a problem and if you’re a first time tenant there are an extreme number of things you’re supposed to cover.

Here’s a guide for all first time tenants, like me. Also, if you wish you can thank me later.

  1. Keep your documents ready: The first thing that you should do is keeping the necessary documents ready; whether it is your work offer letter or a few documents related to your educational institution make sure you’re ready with the proof. This is the first step towards building your trust and impression on your potential landlord. On being requested to present the papers make sure you can do it all without and hesitancy.
  2. At least, have some idea about your workplace/institute: If you’re new to a city it might be really difficult for you to have complete information about your workplace or institution but make sure you have some idea. This will help you in renting a PG that is close to your desired destination; also, this will help you decide your mode of conveyance between the two locations.
  3. Be very clear about your requirements: It is best to mention all your PG renting requirements to your landlord, this will help the two of you decide whether or not this paying guest accommodation will be the perfect choice for you or not. Tell them in detail about all you need and if you’re open to any negotiation or not. Be very clear; keep no room for the any later problems between you and the landlord.
  4. Understand the policies: Every PG has its own set of policies that must be considered and carefully followed. Whether it is the PGs in-time and out-time policy or the monthly rental, the electricity bills, etc. make sure you’re very clear about everything right from the very beginning. Understand all policies much before you plan on moving in as a paying guest, if you have any queries make sure you’ve asked about them all well in advance.
  5. Always make a PG rent agreement: The mistake that most landlords and tenants tend to make is not making a PG rent agreement. This is one of the most important documents that will clearly mention all the facilities being provided to you as well as the terms and conditions of staying in the PG. Make sure you have this document prepared before you finally move in with your luggage.

If you’re a first time tenant these five points mentioned above will be of absolute help for you irrespective of your city and location. Make sure to consider these all to find the right paying guest accommodation for yourself.

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.