Your responsibility as a tenant is to manage your tenancy. Your landlord will not call you and offer to reduce your rent. Here are five key rent-saving opportunities every tenant should know.
Where’s the refuge from the storm? So much is unfamiliar about the pandemic that it is impossible to make sense of what is happening. At this point, the uncertainty has gone into overdrive. As a result, tenants are scrambling and disoriented.
If you don’t ask for it, you won’t get it. Negotiations can be tough, especially when you are trying to secure a great deal on a great space for lease, at the right price. It comes down to a few overbearing factors but the most important is the discovery into who holds the most negotiation power between parties, and the concessions you will have make. The end goal is seeing the deal inked with signatures with two smiling parties.
Society has changed in many ways over the past few years in response to digital communication and the pandemic. Some changes are temporary, other changes are permanent. Consumer buying habits have changed with a significant shift to on-line marketing and purchasing at the expense of direct retail shopping, resulting in less physical shopping activity and less demand for retail rental premises. Companies are finding it’s unfeasible to reach previous staffing levels with reduced sales volumes and electronic commerce resulting in reduced employment opportunities.
Having a physical location to operate your business is the norm in today’s business environment. Speaking from a historical perspective, it was the only way to get your services or products to the customers. 100 years ago, farmers would attend farmer’s markets, lawyers had high profile office space and dentists had clinics to see patients. Fast forward into current times and people have not changed much, however, the social climate we live in is dramatically different that 100 years ago.
Now is a great time to be thinking about your lease, location, building type as you reposition your business to move forward from the effects of COVID-19. You might not be ready to make a move just yet, but opportunities are becoming available that the pre-COVID market did not produce including lower rents and maybe a better location!
We just passed over the continental divide moving from the landlord friendly market to the tenant friendly market. This tenancy market change is the economic effect of the social distancing shutdown response to the pandemic.
As realty lease consultants with over 75 combined years of experience, we have a front row-centre view of how the pandemic is affecting leases and tenancies.
Having a hard time paying rent on your commercial space because of the COVID-19 lock-down? Is your Landlord allowing you to stave off rent payments? How are you going to pay the deferred rent back to the Landlord when the quarantine period is up? There are lots of remedies.
The saying goes “what you don’t measure, you can’t manage” Having a business plan is status quo. Everyone needs one to plan and obtain their targets and goals. One vastly overlooked aspect of a business plan is metrics. Its not just a buzzword, but your business plan laid out financially, with a set of rules about what is acceptable and what is not.
The life cycle of a tenancy consists of a number of steps, each no less critical than any other. The cycle begins with site selection, and progresses through an offer to lease, to a lease, through periodic lease renewals, often to assignment, and eventually to end. This article about the Lease is the third in a series that will explore the various stages of a tenancy.
The life cycle of a tenancy consists of a number of steps, each no less critical than any other. The cycle begins with site selection, and progresses through an offer to lease, to a lease, through periodic lease renewals, often to assignment, and eventually to end. This article about the Offer to Lease is the second in a series that will explore the various stages of a tenancy.
The life cycle of a tenancy consists of a number of steps, each no less critical than any other. The cycle begins with site selection, and progresses through an offer to lease, to a lease, through periodic lease renewals, often to assignment, and eventually to end. This article about Site Selection is the first in a series that will explore the various stages of a tenancy.
Your Lease is not the right vehicle for short-term gains. Think of your lease as a long-term investment with an eye for stable returns and value appreciation. Giving your attention to lease evaluation and negotiation will help grow your asset. Making sure your lease has all the features it should have in every stage of the market cycle is the goal.
What you don't know can, and will, hurt you in your lease negotiations. Here are 8 common pitfalls and how to avoid them.
There are three possible conclusions when resolving any difference of opinion between people, including differences during a lease negotiation. The trick is understanding how to negotiate a true resolution rather than set yourself up for future trouble and aggravation.
Tenants are often faced with seemingly hopeless lease problems. The tendency is to struggle on, quietly enduring the issue, or worse, spend a great deal of time, money and emotional energy chasing the problem rather than the solution. The challenge is to re-focus and find a new perspective that can present a cost-effective resolution.
A lease is written at a particular point in time, but it describes a complex relationship between at least two parties that continues for many years. Circumstances change every day. Some circumstances are predictable, others are not. Every provision of every lease may be appropriate, inappropriate, or of no consequence at a given point in time depending on varying factors. Be aware of potential problems but know how to look for the opportunities.
Check your lease for rent overpayment. It's very unlikely your landlord will tell you that you are overpaying rent, but If your premises area is misrepresented in your lease this may very well be the case.
The commercial real estate industry has changed dramatically in the past 5 years. As a tenant you need to be aware of the changes and manage your position accordingly.
Perhaps you are familiar with the child’s game of musical chairs – where children move around a group of chairs and when the music stops each child dashes for a chair leaving the most
Welcome to 2015. A lot has changed and is changing at this time. For example, I have cancelled my land line with Bell after decades; the only difference I experience is no monthly charges and no telemarketer calls.
To be successful in this current commercial real estate market, you have to believe that there is always an opportunity in adversity.