Tag Archives: Property

Commercial Property Leasing – Pain Points to Lease Negotiation

When leasing commercial or retail premises there are certain points of negotiation that always create pain for the parties concerned. Here are a few of the big and most common ones:

  1. The landlord wants a high starting rent
  2. The tenant wants a big incentive
  3. The tenant wants a huge option term for further potential occupancy
  4. The landlord wants a tenant but is not prepared to provide an incentive to attract them to the property
  5. The last tenant left the premises in a mess and the landlord will not fix it up until a new tenant is found
  6. The landlord will not refurbish the premises before they have a tenant on a signed lease
  7. The tenant does not want to give any form of guarantee as security in the case of any default of lease

These are the most common problems for the average lease negotiation. Most landlords also think that their property is better than anything else around and on that basis will not negotiate down on any rent to get the premises let. So often you hear that the landlord is prepared to wait it out and see what the next tenant will offer.

In this market there are limited numbers of active tenants looking to relocate to new premises. In some cases there can be 5 properties available for every tenant to choose from. Urgency in the lease deal is not high from the tenant’s perspective; landlords need to know this. They may only get one tenant to make an offer for the premises.

When it comes to leasing premises it is not where you start your lease and rent, but it is more important to know where you are headed and where you will finish. Rent reviews during the lease term can take care of rent escalation to improve the lease, providing the real estate agent negotiates the lease well.

So what can you do with this list of common leasing problems? The best way is to use the pain of the vacancy (in the case of the landlord), or the pain of the need for new premises (in the case of a tenant) to move the deal forward. You should work with the offer that you have and not hope that another will come again soon to replace a low offer today.

Take today’s lease offer and turn it into a valuable lease over the term. Show the landlord the real value of the lease by doing an analysis of the deal using a net present value approach on the lease cash flow over the lease term. It is remarkable how the landlord will soften their negotiation position when long term lease value is explained in numbers.

Commercial Property Law Specialist

Buying or leasing a commercial property today can become hassle free only when the buyer knows their property law well. Even they are not familiar with the latest news they need correct legal advice. Our commercial property department is experienced in dealing with commercial property transactions including sales, purchases, assignment of leases, purchases of businesses of going concern and sales and lease back transactions. We provide commercial property solicitors for various different sales. One can get expert advice only with a specialized property lawyer. For property transfer we provide a Conveyancing Solicitor too. At Duncun & Lewis we have been assisting landlords and their clients to run business in harmony without any litigation.

Normally, real estate agents in areas recommend commercial property solicitors who they know. They know the area and are knowledgeable about the laws concerning related properties. Many businesspersons try to reduce the hassles by trying to circumvent legal hassles by only relying on the brokers’ advice. The title of the lease or plot has to be clear. But the right option is to engage commercial property solicitors for it. When you approach a commercial property solicitor at our firm they will take into account the compete details before any sale or purchase or any other transaction is made.

Too much emphasis is being given on the protection of the tenants now. A new code was introduced for leasing business premises in UK in March 2007. Sometimes lack of knowledge and not giving due importance to property lawyers can land businesses in trouble. For every negotiation, we make sure that property conveyancing is done easily, with able assistance from a conveyancing solicitor. A conveyance is a deed (legal document) that conveys a house from the vendor (seller) to the buyer, thereby transferring ownership. For transferring the property in the name of one person to another especially in business premises requires legal assistance. We take it to our credit that we have handled successfully, many such cases.

Consider a commercial property solicitor from our firm as an insurance policy against bad decisions. Property owners today do not want long-term tenants and this could mean that some tenants will protest. Tenants whose business depends on the volatile markets tend to take shorter legal routes. The lease term is important and we are aware of the technical issues faced by our clients. We charge reasonable fees but make sure you remain in business. This is our priority. If are looking for knowledgeable commercial property solicitors or conveyancing solicitors, log on to duncanlewis.co.uk. Find a wealth of information here apart from the best solicitors.

Commercial Property Management – Tenancy Schedule Tips Tools and Tactics

The tenancy schedule is the tool of choice for a property manager or leasing manager in a commercial or retail property investment. It is the tenancy schedule that will keep the property manager up to task on forthcoming events and dates.

Often you find that the tenancy schedule is not up to date, so if anyone gives you such a document, treat it with the caution it deserves, and check it out completely before you act on the information contained therein.

So let’s say that you have a great tenancy schedule that you know is totally accurate. I get many questions about what I would want to see in a tenancy schedule. Here are my main priorities:

  • Details of the tenant name, lease, and full contact detail for emergencies
  • Tenancy identifier or suite reference that comes from the plan for the property
  • The area of the tenancy in m2 or ft2 (depending on your unit of measurement)
  • The % of the tenant area to the building net lettable area
  • The rent $’s per annum, per month, and per unit of measurement (m2 or ft2)
  • Lease start date
  • Rent start date
  • Lease end date
  • Term of lease
  • Option term of lease
  • Anniversary dates and reminders for rent reviews, options, expires, renewals, renovations, and make good obligations
  • Outgoings charges for each tenant on the basis of area and monthly charge
  • Outgoings budget for the building
  • Total outgoings recoveries for the property on a currency and % basis
  • Types of outgoings to be charged to the tenants
  • Insurance obligations of the tenant
  • Rental guarantee details or bonds held
  • Provision for critical dates relating to any important lease term or condition
  • Maintenance obligation details of the tenants

This list is not finite and you can add your own extra priorities, I would however make sure that it is totally correct and maintain it to the highest level of accuracy. When you do this you can stay on top of important upcoming events that will impact the occupancy or rental of the property.

Whilst you can buy ‘off the shelf’ software programs that display this above information, that can be quite expensive for those commercial and retail property managers that are first entering this type of property. The alternative is to create some simple spread sheet that contains the data; in saying that, it is essential that great care is taken to maintain the spread sheet that you create. Any errors in the tenancy schedule can destroy your landlord, your business, your tenant, your reputation, and the property. Accuracy is paramount.

Multi-Family and Commercial Property Buyers: What Is the Expected Useful Life of the Systems?

Buyers often ask the real estate building inspector: “How long will the roof, electrical system, plumbing, etc. last?” The answer to these questions is not just based on the inspector’s experience.

There are agreed upon life expectancy tables. After reviewing many of them, the one table that seems to be the most relevant for commercial properties is the Form 4327 Physical Needs Assessment. It can be found on the Fanny Mae web site. It covers many items such as roofing, heating and AC units, as well as mail boxes, signs, clothes dryers, etc. This is one key standard we use when assessing the condition of a commercial or multi-family property.

Where the tricky part comes in is determining how much longer a system will last. For the most part that has to do with how well the building and its systems have been maintained. For example, we recently inspected an apartment building that was 50 years old and if it continues to be maintained at the level it has been it will last at least another 50 years. We also inspected a building that was only 20 years old and in need of such extensive repairs and maintenance that it was questionable whether or not it should be torn down.

A good real estate inspection should go over the five basic systems and the site – namely the plumbing, electrical, heating and cooling, roofing and structure. Some inspectors will be able to give you an estimate of the remaining expected useful life left in each. This is partially done from experience and partially from the above mentioned table. The experience shows us what shape it is in now and how well it has been maintained as well as the original quality of the materials used and the quality of the installation. All are factors that you don’t get from a table.

An example of assessing primarily from experience was many years ago when the customer asked me how much longer the roof would last. I told him that if it had some repairs and maintenance done now it would last another 5-10 years before it needed replacement. He was greatly relieved. In this instance, I was assessing this primarily from my experience of nearly 40 years in the trades.

The problem with relying only on experience is the wide variation in experience from person to person. When I first wanted to know how long the systems typically last, I asked an HVAC (that’s heating, venting and air-conditioning) specialist how long a typical roof mounted unit lasts. He told me 20 years or so. When I asked another one he told me 12 – 15 years. When I asked another he told me 15 – 20 years but that what really was important was how well it was maintained. He had seen some over 30 years old and doing fine. At that point I realized I needed to get some industry recognized expected useful life tables and discovered the 4327 Physical Needs Assessment.

This question continues to require ongoing research every day. I keep asking professionals when I see them. New products come out all the time. Some of the new ones don’t last nearly as long as the older ones – like the wall gas heaters you see in apartments. The new ones last maybe 10 – 15 years if they are used often. The old ones lasted 20 – 30 years or more because they were made with thicker materials.

Nothing beats a good thorough general visual building inspection by a seasoned professional to get the basic understanding of what you have and how much longer it should last if properly maintained.

The Golden Rules in Managing Commercial Property

Managing commercial property with multiple tenants can be very demanding. Ultimately it is the skills of the property manager in controlling their day and the property that is critical to success.

The landlord of a property needs stability of rent, tenant mix, and outgoings. That is why a good and experienced property manager is required to keep things on track. Any property manager will not do when it comes to commercial or retail property; inexperience in that regard can impact the property performance very quickly.

Here are some of the golden rules of property management in commercial and retail premises:

  • Lease occupancy should be monitored. A good lease document is the key here. Generic leases are a waste of time as they do not fully cover most of the unique property issues that can come from a special property. Landlords are better protected in a solicitor prepared lease.
  • Terms of tenancy usage should always be watched so the tenant does not step outside the terms of the lease. When the tenant bends the rules or does something wrong it pays to handle it quickly and always using the terms of the lease as a backstop.
  • Payment of rental should be in accordance with the lease documentation at all times. When late payment occurs then steps are taken quickly to serve the appropriate notices and demands under the lease. Collection of arrears is always important. Left unchecked it is very easy for arrears to get well out of control. Time is critical when it comes to arrears follow-up. When in doubt always look at the lease first to see what responses are required when rent default occurs.
  • Control of building maintenance is both a budgetary issue and also a safety issue. When maintenance threatens the safety of the tenants or members of the public, it has to be responded to immediately. Liability and negligence claims are most common in property management.
  • Payment of accounts should be undertaken in accordance with the approved accounts in the property budget. It is wise to get the landlord to approve a budget prior to the beginning of each financial year. In that way the property expenses can be planned.
  • Budget performance has to be monitored so the expenditure does not get beyond control and outside of industry averages. Any property with high outgoings will be hard to lease.
  • Landlord reporting and communication is a key to property management success. Regular accurate reports are essential to keep the building momentum pointing in the right direction. When the landlord gets the right reports they can give accurate decisions.

The list can go on and the details are always broad and complex. A landlord should choose their property manager based on skills and experience. Low management fees or leasing fees are the wrong reasons to be changing property manager. Experience is the key every time. A good property manager will offset their fee cost many times over through appropriate building strategies in leasing and maintenance, good financial controls and reports, and excellent tenant relations.

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.

Tips to Hire a Commercial Property Inspector

Hiring a commercial property inspector is an important part of buying, selling, or owning a building. Having relevant and accurate information regarding the state of a building can be helpful in each of these circumstances:

1. When an individual is preparing to purchase a building and wants to know the true state and value of their investment.

2. When an individual already owns a building, but wants to know the condition of their building, enabling them to take preventative care measures or reevaluate their investment.

3. When an individual is preparing to sell a building and wants to know the true state and value of their investment.

In each of these circumstances, the property-owning individual requires information that can only be provided by a commercial property inspector, making the process of hiring a commercial property inspector rather important. The tips included in this article are therefore intended to help commercial buyers, investors, and owners gain an accurate evaluation of their investment in order to protect and grow their investment portfolio.

Six Tips:

1. First and foremost, it is crucial to make sure that your commercial property inspector is licensed, whether by National Property Inspections, the International Code Council, the National Association of Certified Home Inspectors, the state, or another reputable and trusted standards association.

2. Do your research. Social media sites like Yelp and Google Reviews provide unfiltered reviews of commercial property inspection businesses. Though business owners can control the reviews that appear on their company website, they cannot control the reviews posted about their business on social media sites like the examples above. These are the best places to get a feel for the businesses you’re considering; however, don’t let one bad review rule out a company – look for a general consensus.

3. Do more research! Follow up on the company’s references. Of course the references that any business owner provides you with will have a positive review to share, but they may be able to answer specific questions that you have regarding work styles, principles, and other miscellaneous concerns.

4. Make sure that your commercial property inspector’s equipment is updated and conforms to current standards of practice. Advances in technology, such as thermal imaging systems, have bettered an inspector’s ability to identify water and air leaks, and should be on your list of requirements. Further, make sure that your commercial property inspector has adequate training to use advanced equipment – ask for credentials!

5. Discuss payment options. Some commercial and home inspectors are small, often family-owned, businesses and may not have the ability to take credit cards. If you plan on paying by credit card, make your intentions known early on so that you may decide to choose another company or another payment option.

6. Communicate effectively. Be clear about your expectations for the commercial property inspection and discuss obstacles. Inspectors are not expected to move potentially harmful objects, such as heavy machinery or hazardous materials.

If you are unsure of whether to hire a commercial property inspector or not, make the smart decision and move forward with an inspection. For property owners, preventative maintenance is always more cost effective than repairs, which may also stall productivity. Additionally, whether you are interested in buying or selling commercial property, an inspection will give you the information you need to accurately assess your investments.

Commercial Property – What to Do If the Lease Is Unsigned

In commercial property management and leasing you frequently come across the problem of the tenant delaying the signing of the lease. It can be for a number of reasons such as:

  • The complete terms of the lease are still being negotiated
  • The tenant is still finalizing their fitout design
  • The various partnership members are not all available for signature
  • The documentation is still with the tenants solicitor
  • The business or government department is taking time to process the document
  • The decision makers are away
  • Approvals for permitted use are delayed at local council

So the list goes on and you will see many variations of the problem. Tenants will give you so many different reasons why the lease is still outstanding. Frequently the delay process is not as it seems and there are other alternatives that the tenant is adopting for their own reasons. Tenants will not tell you the whole truth; that is a fact.

The signature on a lease is then a critical element of making the tenancy available for occupancy. In almost all lease situations, you would want the tenant to satisfy the following criteria before the keys to the tenancy are handed over:

  1. The lease is totally and correctly signed
  2. The plans and drawings associated with the tenants fitout have been submitted to the landlord and are approved
  3. The plans and drawings associated with the tenants fitout have been submitted to the building control board or local council and are approved
  4. The first months rental is paid in advance in accordance with the lease documentation
  5. The appropriate personal or bank guarantees are provided to the landlord in accordance with the agreement to lease
  6. All associated documentation and disclosures tied to the lease implementation are correctly served and satisfied
  7. The deposit required under the lease agreement or lease arrangement is paid

The golden rule in the leasing a property to a tenant is that all lease requirements are satisfied in accordance with the property managers instructions and the landlord’s requirements before any keys and tenancy access are given.

It should also be said that any incentive to be made available to the tenant as part of the new lease structure should not be released or made available until all the six points above are satisfied.

In most instances with commercial property, the tenants you work with are very experienced in business and negotiation. They are likely to be more experienced than the property manager or the landlord. The tenants will set up the leasing situation to their own advantage during the lease negotiation.

So the clear message here is that the premises should not be handed over to the tenant until all lease documentation requirements have been satisfied correctly and legally.

Principles of a Sales Pitch to a Commercial Property Tenant

When you are leasing commercial property to a tenant, there are a few good principles to follow in the sales pitch about the premises and in the process of negotiating leasing. These principles apply with both office and industrial premises.

At the outset remember that the inspection and the pitch is all about the tenant and the premises; it has nothing to do with you. You are only the facilitator to the deal. All comments and questions should focus on the tenant and their needs.

Remove your ideas of more commission and closing another deal immediately. Start to focus on the tenant and the benefits they can get from the property. You should know the property and the location better than the tenant so you can do something with that knowledge.

Here are some ideas to introduce to the inspection and negotiations:

  1. How would the tenant and the business operate from the new location?
  2. What will the property and tenancy do for the tenant in their business?
  3. How will it impact productivity in costs and time?
  4. What will the staff do with more space and fresh new premises?
  5. How can the fitout design improve their business function for staff and the departments of the business?
  6. What are the possibilities of expansion from the premises into adjoining tenancies?
  7. Will the premises improve their customer access and service capability?
  8. Proximity to other businesses in the precinct may be beneficial
  9. What image and prestige will the new premises give the tenants and their business?
  10. Transport facilities and car parking may be offering better business functionality for the tenant.
  11. Will the new premises help with storage, access to raw materials, or ports?

All of these points will help the tenant look at and see the advantages of the new property. When you add your local knowledge to the process of inspection and discussion, the tenant will give you further ideas to drill down on.

One other strategy factor to use in the tenant pitch process is the best way you can inspect the property. When the property was first listed you should have worked out with the landlord the best way to take tenants into and around the property. This helps you with the interest factor and the close when it needs to be done.

The process of inspection and sales pitch about the leasing property is really easy when you think about it from the tenant’s perspective. Put yourself in their shoes, talk about the premises from their angle; the lease negotiation will be much easier.

Commercial Property Managers – Tenant Retention Plans Are Beneficial for the Long Term

As part of a comprehensive commercial property management service, you should be providing a quality tenant retention program and service. In simple terms, the good tenants in a property should be part of a retention strategy, whilst the other weaker tenants should be part of a replacement strategy.

Here are some issues to help you establish a professional tenant retention plan in a managed commercial or retail property.

  1. Review all the competing properties in the local area to understand their vacancy factors, and tenant mix profiles. Look for any strengths and weaknesses in each of those properties. Understand how those properties can relate to the function of your property. Could those properties be attracting your tenants to move? Make sure you understand this fact.
  2. Check out the local municipal council regards upcoming future property developments. Understand if any of those property developments could have impact on the supply and demand ratio for occupied space. If you do have new local property developments coming up, check out the timing of the property release, and the potential rentals that could apply to attract new tenants. Expect that those properties will also offer large incentives as part of the property release strategy. Those properties could soften the effective market rental due to incentives offered.
  3. Review your existing property as to tenancy mix and lease profiles. Identify those leases that will soon to expire. That will normally be leases to expire inside the next two years. Those leases will be of immediate concern given that you will need a strategy to handle the expiry and or tenancy replacement. Planning and preparation is everything.
  4. Split your tenancies in your managed property into desirable and undesirable tenants. It is the desirable tenants that you will be encouraging to remain in occupancy. You will need a standard set of rentals and lease conditions to apply as part of negotiating with existing tenants. You will need to set market rentals that apply to existing tenants. The market rentals that you choose should be carefully considered with regard to recoverable outgoings and property expenses. You may choose gross or net market rentals but in each case the recovery of outgoings needs to be optimized for the landlord.
  5. The undesirable tenants should be identified and monitored as they get closer to the end of their lease. When the expiry of the lease is less than 12 months away, you will need a replacement tenant strategy. That will include target market rental, incentive allowance, landlord works, and permitted use.
  6. If your property contains one or more anchor tenants, pay special attention to the existence of the anchor tenant and how they are interacting with the specialty tenants across the property. A productive and proactive anchor tenant will encourage customers to the property and underpin the rental overall. A good anchor tenant helps the property to be successful.

So these are some of the issues to consider as part of preparing for your tenant retention strategy and tenancy mix plan. The property ownership requirements of the landlord should also be considered in balance to the decisions that you make with regard to leases. The rental for the property will also be set with relevance to the prevailing property market conditions through the local area.

Real Estate Investing Opportunity: How to Locate a Property to Buy

Are you looking for a profitable commercial real estate investing opportunity? Below are some helpful tips for locating a commercial property to buy.

Before you start your search, you need to decide on your desired property type. Determine the size, type and the location of the commercial property you are looking to purchase. It is possible that you may be looking for a multi-tenant office building instead of a small single-user office building. In such cases, make sure you are clear on these distinctions before you start your search.

Once you have the type of property clearly in mind, there are a number of sources you can use to locate that property:

Internet

The internet is a great platform to use to locate a real estate investing opportunity. There are several commercial real estate industry sites that give you detailed descriptions of properties offered for sale, as well as videos and other statistics that can be a helpful complement to your search. In addition, there are websites that are hosted by professional commercial real estate agents that will show listings of commercial properties for sale.

Another good source to use on the internet is to connect with user groups and real estate forums that can help you in your hunt.

The only downside to the internet is that it can be restrictive, especially if you are looking for a local commercial property. Most local areas do not have a multiple commercial listing service for commercial properties like the MLS (Multiple Listing Service) for residential properties so listed properties are not readily available to research.

Networks

Networking is another good technique used for finding properties. All you have to do is to visit your local real estate investment group and discuss your needs, clearly indicating the specifics of the type of property you are looking for as well as the financial requirements.

The same approach is valid at Chamber of Commerce meetings. You can also join groups of apartment owners, building owners, and associations of shopping center owners.

Professional Commercial Realtors

Last but not least, you can seek the assistance of professional commercial realtors. Good commercial realtors can be a great helping hand in your hunt for commercial properties. Not only will they provide you assistance but they will also help you in locating the most suitable property for your specific investment plans.

Sellers typically are represented by brokers and it is in your best interest as the buyer to have your own professional representation in any transactions you enter into. If you are worried about the realtor fee – it is usually paid by the seller and, therefore, you do not have to bear any expense.

In summary, homework is important if you wish to find a commercial property that suits your requirements. So do your homework and get the professional advice of a commercial real estate broker who will look after your best interests.

There are a lot of financially lucrative real estate investing opportunities in the marketplace. Good luck with your hunt!

Commercial Property Terms – Rectangular Building, Column Spacing and Bay Depth

If you currently invest or are considering investing in commercial real estate, here are a few commercial property terms that you should be familiar with.

Rectangular Building

When deciding whether to build a rectangular or a square building, you have several factors to consider. For one thing, it may be important to know that the square building usually has a smaller footprint. For instance, a 40,000 square foot building constructed as a square, would be 200 feet x 200 feet. However, that same building as a rectangle could be 100 feet x 400 feet and still have 40,000 square feet.

Although it’s the same square footage, if you’re going to build:

• 200 x 200, you have walls that are exactly the same.

So, you have only 800 lineal feet of wall to build.

• 400 x 100, you have 400 for both sides or 800 feet, plus 100 on each end, or another 200 feet.

So, you have 1,000 lineal feet of wall.

Although the amount of lineal feet involved is smaller with a square building, lessening the expense of construction, far more rectangular buildings are being built. Why? One big factor that shapes this outcome is that it’s easier to put the roof on a rectangle building. The maximum truss length from the standpoint of practical economical efficiency is 50 feet. As soon as you have more than that, you’re into incredibly larger engineering requirements to build that truss, because of the additional length in the roof that it has to support.

Column Spacing and Bay Depth

These are important commercial property terms to understand, because if you have a building that’s 400 feet x 100 feet, you must have one column in the middle of this building. That means your trusses have a one-column distance. This becomes important, when your tenant requires more usable interior space. If your tenant is using big trucks, tow motors, and similar equipment in your warehouse and is trying to navigate a column with a 200-foot truss, they would have trouble.

So, more buildings are being built like this, due to required elements such as column spacing and bay depth. Normally your columns are going to be 20 feet apart. So, if you’ve got a 100-foot building, it’s 50 feet to the column. You have a total of 50 feet of what is called clear span area. You can actually run a tow motor in that area without worrying about any kind of column spacing or impediments. The utility of the space becomes greater, even though it costs more to build.

Also, the cost of trusses is less and makes up for the extra cost in the lineal footage of wall space. Most of your tenant companies in this kind of property are going to be doing a lot of storage. If they want your warehouse facilities for storage, either long-term or short-term, there must be access to that storage.

Tip: The more efficient the access to storage, the more efficient the space becomes for the user.

Stay tuned for upcoming articles with more commercial property terms you’ll want to know.

What You Should Know About Property Management of Commercial Properties

Now that you have made an offer to acquire a commercial property and are waiting to close escrow, you may want to start looking for a property manager to professionally manage the property. Your real estate investment advisor should present you with 2 or 3 local companies, each with its own proposal. Your job is to decide which company you will hire. The property manager will be the main point of contact between you, as the landlord, and the tenants. Her main job is to:

  1. Receive and collect the rents and other payments from your tenants. This is typically simple until a tenant does not send the rent check. A good property manager will somehow get the tenant to pay the rent while a lousy one will throw a monkey on your back!
  2. Hire, pay, and supervise personnel to maintain, repair and operate the property, e.g. trash removal, window cleaning, and landscaping. Otherwise, the property loses its appeal, and customers may not patronize your tenants’ businesses. The tenants then may not renew their lease. As a consequence, you may not realize the expected cash flow.
  3. Lease any vacant space.
  4. Keep an accurate record of income and expenses, and provide you with a monthly report.

A good property manager is critical in keeping your property fully occupied at the highest market rent, the tenants happy and in turn helps you achieve your investment objectives. Before choosing a property management company, you may want to:

  1. Interview the company with focus on how the company handles and resolves problems, e.g. late payment.
  2. Talk to the person who will manage the property day to day as this may be a different person from the one who signs the property management contract. You want someone with strong interpersonal skills to effectively deal with tenants.

The property managing company normally wants a contract for at least one year. The contract should spell out the duties of the property manager, compensation, and what will require the landlord’s approval.

Agent’s Compensation: you will have to pay someone to manage and lease the property. You may have one company to manage the property and a different company to lease the property. However, it’s best to work with one company that handles both managing and leasing to save time and money.

  1. Management fee: the fee varies between 3-6% of the base monthly rent for a retail center, depending on the amount of work needed to manage the property. For example, it takes much less time to manage a $2M retail center with just a single tenant than a $2M retail strip with 12 tenants. So, for the center with 12 tenants, you may have to pay a higher percentage to motivate the property manager. You should negotiate the fee as a percentage of the base rent instead of the gross rent. Base rent does not include NNN charges. Ideally, you want a lease in which the tenants pay for their share of property management fee.
  2. Late fee: when a tenant pays late, he is often required by the lease to pay late fee. The property manager is allowed to keep this fee as an incentive to collect the rent.
  3. Leasing fee: this fee compensates the property manager to lease any vacant space. In a typical lease contract, the leasing company wants 4-7% of the gross rent over the life of the lease. It also wants the leasing fee to be paid when the new tenant moves in. In addition, the leasing company wants around 2% of gross rent when the lease is renewed. The tenant may also ask for Tenant Improvement (TI) credit, typically between $10-20 per square foot to pay for construction expenses. So if a new tenant with a 10-year lease goes under after one year then you may lose money. As the landlord you should:
  • Approve a long term lease (10 years or longer) only when the tenant’s financial strength is solid. Otherwise, it may be better to reduce the lease to 3-5 years.
  • Make sure the new lease has a provision for some kind of rent escalation, preferably based on Consumer Price Index (CPI), i.e. inflation which is 3-4% a year instead of lower fixed 1-2% annual increase.
  • Consider TI request from the tenant as one of the factors to approve a lease. The TI credit depends on whether you need the tenant more or the tenant needs you more.
  • Negotiate for a flat rate renewal fee, e.g. $500 instead of paying a percentage of the rent for the life of the lease. The negotiation is easier with one company that handles both leasing and management.
  • Negotiate to pay the leasing agent a lower percentage, e.g. 4% when no outside leasing broker is involved.

You can see that it’s very important to minimize tenants’ turnover rate as it has a direct impact on the cash flow of your commercial property. A good property manager will help you achieve this goal.

Monthly Report: each month the property manager should send you a report on income received, expenses incurred, and property status. You should Review the report to see if the numbers make sense. You should:

  1. Request a report showing both rent and CAM fees received.
  2. Request a separate bank account for your property and have a monthly bank statement sent to you. Without this, the property manager will deposit and commingle all the rents from all properties that she manages into her company’s bank account.

If you instruct the property manager to send you the excess cash flow then you will also get a check.

Landlord’s Approval: the management contract should specify the dollar limit for exceptional maintenance expense above which would require your approval. This amount varies from landlord to landlord as well as the type of property. However, it’s typically somewhere between $500 to $2,000 dollars.

Communication with property manager: in the first few months, you and the new property manager should communicate often to make sure things go smoothly. You should give instructions in writing, e.g. email, to your property manager and keep records of all your correspondence. If the property manager does not do what you instructed, you may refer to your records and minimize disputes.

If you want to work hard for your money, you may want to manage your own property. However, if you want to work smart, your partner should be a good property manager.

How to Get Commercial Property at Discount Prices

Your choices for this type of real estate investments include apartment buildings, self storage facilities, mobile home parks, office & retail, shopping centers or warehouses. The most important consideration when buying commercial real estate is to make sure that you get a positive cash flow each month. This is actually becoming easier with the recent changes in the marketplace, again, with the big “IF” you are buying right.

Commercial Property can be Purchased at Bargain Prices Commercial real estate is now available at lower prices and with better rates of return than investors have seen in many years. There are 3 main reasons for this:

1) Bubble investors overpaid for commercial property – Just like single family homes, over-eager investors have paid too much in recent years for properties based on the hope that prices would continue to go up forever. Now that the market has adjusted, these investors are looking for a way to get out. Unfortunately for them, the only way out in many cases will be for the asset to go into foreclosure unless the lender is willing to entertain a workout with the property owner, or with a potential buyer.

2) Commercial property loans are more difficult to get – Now that conditions have changed, the lenders are of course, pulling back. Most lenders today are only interested in funding commercial properties that are “performing”. This means that the property is fully rented except for a small vacancy rate, and that the income from the property is covering all of the expenses leaving a positive cash flow for the seller as a cushion in case the market gets any softer. If a commercial property has been mismanaged, or if the vacancy rate has been too high, then most lenders want to see the property turned around and operated successfully for at least a year, and in some cases for a full two years before the lender will consider lending funds secured by the real estate.

3) Creative funding can be used, but most brokers don’t understand it – Sellers who have to sell in this market may need to be open to creative funding, but most commercial brokers only have experience structuring conventional transactions. This means that if the real estate has been mismanaged, or has a high vacancy rate, then no matter how hard the broker tries to sell the property, if they are relying solely on conventional financing, then the likelihood of getting to a successful closing is bleak.

These three factors are creating opportunities for investors who understand how to approach commercial brokers about creative financing for commercial assets, and who realize that in this market they can put together non-conventional transactions using methods such as a Master Lease Option, Owner Carry Financing, and Buying Using the Existing Financing. Once you understand these ideas you’ll be able to build your commercial property portfolio right now during the real estate downturn rather than waiting for lenders to start lending again.

This gives you the chance to get into owning commercial property at a time when prices are favorable, and because conventional lending is not readily available, sellers and brokers are much more open to buying with creative financing methods.

Protect Your Commercial Property And Control Bird Nuisance

When asked to name a few things which could be considered a nuisance, or indeed harmful to businesses and their premises, you may be forgiven for not including birds amongst your answers.

Most of us love birds and enjoy sharing our beautiful planet with them and we do not consider them to be a pest in the normal sense of the word and therefore would be reluctant include them on a list of potential business hazards.

The truth, regrettably, is a significantly different matter; birds can be not only a nuisance but an actual threat to health in some cases, a threat that sometimes has to be dealt with quite firmly.

Some species of bird, especially pigeons, are well-known for their nuisance-factor. They can be noisy and gather in large numbers in locations where the results of their defecation can result in extremely unhygienic conditions developing. An additional hazard resulting from excessive fouling of pavements and pedestrian areas is that they become slippery and pose a tripping or falling hazard.

In commercial properties the problem is even more significant and potentially hazardous. This is particularly true in those areas where food is prepared, stored or processed.

It is said that a single pigeon can produce an extraordinary amount of excrement in a single week. That sounds like a lot of pigeon poo but, the substance in question is corrosive and therefore can be harmful to buildings, as well as carrying diseases which can be passed on through the food chain and so the need for action is fairly well established.

The question is, how should it be done? No one likes to kill birds deliberately and the first piece of advice to be given is that wild birds should never be fed in public places. This is advice that largely goes unheeded unless backed up by some fairly stringent legislation and an effective system of enforcement.

It’s difficult of course to reprimand, let alone prosecute, children, and others giving crumbs from their cakes and sandwiches to the pigeons but you see this happening in many public places and this is probably the level at which the problem needs to be tackled in many cases.

When it comes to protecting commercial and public buildings from bird damage there are a number of humane options available that do not involve killing the birds but shifting them on.

These methods include the installation of netting, spikes, (gentle, flexible non-metallic ones), bird repellent gels and the use of decoys to act as a deterrent. The elimination of potential nesting sites is also useful. The most important factor is not to have anything present which will attract them to your property.

These measures, coupled with a strict policy of not allowing the feeding of the birds, will be sufficient in most cases to handle the problem. If this problem affects you or your business, it may be worth discussing it with a specialist control company who will have all the solutions to hand and rid you of your problem expeditiously.

How to Make Many From Commercial Property

You’ve probably heard of people investing in real estate and flipping houses, but that part never really appealed to you. You were more interested in larger properties and all the exciting possibilities there are in that realm. But can you really earn an income off commercial properties? The answer is yes. Read on to discover how.

Commercial property includes places like office buildings, shopping malls, apartment buildings, hotels, warehouses, and industrial buildings. Earning money off of the ownership of commercial real estate takes research and patience. This is not an investment you can make with a quick turnaround.

One of the key things to keep in mind is you will need to surround yourself with some experts. There are Certified Commercial Investment Members who have taken the time to get the training they need to be able to understand the market. You should also have a commercial real estate agent who is only working with you and is not playing both sides of the transaction. Your agent should also be working with a broker who is part of the National Association of Realtors.

The CCIM will be able to get you a financial picture with what kinds of expenses you should expect as well as what kind of return on investment you might be able to realize. If he or she doesn’t provide it, you should ask for a schedule of annual expenses, including the cost of property management. Typically this amount is about 10% of rent from an apartment building and will vary for other properties.

Whether you rent the units to tenants or to residents, one of the main ways you can make money on commercial property is by collecting fees from those using the building in the form of rent or lease payments. You can also use your building to sell advertising, like putting a billboard up on the side or allowing a cellular company to lease space for an antenna.

Picking a property in an up and coming area means your property will appreciate in value. You won’t have to stay in commercial real estate for a long time if you are able to buy the property at the beginning of the area’s renaissance. Make a few improvements to the property or the surrounding area to make it more sellable, then sell it again. You’ll realize the profits right away, and you can get started investing in the next property. It’s akin to flipping a house.

There are adjunct things you can do with your property to earn some income as well. Let’s say you have bought a small hotel property with a parking lot. You might offer free parking to guests who stay overnight, but you might charge for parking for people who are coming to the restaurant only.

Doing some homework first is the most important thing. Investing in commercial real estate is not like buying a certificate of deposit at the bank. You need to do research and have some solid information before approaching an agent. It’s also nothing like day trading, in that profits will not come quickly.

How to Buy Commercial Real Estate Property

Every few years, the real estate industry suffers from a crash that leaves small and mid-sized business with a dilemma: is it better to own or to rent a commercial property. Buying commercial property is a complex business, which makes it difficult for experts to maximize their investment value. There is no one-size-fits-all strategy. The following guide takes a realistic approach to solving the dilemma of whether you should buy or rent a commercial property.

Deciding to Buy versus Lease

While weighing your option, you should understand the risk involved. Given below are some of the involved risks:

1. Location may backfire

You probably have heard the saying “today’s hot can become tomorrow’s not.” This common saying applies to commercial properties Trendy locations have a high chance of quickly becoming worthless. Even location that do not seem trendy upon first appearance have the chance of “going out of style” like a trend. There is a possibility that market may bust, thus making possibly any area you choose to become undesirable.

2. Loss of liquidity

It often is not easy to sell your property. A business that owns the piece of real estate needs their real estate to be worth some money to at least some thing that, if needed, can be converted to cash.

3. Tenuous cash flow

If you are business that owns property that is being rented out, you cash flow will be compromised if a tenant stops paying rent and your property requires unexpected, expensive repairs.

Assembling a Team of Experts

Not everyone is a commercial real estate expert. Therefore, it is important to get connected with team of experts who can help in determining the right locations, the right time for buying and selling, and the nuts and bolts of the deal. To create an expert team, you may require the following people:

1. Accountant: He or she can help you analyse the tax and operating benefits and figure out what you can afford.

2. Lawyer: He or she can negotiate with the lender and seller on your behalf and help you to complete the transaction.

3. Commercial Broker: He or she can help you identify the potential properties that you can afford.

4. Mortgage Broker: He or she will sort out all of the financing matters for the property.

Identify the Right Property

There are several factors that need to be considered when making any real estate purchase:

a. Location: Location matters a lot, as the location needs to be convenient for your vendors, suppliers, workers, and, of course, your customers as well. To determine the proper location, keep in mind what kind of business that you are running in addition to how accessible the location is to the highway, rail lines and shipping lanes.

b. Physical Condition: The selected location’s physical condition should also be taken into consideration. Be wary of any wear and tear, environmental issues or any other potential liabilities.

c. Allowable Uses: Get the appropriate building for your business type. For example, manufacturing businesses require industrial space. Accounting firms require office space.

Major Benefits Of Commercial Property Insurance

Commercial property insurance is the considered as a major part of the whole risk management strategy that should be taken for the coverage. This does not imply that each property item you are interested in should be insured, but it is sensible to evaluate a checklist of the property to decide which property exposure can unfavorably have an effect on your business group and therefore, some risk management strategies should be used for this property. No doubt in the fact that kind of property insurance offers various benefits to safeguard the interest of the insurance claimer. As a result, it is advisable for the property owner to go ahead with the right commercial property insurance and take the required step.

Some of the special benefits that the property owner can avail from insuring their property comprise of the following:

• If the owner of property is also a landlord, then they can get their losses cover through insurance if in case the tenant leaves the place without giving any notice in advance before the ending of the tenancy period.

• The property owner can claim the insurance and save themselves in when the tenant is legally expelled prior to the ending of the tenancy period or discontinue paying rent.

• The losses suffered by the landlord because of structural damages to the property caused by the tenants will get covered under the insurance policy.

• If the tenant takes away something from the property, then that loss will get covered through the insurance plan.

• Such insurance plans will also cover the legal costs for healing of the lost items and similar eventual.

In order to avail these above mentioned benefits of taking insurance, it is necessary to approach an experienced insurance provider. They should offer some of the most important kinds of coverage that includes property rebuilding, loss of rent, cost of repairs, public liability, accidental damages to property and other exigencies.

How it works?

When claims made for such insurance, the landlord who has suffered the losses can get the replacement value or the actual cash value for the commercial property that got damaged. Every insurance plans and policies have their own exposure limitations. Thus, it is very important for the potential insured to first have knowledge about the various kinds of insurance plans and policies available for them and what are the respective benefits they can avail by undertaking such insurance coverage. However, the main objective of all the insurance policies is to cover the risk, loss and legal cost involved for the benefit of the person who have got their things insured. Further, these coverages also focus on the recovery of the subsidiary costs include in the procedure.

Going Green – Commercial Property Owners Can Cut Expenses With New Solar Film

Coupled with the economic climate and its recent effects on Commercial Real Estate, going green is just one of the choices available in an effort to cut costs in building and maintaining office buildings, retail stores, manufacturing facilities and malls. There can be significant savings in utility costs and there are many choices in the marketplace with regards to heating and cooling.

Now, new thin solar films are available that cover windows of office buildings all around the country. They reduce the temperature inside the buildings as well as cut cooling costs. Earlier versions of solar film reduced heat getting through but the tint created a darker environment, more noticeable in northern parts of the country.

This new thin solar film is placed over the buildings glass, is crystal clear but cuts ultraviolet and infrared light while allowing the visible spectrum through. The reflection reduces 55% of the suns heat and increases the comfort of indoor environments. It is so clear it promotes natural light and reduces the need for indoor lighting. Tenants notice a significant heat increase in areas that are not filmed as opposed to those that have been covered.

The clarity of the new film allows in maximum light and decreases energy use. Some tenants have reported that they did not need to put any lighting in perimeter offices.

New technology has also allowed some films to not only block light, but actually produce energy. These new films contain ultra-thin photovoltaics which generate electricity during daytime hours. Depending on the geographic location of the building, the payback on this investment can range from six months to three years.

Since the inception of the October 2008 Emergency Economic Stabilization Act residential owners who install energy efficient improvements in 2009 can qualify for special tax credits, helping to defray the cost of installation.

However, interest within the Commercial Real Estate community has heightened with the recent spikes in the price of oil and decreases in average rents. Commercial property owners face greater economic challenges because of property size, but can also potentially get significant State and Federal tax deductions. Go to www.dsireusa.org for more information on tax incentives in your state.

How to Get Ahead Financially By Investing in Commercial Property

Think of all the investment commercials you have heard and seen that admonish/encourage you to start saving money early in your working life. Messages like, “Take advantage of your company’s 401k program,” and “Start an IRA program,” are like investment mantras and there is a great deal of wisdom in those messages. But what also can be important is expanding your mindset to additional investment opportunities like investing in property.

Risk and challenge

Property investing is often described as “high-risk, high-reward.” It may not be the ideal investment plan for the faint of heart. But it can be a good match for the investor who:

• Likes a challenge.

• Has an enormous amount of patience.

• Can commit to a hands-on approach to managing the investment.

• Is willing to learn the business of investing in commercial real estate.

Reducing risk

The first “risk” to reduce is a lack of knowledge in commercial property investment:

• Learn all you can about the subject.

• Find a mentor to further your education.

• Consider partnering with a successful commercial property investor.

• Start conservatively.

Next, don’t try to invest without help from a commercial estate specialist. The person you work with should be a fiduciary (one who will be working in your best interest). Industry writers recommend that your broker should be a member of the National Association of Realtors and adhere to its code of ethics. Most important of all, your broker/realtor should represent only you – not the seller, or not you and the seller.

Making money on your investment

Getting ahead in commercial property investing is accomplished in several basic ways. Your investment can grow through income and appreciation/selling.

• Income generally comes from rent. It also can be generated if your tenants are required to pay fees for contractual options (like right of first refusal on an adjacent space).

• Appreciation is another investment/money-making option. This is where the adage, “Buy low, sell high,” applies. Experienced property investors will buy the property at a low price, put a finite amount of rehab work into the property, possibly redefine the property to a more marketable purpose, and sell at a higher price. These investors make their money on flipping the commercial property, not on rental income.

Types of commercial estates and income potential

The type of commercial property in which you choose to invest can affect your earning potential. Consider the income opportunities in these properties:

• Motels/hotels located in tourist or major business travel areas.

• New commercial construction can be highly profitable but requires serious knowledge of the industry (and significant financial backing).

• Small commercial properties like strip malls and small office buildings often have long-term tenants.

• Industrial properties include manufacturing sites, distribution centers, and warehouses. A financial plus here is that these tenants are usually responsible for most repairs and maintenance.

• NNN leases are often found in larger businesses and with stable tenant companies that lease long-term (like 30 years at a time). These tenants are responsible for all expenses, including property taxes and insurance.

There is money to be made for the commercial property investor who is willing to start slowly, become knowledgeable, be focused, act conservatively, exercise patience, and work hard.

Rarely will commercial property investment be your get-rich-quick ticket. But over time, it can significantly augment your retirement fund or provide you with the financial resources to fulfill other dreams and plans.

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