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.

Tips For Choosing a Real Estate Appraiser

Whether you’re investigating the value of your own property, the potential of an investment property or trying to obtain financing for a home, you’ll need the services of a certified real estate appraiser. If you’re trying to hunt down the value of a particular property and need to hire a real estate appraiser, keep reading for some tips on how to locate a quality person.

1. Ask your Bank

Because most lenders require proof of the value of a property before they will finance its purchase, they can often recommend trusted appraisers that they work with on a frequent basis.

If you trust your bank or lender, ask your mortgage agent for an appraiser recommendation.

2. Check with your Real Estate Agent

Your real estate agent is there to help you make this sale happen. Since they work in the business, they deal with appraisals and appraisers every day. Likely, your agent will be able to recommend a number of appraisers that they work with and trust.

3. Opt for Experience

The value of a home, whether you’re buying or setting an asking price, is going to depend largely on the appraiser’s recommendation and appraisal. Hiring the wrong appraiser or an inexperienced person could cost you a lot of money, whether you set the asking price for your house too low or you buy a home that’s simply not worth its stated value.

When hiring a home appraiser, look for experience and good references, not the cheapest price.

4. Ask Family and Friends

Some of the best recommendations come from our trusted friends and families, so ask around. If a member of your family or circle of friends has recently purchased a home, ask them about their appraiser and whether they would recommend them.

When hiring a service provider on a recommendation, always mention that you were referred to their business and who gave the referral. Referral-based business can often go a lot smoother than a cold call.

5. Check Online Customer Reviews

Many consumer review sites, like Yelp.com, let customers review and rate service providers and businesses in their area. These sites let you read actual customer reviews that include the good, the bad and the ugly about a particular business. So, before you hire, check online for customer reviews and comments.

Hiring a real estate appraiser is necessary, but also easier than it sounds. To get the best results, ask your bank, real estate agent and family and friends for recommendations. Finally, remember to opt for experience and check available customer reviews.

Choosing a Realtor – Tips to Help You Choose a Real Estate Agent to Sell Your Home

Having a Hard Time Choosing a Realtor?

Choosing a Realtor when selling a house can get confusing and difficult especially taking into account the fact that there seems to be as many real estate agents trying to get your business as there are houses. Okay that may not be at all true but you get the picture.

There will be so many real estate agents promising you the stars whilst charging fees that vary wildly. One has to learn to pick the best one that not only will find you the buyer who is willing to purchase your house at the best price but also the one whom you can trust and work well with.

Follow These Tips to Choose a Realtor That Is Right For You

Always Ask For References – Don’t be so confident about your ability to judge a person’s character. If the agent is really good then ask him or her for references on recent sales. Contact those references and let them narrate to you their experience with the agent. Chances are if there are negative reviews, comments, or complaints about the Realtor then you would know about it soon enough. 

Cheaper Is Not Always Better – Do not always go for the real estate agent who charges the lowest commission. Realtors and real estate companies often shoulder the cost of listing and marketing your house to potential buyers. A huge pay-cut in commission may mean at the very least a listing in the open market but very little assistance and effort from the agent beyond that. Also, a relatively higher incentive will motivate your agent to drop everything and hurdle any challenges that may come his or her way. Simply put, you will get what you pay for.

Benefits Of Choosing Wisely – Another thing to consider is that in a selling transaction two real estate agents are often involved in every sale. Often times, it is a practice by the real estate agents to cede fees to the buyer’s agent. If commissions for your agent is tight then he or she might not be willing to cede fees to buyers’ agent thereby decreasing the chances of a completed sale.