8 Tips and Tricks for Commercial Tenants


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As a broker, I’ve seen it all: The good, the bad and the ugly. From hidden fees to poorly constructed buildings, many of these “headaches” can easily be avoided – so long as you know what to look for. If you’re going into any lease or purchase, it’s important to know what you’re getting into. When you begin going on-site to look at properties, here are a few tips and tricks I’d recommend for a smoother leasing process:

1. Fight the Fees: Move in fees. Application fees. Fees on top of fees. One of the great parts of realty, is the fact that many of these things are negotiable. Once you’ve decided on a place, don’t get struck by additional costs. $200 here, $500 there all start to add up. When signing a contract make sure there are no hidden costs or fees that you aren’t comfortable with.

2. Don’t Ignore the Small Print: If you’re buying a space, your attorney will review these documents. However, many people who rent or lease may not have that luxury. Be sure to read over your entire contract, and don’t sign on the dotted line until you’ve done so.

3. Get in Writing: While touring a property, you may speak with the landlord about fixing possible issues, but that means absolutely nothing unless it’s on paper. By keeping track of emails, you’re able to cover yourself if there’s a dispute down the road. Add all fixes or changes in the rental agreement prior to signing anything.

4. Take photos before moving in: Even if the place you’re renting is gigantic, it’s important to take pictures or notes about the building condition. Small dents and cracks can always add up once you move out. Before signing your contract, make sure your landlord is aware of any issues that exist before you move in. This will help ensure that you receive your full deposit back.

5. Tenant’s Insurance: Tenant’ insurance is a great way to get protection from storms or break-ins. Insurance is usually fairly cheap to purchase, and can be incredibly helpful if something catastrophic happens. Additionally, see what insurance protection your landlord has before deciding on coverage.

6. Ask your agent or broker for advice: One of the roles your agent or brokerage firm is playing is that of a trusted advisor. They are the experts in their field, so don’t hesitate to ask them about their advice regarding fees, locations, or prices. It’s in an agent’ best interest to help you find the perfect place and keep you happy. In doing so, they can continue to get positive referrals down the road.

7. View a place more than once: Don’t fall head-over-heels immediately. While a property may initially seem perfect, take your time when making a decision. After viewing your “dream property,” go back a few days later and revisit the place. There may have been issues you had overlooked in the beginning. Additionally, be sure to view multiple places – this will give you a good idea as to what other properties have to offer.

8. Check local police reports: Agents or brokerage firms aren’t allowed to talk about the other tenants or the safety of neighborhoods. However, that doesn’t mean you shouldn’t do research. Look at local police reports or run a quick Google search to see if there has been any criminal activity in the area. Also, check to see if the building’s windows or doors have been broken – this can give you clues to see if the building is a potential hotspot for break-ins.

These are just a few tips and tricks I would recommend doing when you’re in the process of leasing a place. Your agent should be able to give you good advice and recommendations, but you also bear some of the responsibility yourself.

[New Episode – S1:E6] “Commercial Real Estate: What I Know Now and Wish I Knew Then”


In a time where the commercial real estate industry is as fast-paced and as dynamic as ever, having helpful insight and advice about what’s important and what’s working (or not) can help anyone learn as they go. We’ve launched an all-new series with MeetAdvisors.com – “Commercial Real Estate: What I Know Now and Wish I Knew Then.”

This week Bill spoke with Darryl Cheeks, CEO of Black Rhino Financial Group. Black Rhino Financial Group is a finance company with the mission to provide professional excellence in executive, financial and operational support for all of their clients. They are able to achieve this goal through their holistic approach, experienced team, and utmost dedication to give their clients a unique, one of a kind plan. They offer services ranging from personal finance planning, budgeting, taxes, and retirement planning. Darryl explains what the most important parts of a lease document are, to make sure the lease and agreement terms are right.

Bill is leading this monthly series and explores the dos and don’ts for business owners when seeking commercial real estate. Coming from those who have been there and done that, this show seeks to inform those who will be seeking space for the first time or even those who already have gone through the process but could benefit from someone else’ successes and failures.

We’re aiming to bring you two new videos each month and will be sharing each episode with you as they appear. For more information and to see other great content, visit www.MeetAdvisors.com.

Want more tips and tricks? Check out episode 5 here.

 

[New Episode: S1, E5]: “Commercial Real Estate: What I Know Now and Wish I Knew Then”


In a time where the commercial real estate industry is as fast-paced and as dynamic as ever, having helpful insight and advice about what’s important and what’s working (or not) can help anyone learn as they go. We’ve launched an all-new series with MeetAdvisors.com – “Commercial Real Estate: What I Know Now and Wish I Knew Then.”

This week Bill spoke with Nick Delgado, Founder of Dignitas, a leading investment bank and family office created for founder and family-run enterprises. Watch how Nick shares his experience of finding a new office space and talks about the importance of reviewing lease document details.

Bill is leading this monthly series and explores the dos and don’ts for business owners when seeking commercial real estate. Coming from those who have been there and done that, this show seeks to inform those who will be seeking space for the first time or even those who already have gone through the process but could benefit from someone else’ successes and failures.

We’re aiming to bring you two new videos each month and will be sharing each episode with you as they appear. For more information and to see other great content, visit www.MeetAdvisors.com.

Want more tips and tricks? Check out episode 4 here.

It Works for Potato Salad, but Will it Work for Property?


 

Type “crowdfunding” into any Web browser and you’ll see dozens of results pop-up: Indiegogo for a vegan filmmaking challenges. Crowdwise to save the Hebridean whales. Kickstarter for potato salad.

In no less than five years, crowdfunding (the act of raising hundreds or even thousands of dollars from people online) has exploded in growth. Take for instance, the $2.7 billion dollars that were raised through crowdfunding campaigns in 2012 alone (doubling in growth the previous year)*.

In its brief existence, crowdfunding has managed to weave its way across all industries, and the latest: Commercial real estate. Sites like those above aim to give anyone from young professionals to retirees an opportunity to directly contribute to a product, a Website, a cause – and see it come to fruition (or sometimes, not).

When it comes to commercial real estate, crowdfunding’ been used to help raise capital to invest in all types of property. Generally, with this strategy, it means lower fees, more transparency and better returns for the individual investing. It gives just about anyone the ability to build a diverse portfolio of investments. It opens doors for first-time investors and it’s less scary. Imagine that instead of giving $25,000 towards one property, you can spread out your investment dollars by putting $20,000 towards a hot new restaurant build-out and $5,000 to help fund a new green-tech condo complex.

Developers also benefit from crowdfunding in several ways. Overall operations are more efficient and costs are generally lower. Since borrowers are connected directly to investors, it eliminates the need for big banks to step in. And dealing with burdensome corporate overhead? Sayonara.

So is this investment strategy here to stay? It’s hard to say, but what I can tell you is that it’s a trend that’s certainly on the upswing and if you’re someone who’ considering making an investment in commercial real estate, it’s worth looking into. Before going into any investment, however, seek the advice of a consultant or a trusted broker. While there are some wonderful benefits, there are still unresolved issues around quality control and minimal regulations in place.

*Data sourced from http://www.crowdmapped.com/crowdfunding-trends-and-statistics/

[New Episode, S1:E4] Commercial Real Estate: What I Know Now and Wish I Knew Then


In a time where the commercial real estate industry is as fast-paced and as dynamic as ever, having helpful insight and advice about what’s important and what’s working (or not) can help anyone learn as they go. We’ve launched an all-new series with MeetAdvisors.com – “Commercial Real Estate: What I Know Now and Wish I Knew Then.”

This week Bill spoke with Sally Lane, Office Manager of the Law Offices of Lane & Lane. The Law Offices of Lane & Lane is a personal injury firm that specializes in protecting the rights of accident victims injured by the negligence of others. This Chicago law firm focuses on the most severe Illinois injury cases. Watch how Sally shares her office lease experience and helpful negotiation tips learned along the way.

Bill is leading this monthly series and explores the dos and don’ts for business owners when seeking commercial real estate. Coming from those who have been there and done that, this show seeks to inform those who will be seeking space for the first time or even those who already have gone through the process but could benefit from someone else’ successes and failures.

We’re aiming to bring you two new videos each month and will be sharing each episode with you as they appear. For more information and to see other great content, visit www.MeetAdvisors.com.

Want more tips and tricks? Check out episode 3 here.


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