CRE Mistake Series: Staying past the lease expiration date Every written lease should have a start and end date. Sometimes a locations improvement isn’t completed in time, so the start date will shift. Usually a commencement letter is signed acknowledging the new start date. Most leases have a holdover fee clause. ...
October 29, 2018Lynn Drake
The starting point of all achievement is desire., - Napoleon Hills
October 25, 2018Lynn Drake
CRE Mistakes Series: Built In Furntiure Sometimes tenants ask the landlord to build in the furniture. I was working with a client who wanted a built-in reception desk, walls and then desks behind the walls. I suspect he thought this was going to be free as it was part of the ...
October 23, 2018Lynn Drake
CRE Definitions Series: Request for Proposal Request for Proposal (RFP) is a written summary of terms for an agreement where one party would be willing to enter into the agreement with another party if the terms work for each party. The RFP is not binding by either party. I always use ...
October 19, 2018Lynn Drake
CRE Math Series: Expect Exaggeration A landlord representative's, also known as listing agent's, job is to sell you the space. They often exaggerate and tell the tenant the landlord will do anything to get them as a tenant. Often these are verbal discussions and none of it makes it into the ...
October 17, 2018Lynn Drake
CRE Math Series: Holdover Fees Rent/Month: $5,000 Holdover Penalty in Lease: 25% 5,000 x .25 = $1,250/penalty/month $1,250/month / 30 days = $41.37/penalty/day
October 15, 2018Lynn Drake
CRE Math Series: Financial Summary for an Industrial Space If you saw our financial summary for an office location on October 6, 2018, you would notice this has a lot less information. In this situation we are assuming it is multi-tenant building and the landlord pays for all building costs and ...
October 11, 2018Lynn Drake
"CRE Mistakes Series: Office Neighbors Once upon a time I was the bookkeeper for a company that sold singing telegrams! We had beautiful offices in a high-rise building. To be hired one had to audition which could be very loud. The neighbors often complained so all interviews had to ...
October 9, 2018Lynn Drake
CRE Mistakes Series: Office Neighbors Once upon a time I was the bookkeeper for a company that sold singing telegrams! We had beautiful offices in a high-rise building. To be hired one had to audition which could be very loud. The neighbors often complained so all interviews had to take ...
October 9, 2018Lynn Drake
October 6, 2018Lynn Drake