As a brokerage, we’ve been busy listing new properties while leasing and closing on others. As landlords and tenants, many are heading into new leases or wrapping up current ones. Change is a constant in commercial real estate.
There are things property owners can do to make the transition from one tenant to the next seamless. This alleviates stress on all sides, saving YOUR time and YOUR money. Here are my five recommendations to make it easy:
1. Prepare yourself. Talk to a broker early, meaning a year before the end of a lease. If you don’t already have a connection with an effective broker, interview to explore options before you actually need one.
2. Prepare your broker. Know where your digital floor plans are, be sure they are updated, and send them to the broker right away. Have the properties financial documents organized, so information is easily accessible, and costs and pricing can be quickly identified. If you own any photographs of the property, send them along as well.
3. Show your current tenant you care by making updates while they’re still leasing. For example, changing over to LED lights can be a great investment and very noticeable. Check on rebates for things like LED lights or energy efficient updates. If you do this with your tenant still in the space, it signals to them you care about the space and want to keep it up to date. That matters, and it may be the deciding factor for them to renew.
4. Stay on top of curb appeal. Paint parking lines white each year and take care of landscaping. Other simple tasks include remove eyesores like outdoor ashtrays, touch up chipped paint or scratches regularly, and use scratch cover oil on wood surfaces. Details make a difference.
5. Talk with a broker to see if early lease renewal is your best bet. If tenants and owners come to an agreement early, that's one less thing to worry about.
With change comes opportunity. And to make the best out of opportunity, it’s important to be proactive and prepared. At CEG, we’re here to help! Reach out to our team today if you have any questions. Or you can find me at 612-788-1552 or firstname.lastname@example.org.
Jeff Salzbrun is the owner and broker of Commercial Equities Group (CEG). As a veteran-owned real estate brokerage, CEG has been involved in thousands of sale and lease transactions, ranging from single offices to 250,000+ square foot buildings. At CEG, we get your deal done. We know space, and we know the CRE business.
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