Both Tenants and Landlords alike need to be very cautious and diligent when it comes to reading the tenancy agreement in order to be fully aware of any charges that might be listed. Any contract should be read carefully and if anything is unclear or questionable, then a solicitor should be engaged so as not to make any mistakes that could ultimately cost either party a great deal of money. Since there are no specific rules or regulations surrounding the charges that can be made when it comes to letting a property, both parties will want to go over the contract with a fine tooth comb.

As a landlord you need to be sure there aren't any hidden costs. There have been several cases recently that have brought forward the idea that even the most experienced agents can make mistakes that appear to be misleading their clients. It's not usually on purpose but that doesn't mean that you shouldn't be wary and cautious.

A couple of the clauses that have been found recently in landlords contracts;

"Landlord to pay 11% commission of the annual rent to the agent if the tenant stayed in the property beyond the initial term of the contract. This was even if the agent played no part in negotiating for them to stay on in the property."

"Commission of 2.5% of the property price should a tenant buy a property from the landlord and this again was even if the property agent played no part in the sale procedure."

Because of clauses such as these plus many more that are bound to be out there, it is necessary to read and understand your contract fully before signing. Especially if you're new to the letting business you could be saving a possibly costly mistake.

Of course it goes without saying that tenants should also be reading their contracts very carefully in order to avoid costly charges that you weren't aware of prior to signing. No matter whether you're at the beginning, middle or end of a tenancy or looking to extend the lease, it could be in your best interest to have a solicitor check over the contract before you sign. Make sure you take your time and don't feel pressured into signing before you feel completely comfortable you understand what it is you will be responsible for.

Signing a legally binding document of any kind makes it extremely important that you be aware of absolutely everything before you sign on the dotted line. Don't be afraid to ask questions or to get a second opinion, especially if that opinion is that of your solicitor. So make sure you Read Your Contracts Carefully!

There are two events that can have a major effect on a lease options deal. These are the death of the seller and if the seller goes bankrupt.

Both events can either stop a deal in its tracks or merely act as a slight hiccup in the proceedings.

The event of the death of the seller need not be the end of the lease option deal because the agreement is legally binding and is part of the estate of the vendor. The snag may come from one of two sources - the lender or the relatives of the deceased.

In most cases mortgage lenders do not insist that a mortgage is repaid at once upon the death of the owner, they give a period of time before full settlement is required - in this case giving the investor the time to exercise the option agreement. The problem arises if the lender learns of the option agreement after the death of the owner, they may try to repossess in which case the option will be compromised.

Useful tip: If the owner had life insurance that covers the mortgage in full, it leaves the option holder free to purchase the property as previously agreed.

The other snag may arise when there are relatives who were expecting to inherit the property and they suddenly find that they are not going to get it after all! They may try to convince the powers that be that their relative signed the contract under duress, or that they did not know what they were doing - did not take legal advice and so on. These people could be of the mindset that they are going to get the contract rescinded so that they can get what they want.

To avoid the hassle of problems occurring upon the death of a vendor ensure that the lender knows of the agreement at the start, make sure that your paperwork is watertight and that the vendor has visibly signed the lease option agreement willingly and not under any pressure. Check to see if they have life insurance to cover the mortgage.

Where bankruptcy becomes a problem an option agreement can be over-ruled if the court believe that the property has been sold for less than its market value.

The simplest way to avoid this rearing its head is by not investing in a property where there is a strong possibility that the owner will need to file for bankruptcy - we all know that situations can change, but by then the option may well have been exercised. Also, avoid taking on part of a portfolio of a landlord who is struggling - this spells a disaster in the making.

As always performing due diligence before signing the contract will save much money and tears in the long run.

The buying and selling of property is one of the most important transactions that keeps business turning throughout in the world. Strict lending criteria means that property markets stall.

When you move to a new city, one of the first things you must do is find out where the rooms to rent are. Often this job comes second to packing or finding a moving van. You may tell yourself you can find a hotel to stay at temporarily and look for rooms to rent or a house share later. But at the price of hotels these days you might run out of money before you find a permanent home.

So, what kind of place should you start looking for? Little things certainly count. A landline may be more convenient in this city than a cell phone. An air-conditioner, television and maybe even some sheets for your bed might be in order. Don't worry, because there are professionals out there who make a living helping people find perfect new homes.

Choosing a house share or searching for rooms to rent in a strange city can be disturbing, even terrifying. But if you stay calm you can make a solid decision. Maybe a house share will fit your budget. Or perhaps you need to be close to work, and you don't have time for a big social life. Then you might want to rent a room near your job, perhaps searching for a place with a private bathroom.

Do you want your rent to be due each week or each month? You may want a room unfurnished so you can fill it with stuff you already own. Or maybe you've just gotten a divorce and wish to start fresh. Furnished rooms to rent would allow you to start the first day prepared to take on the future. All the matching of designs and colors, and all of the hauling of furniture across town could be avoided by renting a furnished room.

If you want to find the spirit or soul of a city, move right in with its inhabitants. You may benefit socially by taking a couple of classes at the local college. You might try looking for rooms to rent where there are games, indoor or outdoor. This is a great way to meet people and get started in your new life. Depending on the weather, you might want a pool or access to a gym or tennis courts. Maybe you are attracted to the kind of community that has stunning architecture and green trees and plants. There may be a certain type of street design that appeals to you.

To rent a room there are many things one must consider. It could be all the ideas discussed so far have nothing to do with what you want in a room or house share. Maybe you would just like to move out into the country and put the worries of the city behind you. As long as you have adequate transportation, there's nothing wrong with escaping. The point is you need to find the environment to live in that will allow you to go in the direction you want to go.

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It isn't because of your charming personality, though that may be part of it. It isn't because of the way your property looks, though they may say it is. It isn't because of what their friends told them, though the glowing reports may have gotten them to call you. No, your prospective tenant wants to rent your property for another reason.

But everyone says we're supposed to do all those things, be pleasant, crisp up our properties, and get referrals. Yes, we are. But when it comes down to an applicant filling out a rental application, those aren't the deciding factors. In fact, the deciding factors are things we may not be able to put our finger on.

In spite of what your applicants might tell you and what they actually might believe themselves, they do not want to rent your property because of your charming personality, how beautiful it is, or what their friends told them. It goes far deeper than that.

Everyone, whenever he or she buys anything, buys what the product or service will do, not the feature that enables it to do that. People buy benefits. So, as the old adage goes, people don't buy a quarter-inch drill; they buy what the quarter-inch drill will get them, and it's not the hole. They are buying the hole that will provide them the opportunity to put whatever it is through that hole. Just so, tenants don't rent a property because of its features but rather what those features will do for them.

Geoff Ayling, in his book Rapid Response Advertising, lists 50 reasons people buy. All of those reasons have to do with what features do for people, not the features themselves.

What then, is the benefit of your charming personality? One reason Ayling lists that people buy is "to become more comfortable-even a bit more." Another is "To escape or avoid pain." Still another is "to be accepted." So your charming personality makes people more comfortable, helps them avoid the pain of a bad landlord and makes them feel accepted.

How about that beautiful property you own and meticulously maintain? Ailing lists more reasons. "To increase enjoyment of life," "to possess things of beauty," and "to feel opulent." A beautifully maintained property can feed each of those reasons.

And the recommendation of their friends? Ayling lists "to attract praise," "to buy friendship," and "to be popular." Certainly an applicant's friends would praise him or her for taking their advice. And buying friendship? That's a stretch, but it might go along with being accepted, doing double duty with your charming personality. And certainly increased popularity goes along with agreeing with a friend's recommendation.

Here's the important point. We certainly should be charming (or at least kind of nice), have great looking properties, and encourage referrals, but we will help ourselves if we ask questions and add comments that help an outstanding applicant make the right decision. That sounds difficult, but it is actually easy.

Talk about what the features mean, your charm, the property's excellent maintenance, their friends' referral. So your being such a nice person could mean that you always look to make your tenants feel at home and comfortable. The excellent property maintenance means they won't have constant issues and irritation with broken things that they have to call about. They can count on feeling proud of where they live.

And their friends? They have good sense in referring these applicants to you because they are true friends. After all, only true friends will want friends to live in a great place.

Let's be charming, keep our properties in outstanding condition and encourage referrals, but let's also make sure we let our applicants know what all that will do for them.

Some 25 years ago Bob Cain went to a no-money-down seminar and got the notion that owning rental property would be a great idea. He bought some.

Trouble was, what he learned at the seminar didn't tell him how to make money on his rental property. He went looking for help in the form of a magazine or newsletter about the business. He couldn't find any. Always ready to jump at a great idea, he decided he could put his speaking and writing skills to work and perform a valuable service for other investors who needed more information about property management. So Bob dug out the secrets, tricks and techniques of property management wherever he found them; then he passed them along to other landlords.

Some common mistakes can occur in the leasing process and they should be avoided wherever possible. Here are some ideas:

1. Always qualify the tenants before you release property detail to them. More often than not, the enquiry may not be genuine and may be another real estate agent in the local area.
2. Take the tenants through the property yourself so you can identify any needs and issues that can affect their decision.
3. Always follow up the prospective tenant after the inspection process so that further information can be provided on any issues that have arisen.
4. Ask the tenants if they have inspected other local property with other agents recently. It is likely that their relationship with other agents can undermine your inspection and negotiation process.
5. Always understand where the tenant is coming from and going to. There is likely to be another property that they lease or own and will require assistance moving away from.
6. Never give the property keys to a tenant and allow them to inspect the property without you. Uncontrolled keys are a recipe for a leasing disaster.
7. Understand where the tenant is currently operating the business and how successful it has been over recent time. Failure to do so may see you spend time on a lease deal that is not achievable.
8. Always get the lease documentation signed, guarantees in, and rental paid before any occupancy is provided for the tenancy.
9. Always get the lease documentation signed, guarantees in, and rental paid before the premises is provided for fitout modification.
10. Get a sizeable bank guarantee or bond to protect the landlord in the leasing process.
11. It is preferable for a solicitor on behalf of the client to prepare the lease document. The lease document should be designed for the needs of the building and of the future occupancy. Generic lease documentation may be cheap and easy, but rarely does it completely cover the unusual issues and events from the property.
12. Keep the tenants under control in the inspection process and most particularly keep them with you. Many tenants have created damage or been injured in an uncontrolled inspection process. Personal injury and damage claims result.
13. Make sure the landlords insurance covers your property inspection process as a real estate agent from the aspect of public liability. When injuries occur on a property during an inspection, it is both the property owner and the real estate agent that will be pursued for damages.
14. When inspecting property for lease, make significant notes regards conversations and representations. Keep those notes for future evidence against any misunderstandings or claims.
15. Ask about any notices, orders, or restrictions that may have been applied to the property by the local council or building authority. They can impact the permitted use of the premises.

When leasing commercial property, it is your preparation and diligence to the task that will keep you out of trouble. Understand the property in every respect before any tenants are taken to the property.

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Looking for a new apartment can be difficult and take up a lot of your time. Where do you look for information? Which apartment is located in the best spot? It can be difficult to know if the community you are looking at has all the amenities you would want. Before signing a lease, be sure that you consider several things before making a commitment.

• Take some time to read about your prospective apartment and find out what utilities they might include with your rent. Some utilities can really add up in living expenses. If you're lucky, your heat or your electric might be included with your rent and that's a big money saver each month.
• Having the right location for an apartment can be beneficial. Being able to shop for groceries, golf and get to work easy can save on gas and your time. Wear and tear on your car and the cost of gas adds up in the course of a year.
• Ask and see if there are different lease terms at the apartment community you are thinking of renting from. Many places offer 3, 6, 9 and 12 month contracts.
• Educate yourself on what the apartment complex charges your to break your lease contract early. Some apartments may only charge you one months rent, while others will not let you break it. This can be useful should life changes occur.
• Ask around and see if there are any incentives for signing a lease with any particular community. Many apartment complexes will offer move in discounts on rent, deposits and other promotions that can save you money. Some rental finder sites on the internet will even offer you cash rewards or gift cards for using them as your referral on your lease.
• Look around the internet on message boards and blogs to see what the word is from people who live in the apartments you are looking at. Check and see if people are angry with the apartments or if they are saying good things about life there.
• If you have a pet, you will have to make sure that the apartment you wish to rent from will allow your companion. Most places will charge an extra deposit for a cat or dog. When living with a dog, you will need to make sure there is enough outdoor space for exercise and even going to the bathroom.

If you can find an apartment website that has all the apartment choices mapped for you, it might make choosing the right one easier. When evaluating an apartment, be sure to ask to see what the lease agreement looks like and what kind of facilities they have on-site. Be sure to also take a trip over to the apartments you find interesting, checking over the grounds and a demo apartment.

If you have lived in your current leasehold property for a period exceeding two years [and your original lease was granted for at least 21 years], you may be legally entitled to extend your lease by a further 90 years.

The question of whether or not you can actually extend a lease on your own will be very much dependent on the extent of your knowledge of the law that surrounds this procedure. As this can prove to be an absolute legal minefield for the majority of people, most people sensibly get the help of experienced professionals in the field to make the most of your chances of a stress free lease extension.

The first thing you need to be aware of is that there are a number of criteria that need to be assessed before the business of extended lease can be completed. This means taking into account issues such as the amount of ground rent (known as the 'peppercorn rent') you pay annually, the remaining term left to run on the lease, and the current market value of the property in question.

It is strongly recommended that you instruct two separate professionals to assist you when you want to extend a lease. These are as follows:

Valuer:

It is the job of the valuer to best advise you on the kind of scenarios you can expect under your circumstances. This will mean that they should furnish you with the best and worst case valuations. They will advise you on the best rate to include in the official notice that will be forwarded on to the landlord; they will then negotiate with the landlord on your behalf; and respond to any counter-notice that may follow.

Solicitor:

The solicitor, acting on your behalf, will help you to identify the 'competent landlord' if there is any doubt as to who they are. Even that is not always as easy as it sounds. They will also help you to prepare the official notice needed in your application for an extended lease; liaise with the landlord if and when any additional information is required to support your claim; and undertake the formal legal work to extend a lease.

As you can see, there are a number of formal procedures set out in the lease extension legislation that must be adhered to, if and when a person decides to extend a lease. It is therefore important that you instruct the correct professionals to assist you in this process - and that both the valuer and solicitor you appoint our specialists in this area. Bear in mind most surveyors and most solicitors don't often come across extended lease applications. It is extremely unlikely that your legal knowledge in this area will be strong enough to cover all possible outcomes and official procedures involved.

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Leasing commercial office space is a common issue to which many business owners devote much thought. Success or failure in this decision relies on one's ability to select and then negotiate for commercial real estate that is best suited to a business. After selecting the right location for the company and making the final rental decision, the next phase is the leasing process that will involve formulating significant portions of the lease agreement. The following is this process from start to finish.

Step 1:Analyze the Lease Requirements and Needs

The rapidly changing business world believes that the words 'growth' and 'risk' are interchangeable. When securing commercial property for a business operation, it is both exciting and frightening. A company undoubtedly aims for success but may encounter several hazards along the way. This is common in running any type of operation, so an owner must stay focused and concentrate on fulfilling all basic goals.

Basic Goals in Acquiring New Property:

• Growth- The new location should provide room for business growth and expansion.
• Transferable- The agreement should be transferable without penalty.
• ROI- The new location should deliver a high return on investment during the entire length of the contract.
• Increase Profits- The new location should help increase cash flow to counterbalance the cost of relocation and still allow for a positive net income for the company.

Terms of Lease

To avoid future complications, it is important that a business owner understand and analyze the terms of the office lease. Both tenant and landlord should know the obligations, terms, and conditions relevant to the property rental.

The terms of the lease should clearly outline the following:

• Length of Contract- Clearly state when it begins and ends.
• Monthly Payment - Declare any escalation of the monthly rent.
• Annual Lease Amount- Outline the total rent paid in a year.
• Category of the Lease- State specifically whether net or gross category.
• Clauses- As applicable for both tenant and landlord.
• Renewal- The right to renewal of the agreement, usually by both parties.
• Obligations of Both Parties- Specific declaration of who is responsible for what office items, such as renovations, repairs and maintenance.
• Security Deposit- How much of a deposit is required as well as any conditions for its return to the tenant upon satisfactory completion of the contract.
• Rights to Termination- Defines how both sides may terminate the contract.
• Taxes- Itemization of which party is obligated for assessed property taxes.

Working Space Requirements:

• Utility and amenity services
• Furniture and equipment
• Physical dimensions
• Proper lighting
• Dividers for office cubicles

Step 2:Inspect the Premises

After determining the basic company requirements, it is important to visit the various properties available for rent for space planning and general comparison purposes. Ensure that the new location will satisfy the needs of the company.

Step 3:Secure Necessary Documents

Once a decision has been made as to which property to lease, the final documents must be drawn up to process the lease agreement. The documents needed are:

• Letter of Intent
• Offer and Acceptance Agreement
• Lease Agreement
• Fit-out Period

All documents should be prepared ahead of time so that either party can have the paperwork reviewed by a real estate broker or attorney if necessary.

The commercial lease process can be lengthy; with the proper guidance, it can be headache-free and a successful outcome for both the landlord and tenant. For those interested in the final steps of 'Advice, Negotiate, Forms and Handover,' that portion will be covered in another article. The first steps listed here to analyze, inspect and secure will hopefully head any business to securing the best commercial office lease for their company!

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When leasing commercial property, every tenant will have their own priorities in the leasing process. Importantly you need to understand what those triggers may be and provide as many solutions as possible to negotiate and close the deal.

In this property market and economy, tenants are a precious commodity. They should be sourced and protected so that the rental for the property is maintained. Aggressive landlords in this market should rethink their rental strategy so it does not push tenants away from the building.

Some of the significant hurdles a tenant faces in relocating can be motivators when they are addresses by the landlord or agent. Here are some for you to consider:

1. The time of access to the new property
2. The services and amenities that are provided in the new building
3. The configuration of the improvements that are located in the new building
4. Termination and make-good from the lease and the current property they are located in
5. The available fitout configuration in the new premises
6. The available lease incentive for the new premises
7. The level of rental that commences at the start of the lease
8. The rent review profile and escalation of rent over the term of the lease
9. The availability of an option to extend the lease for a further term of occupancy
10. A rent free period to allow the tenant to undertake fit out works
11. Car parking and storage on site
12. Naming and signage rights

The only way to fully understand the tenant's priorities and hurdles is to question them through these issues above. In most cases they are the main hurdles that most tenants see in relocating.

It is recommended that you have a checklist similar to that above together with any other special property factors that you can identify. The qualification process as you take the tenant in and around the property is therefore more direct and meaningful. You can provide the real information that motivates the tenants to make a quick and easy decision.

Whilst it should go without saying, every tenant inspection of a commercial property that is available for lease should be followed through by the real estate agent within 24 to 48 hours after the inspection. Within that time the tenant will have created a list of questions or opinions that apply to the inspected property. Following the feedback from the tenant, it pays to communicate with the landlord and provide up to date tenant responses.

In commercial real estate and retail property leasing, an existing vacancy can be a significant drain on the property performance. That is because the tenants and the customers to the property see the vacancy each and every day. The perception is that the property and the landlord have problems that need attention. This is where the real estate agent can provide real value and strategy to the landlord in resolving the vacancy problem. The agent is the property pain relief that landlords and property owners need.

Here are some traps and pitfalls regards property vacancies:

1. Existing tenants will use the existing vacancy elsewhere in the property as leverage in negotiating the next rent review
2. An existing vacancy will impact the net cash flow for the landlord
3. An excessive threat of vacancy will impact of the next loan extension or finance negotiation for the landlord
4. Existing tenants in the property will use the vacancy factor in the property as leverage to reduce their rental in any extension of lease or exercise of a lease option.
5. A high vacancy factor will frustrate the payment of outgoings for the landlord from the available gross income for the property

The vacancy in a property should always be avoided through careful lease negotiation with sitting tenants. Should a tenant be indicating that they will move from the property, it is better to start the leasing marketing and negotiation early so that the vacancy downtime is minimised.

To minimize your vacancy factors as the property manager or leasing manager, it pays to monitor the growth and movement of tenants in comparable properties nearby. This enables you to understand the well performing tenants that can be influenced to relocate in your property.

Another aspect to consider in optimising your property occupancy is in the maintenance of the premises and the offering of superior services and amenities to the tenants. Most tenants will relocate elsewhere if they can see a greater level of comfort and operational economy in a building nearby. Protect your tenants otherwise you can loose them.

Keep on top of your tenant movements, the anchor tenants in your building, the anchor tenants in other buildings nearby, and the business trends in the area. All of these will influence future leasing decisions and relocations. Successful investment property is built on the back of a successful business community. You simply need to find the businesses that are performing well and who want to take advantage of the current competitive rentals.

In commercial real estate leasing or property management, you will come across tenants inquiring about vacant space just about every day. Whilst it is nice to have the enquiry, qualification is the key before you move on the matter.

To get the space leased as soon as possible, it is essential to understand the history of the tenant and their relative strength that they can bring to the building. Tenants will not always tell you the whole truth when they first enquire regards the property vacancy.

Here are a couple of issues which are very common in commercial property management and leasing when you take the enquiry from tenants.

Are they looking at other property as well? It is very common for tenants to look at a number of properties in the local area. They sometimes use the negotiation of one property against the other as a point of negotiation on reducing rental. Other agents may also claim the introduction of the tenant to attract commission in a lease deal.

The time that you spend with a tenant may very well be a waste of time if they have a number of other properties on the inspection or negotiation agenda. They can also be working with a few agents.

To deal with this issue, it pays to question the tenant deeply regards their awareness of the local area and what they have been looking at. Here are some key questions:

• What do they know about the local area regards transport, regional demographics, community infrastructure, services and amenities, and business activity?
• What properties have they looked at recently?
• When do they need to move?
• What is the absolute 'must have' that will impact their leasing decision?
• Are they working with any other real estate agents locally? If so who?
• What do they know about rentals in the local area?
• Are they currently leasing premises elsewhere which will impact their decision on relocation?

Have they got the financial capability? There is no point inspecting a property with a tenant if they do not have the financial capability to pay the rental. The qualification of tenants should occur over the telephone initially and then in a meeting before any property inspections are arranged.

Here are some questions to assist with the tenant qualification process:

• Are they paying rental on other property and if so what are the details?
• What is the size of their current premises?
• What rental guarantee or bond can they contribute to the new lease that they negotiate?
• What requirements do they have of the new property in fitout design, incentives, and services and amenities?
• Get details of their previous landlords and seek approval from the tenant to contact and verify the facts from the other landlord the occupancy detail.
• How long has the tenant been in business in the local area or elsewhere?
• Get some business history and evidence of business performance from the tenant and their accountants and or financiers. Seek agreement from the tenant to talk to their accountant's regards business performance.

Whilst it is great to have an enquiry for a new lease in your vacant property, always qualify the tenant before you start giving away a property detail and arranging inspections. The landlord that you act for would expect such simple levels of business qualification.

If you work in commercial real estate agency, you will come across a variety of landlords that think they know everything when it comes to leasing. Some landlords are just plain slow when it comes to accepting your recommendations on vacancy marketing and rental alternatives.

Landlords can have very fixed opinions regards the property market, the rentals, and the performance of their property. Importantly you as the real estate agent have the market knowledge which they lack. You also have experience of other comparable lease deals that have happened on other properties recently. Real hard evidence of recent leases will always help your negotiation with the landlord of the lease.

Here are two of the most common problems that you get with landlords in commercial property leasing.

Beware of Landlords that are Inflexible on Asking Rental

A fixed attitude on rental makes it difficult to find new tenants. In leasing property, is not necessarily the beginning rent that really matters; it is where the rental matures to over the years or before the time of property sale if that is relevant. The rent review profile of the lease document can take care of that, providing you have a well-structured lease to start with.

Landlords that are inflexible on rental generally fail to accept the trends of the property market. It is important to give them details regards the comparable properties and lettable space they compete with. It is also essential to give them details of the supply and demand for space in the local property market. An empty property achieves nothing.

When vacancy factors are high in the market, it is common to drop the start rent and lift the incentives. Any landlord that fails to accept these facts will suffer an extended vacancy.

Beware of Landlords that will not spend on advertising the vacant space

To lease vacant space in commercial property, it is essential to advertise in a variety of ways. That will include the Internet, local newspaper media, and circulation of flyers to comparable properties and businesses, and direct call marketing to tenants in the local area.

In only this way can the real estate agent can connect with all the potential businesses that may have an interest to relocate. In this property market, you cannot wait for the enquiry to come in the door. It is essential to comprehensively market the property; this requires landlord funded advertising.

Without a comprehensive marketing package, the property can remain empty for some considerable time and drain the landlord's cash flow. The outgoings for the property do not disappear, and the longer the vacancy remains, the greater financial pain it is to the landlord.

If the landlord is reluctant to spend money on advertising the vacant space, give them some alternatives in the marketing campaign. This is easily done through offering the landlord a selection of gold, silver, and bronze advertising packages. At the basic minimum, the bronze advertising package will at least get the property advertised on the Internet and will allow you to put a signboard on the property.

The silver and gold packages for marketing will be more comprehensive and obviously more expensive. When you give the landlord alternatives in marketing is much easier to get a decision and some landlord paid advertising. In this way you can lease the premises faster.

Conclusion

In this property market, it is essential to advise landlords of the key issues that will impact the vacancy. When you shorten the vacancy time, the property cash flow improves, and the lease occupancy can strengthen the property value through well designed rent review structures.

In every property market there are pressures and changes that impact the lease listings and commissions that you can achieve as a property agent. Look at some of these variations:

• Number of properties sold and rented
• Type of properties sold and rented
• Changes in property zoning in the local area
• Changes in business sentiment
• Comparable prices achieved that impact yields for investors
• Comparable rents in your area
• Size and types of the incentives offered for new leases
• Time on market to lease vacant premises
• Fees and commissions charged for leasing property
• The number of agents in your market servicing leased properties
• Vacant properties currently on the market
• New property developments coming up that have an impact on supply and demand

All of these will have impact on the goals you set. There is no point putting your goals together on leasing a property type that has little future or no solid enquiry.

So many salespeople set goals because it seems like a good idea, and then they do nothing about them. Rarely will they get the goals out and refresh them or revisit them. Goals without action do nothing for your career.

To set realistic goals in the commercial leasing market it pays to use these rules for setting a basic goals model:

• Know the property type that is likely to generate the most leasing enquiry
• Find out what tenants need to expand or shift in the local market
• Get figures on the levels of supply and demand for space in the next 18 months
• Understand the local business sentiment and where growth is likely to occur

Setting goals in your career is an annual event that is tracked monthly. In that way can you identify any changes that have to happen to shift course. The goals you set will be centred on measurable quantities. They are:

1. The number of listings you create each week (open, sole, and exclusive)
2. The number of leased properties per month
3. The number of tenant enquiries in your database
4. The growth or size of your database
5. The size of the commissions you create from the leases closed
6. The number of new landlords you serve
7. The number of new property management appointments you work with

When you set the right goals in property leasing the business becomes easier because you can see where you are headed. All you then need is a work plan to help the process. The people that struggle in the industry are those that operate off plan or with no plan.

Does Your Company rely on CPAs for financial matters, Attorneys for legal matters, and Managers for productivity matters? Of course!

Relying on a Tenant Representation Broker is essential to handling Corporate Real Estate, particularly when considering real estate is the second largest line item expense on a company's Income Statement. Companies save thousands of dollars when they hire Tenant Reps to serve as their outsourced "Corporate Real Estate Department."

If you are thinking you can save money by not hiring a Tenant Rep, think again. Listing agreements compensate the Landlord's Broker with an industry "standard" fee which the Landlord's Broker shares with the Tenant's Tenant Rep Broker, if there is one. The Landlord's Broker would prefer there is no Tenant Rep Broker so they can receive the entire fee even though the Landlord's Broker isn't representing the Tenant. There is no discount to a Tenant by not hiring a Tenant Rep as the full commission is paid on every listing whether you're represented by a Tenant Rep or not. The savings generated by a Tenant Rep Broker typically ranges between 15- and 40-percent off occupancy costs.

Understand Your Objectives: Most Tenant Reps run through a detailed Needs Analysis with corporate clients to understand the strategic needs of their company and how the corporate real estate component can help them be more competitive in the marketplace, attract strong talent, be easily accessible for their customers, and what are their specific geographic, facility, and financial requirements.

Negotiate Smartly: One of the best books out there on negotiating, is Getting to Yes. And, the best piece of advice in that book is in understanding your BATNA (Best Alternative To Negotiating an Agreement). When you know your BATNA, you know that if current negotiations fall apart, this is the course of action you will likely pursue. Looking at your current situation, what happens if negotiations fail? What are your alternatives? Do you have options available in your current lease to create the flexibility you desire?

Start the Process Earlier Than You Think You Should: If your lease is ending in the next 12 months, it's very important to engage a Tenant Rep now. It takes time to understand your company's ideal real estate solution, and the space that you're looking for may be like finding a needle in a haystack-it takes time. "When we've located several possibilities-ideally, we want to have the landlords competing for your business-if time is on your side, you've got leverage. The more time you have, the more leverage and negotiating power," explained Jonathan Lee, a tenant rep broker in Charleston, South Carolina.

Read the Lease (including all exhibits and regulations): Once you have worked with your Tenant Rep to hammer out the most advantageous letter of intent, the next step is drafting a lease. Lease Agreements are written by the landlord's attorney (translation: the lease is written FOR the landlord, not the tenant). Be mindful of provision in a lease that would pose problems for the daily operations of your business. Always ask your Tenant Rep to review the lease for business points that adhere to your Company's needs and find an efficient attorney who can ensure the lease is enforceable.

Know Your Landlord: Frequently, Landlords want either a Personal Guaranty or a hefty-sized security deposit to ensure the performance of the tenant. In today's market (201-2012), we also need to be concerned about the "credit" of the Landlord-are they going to go "belly up," or do they have the reserves in place to maintain their property? What happens to your Tenant Improvement Allowance if the Landlord files for bankruptcy? What about the level of service you expected when you signed your lease-how do you maintain this level if the Landlord is under financial stress? These are valid questions, especially when numerous landlords are in default of their loans and lenders are shying away from helping those who are cash-strapped already. Hire an experienced Tenant Rep to guide you to landlords with strong reputations and those with a strong financial history.

Beware Less Than Market Rent: Many times a low asking rental rate is simply the base rate. Then, there are additional operating cost pass-throughs which add to the base rent as additional rent. Ask for a cap on annual increases and understand what calculation method is normal in your market.

Limit Operating Expenses to Limit High Rent: Be sure your rent payments cover building or retail center operating costs not inappropriate expenses. "I had one client who recently lamented about paying for 1stclass air travel expenses for their landlord to fly from Vermont to Charleston," said Lee. Avoid having to pay for capital improvements, high executive salaries, markups on utilities and above-market payments to affiliates of the landlord. Insist on your right to audit Landlord records.

Abate Rent if Damages Prevent Business Operations: You should not have to pay rent during the time you cannot use your space. If a fire on another floor prevented your employees from reaching your office or the ceiling collapsed due to a leak, this will make operating your business difficult. You shouldn't pay rent during those times.

Have the Right to Assign or Sublease: There are a number of reasons your company may need these rights. The company could be sold, merged, or the company may outgrow space or need to downsize. At the very least, be sure your lease allows you the right to assign or sublease which shall not be unreasonably withheld, delayed or conditioned.

Demand a Concession if Your Lease has a Relocation Clause: For smaller tenants, the landlord typically reserves the right to relocate your company to an alternate space in the building. If this sounds like a horrible disruption to your business-you're absolutely correct. This means you'll have to pay for the move, print new stationary, and the new space may not be configured as well as the old. Be sure the landlord pays for the move and related expenses incurred. The new suite needs to meet your needs and you shouldn't pay more in total rent simply because the space they moved you into is larger. If the space doesn't work, demand a termination option and compensation for moving into an alternate building.

Condition upon Return: Some leases, particularly Retail Leases, require the tenant to return the premises at the end of the Lease term in the same condition as when they were at the beginning. This is unreasonable if you started out with a "vanilla box," which was then built out to your specs. Be sure to qualify that "with normal wear and tear and any damage by casualty excepted."

Landlord Consents: Similar to the rights of an assignment or sublease, always be certain that a Landlord's consent will not be unreasonably withheld, delayed, or conditioned.

Review Default Language Paragraph: This paragraph can put you in default by simply not sending in a copy of your certificate of insurance which is absurd. Another reason of tenant default could be that you didn't fulfill an obligation in a timely fashion. At the very least, be certain you are entitled to a written notice of a default and a period of time to cure the default prior to the landlord being entitled to take any action against you.

Never Depend on Verbal Commitments: I met with a tenant who told me his landlord's property manager had promised they would install new signs within a retail center. It was never done. Never rely on verbal commitments-if you expect something to be done, it must be in writing.

Insist on a Nondisturbance Agreement: This ensures that if the landlord's lender forecloses on the property, your lease cannot be terminated. Also be certain the lease states any future lender that acquires the property via foreclosure cannot terminate the lease.

Insist on Self-Help Clauses from Smaller Landlords: if you state in your lease that you can fix a problem if the landlord does not, and then reduce your rent payments by the amount it costs you, you provide an incentive for the landlord to do the work themselves.

Negotiate a Low Holdover Rate: The holdover rate is that rental rate charged to a tenant who stays in the space after the initial lease term has expired. The holdover rate can often be equal to 200% of the current rent.

Know what services you're paying for and what is paid for by the landlord. Your lease should describe in detail the condition of the space you are leasing and all services for which the landlord is responsible. Be sure the lease describes the list of services included in the rent such as utilities, heating, electric power, restrooms and maintenance thereof, janitorial services, and any others you might expect the landlord to provide on their nickel.

Build Flexibility into the Lease with Options: Consider having these options in the lease if they relate to your situation: Option to renew; option to purchase; option to terminate; option to expand; and, option to relocate. Each type has its own advantage.

Distinguish between Net Leases and Full-Service Leases: Net leases make the tenant responsible for all expenses of the pro-rata proportion of space they occupy, as if they were the owner. Full Service Leases keep the responsibility upon the Landlord.

Always have a No-compete Clause in a Retail Lease: This prohibits a person or business from operating a nearby business that would compete with one of the parties to the contract.

Right of First Refusal: Unlike the options, this right can only be fulfilled when it is offered by the landlord. A right of first refusal might give a tenant the right to buy the building. Other "rights" include the right to take contiguous space or right to renew.

Know the Difference between Usable Square Feet and Rentable Square Feet: Landlords often quote the square footage of a space in rentable square feet which, in a multitenant building, is higher than the usable square footage due to the core values. Landlords may offer tenant improvement allowances on a usable square footage price per square foot. When analyzing space alternatives on a quantitative basis, be certain comparisons are using the same type square footage and that spaces are based on the BOMA quality standard of measurement.

Many company owners don't realize that hiring a tenant rep broker is free due to the built-in brokerage fee paid by the landlord. Essentially, the tenant rep locates the proper space solution, negotiates the ideal terms, and gets paid by the landlord. When it's time to dust off your lease in three to five years, contact a tenant rep who can serve as your office finder/negotiator to save thousands of dollars.

Most people will, at some point in their lives, sign a lease or a rental agreement. While this is an ordinary step in the lives of the majority of people, that doesn't mean it's something to be taken lightly. Usually, everything will go off without a hitch, but there are a few things you can do to help make sure that happens.

While you are looking at and considering a property is the time to ask questions. That way, you won't be stuck in a contract you hate, and the landlord or rental agent won't get frustrated that you didn't ask before. Pertinent questions might include the security deposit, any included utilities, the type of neighborhood, the pet policy, the parking situation, and more.

Feel comfortable with the landlord or rental agent. While you might not have to spend a lot of time dealing with them, in the event of an emergency or other situation, it's best to be confident you can count on them. Of course, you will not know each other well enough for this to be a certainty, but listen to your instincts.

Have everything put in writing. While oral agreements are enforceable in some cases, it can be hard to prove in court that an oral agreement took place. Also, people are less likely to contest a written agreement, which saves you the expense and hassle of going to court.

Read the entire lease document thoroughly before signing. Ask questions if there are any parts you don't understand. Don't sign a lease that doesn't include important provisions unless you are very sure that the landlord really will add them in later. Generally, it's best to have him or her rewrite the document, and then sign it.

Abide by the terms of the lease. You want the landlord to do right by you, so you need to do right by him or her. If you want to change the terms of the agreement, it's okay to ask, but don't go behind your landlord's back and do something you know is prohibited.

In most cases, people who are judicious about asking questions, cautious about reading a lease before signing, and careful to choose a good landlord, will not have problems. But if you do, look for a local renters' rights agency who can give you information about your legal rights and obligations and perhaps even arbitrate disagreements. Open communication with your landlord can help avoid things getting to this point, however.

An investment property without a tenant is like a boat without a rudder. Landlords in commercial and retail property need tenants to give their property a pattern of performance and growth. In any property market, good or bad, you as the real estate agent can find a tenant; it just takes lease creativity and great prospecting skills.

The relationship between the tenant and landlord should be consolidated through a well-designed lease. Make sure that the landlord has excellent legal advice to put in place a well-structured lease.

When the market gets tough, the vacancy factors rise and businesses seek lower rent or other lease incentives to move to fresh and new premises. This is where lease incentives are of considerable use and part of a property performance or leasing strategy. Watch for fluctuations in local supply and demand for leased premises.

Landlords are well advised to accept and strategize their lease incentives. This is where real estate agents can advise landlords of just what incentives can work in the local property market.

The most common lease incentives to use for commercial real estate are:

• Reduced rent from lease commencement to a set date during the lease
• Rent free period for a period of time in the lease of the premises
• Landlord provided fitout in the premises
• Landlord provided cash for the tenant to apply to fitout or move of premises
• Landlord funded payout of a tenants previous lease obligations

A lease incentive can actually be anything of value to the tenant, providing they are prepared to give the landlord a solid and well-structured lease in exchange for occupancy of the premises.

Lease incentives should reduce over time as the property market will not be the same in 12 months or 24 months. Things change, so the impact of the incentive on the landlord should be lessened as the lease term continues. In an ideal world the lease incentive should be used by the tenant in the first year of the lease so any future property sale will not be impacted by incentive payments.

Short leases of 1 to 2 years should have little if any incentive offered by the landlord in the lease. Leases of 3 years will likely be considered for a small lease incentive, and leases of 4 plus years will likely have a lease incentive to entice the right tenant to the property.

The option to extend the lease of a tenant into a further term would not normally create the need for a lease incentive as the tenant is already in occupancy and has a factor of inconvenience and cost if they decide to move.

The level of incentive to be provided to a tenant really does depend on the market of the time, the supply and demand of available space, and the local and regional business sentiment.

Incentives in the leasing of property are not free. The theory is that any incentive the landlord provides to the tenant should be mortised back into the lease cash flow over the initial lease term (not the option). In this way the landlord gets back their money from the initial outlay on the incentive.

If a landlord intends to give a lease incentive of any type to entice a tenant to occupy vacant premises then it is prudent for all other lease commitments to be satisfied before the incentive is given and the premises are handed over. Other lease commitments to be satisfied could be:

1. A signed lease in correct legal form
2. A satisfactory level of bank guarantee or bond to offset any tenant default in the future
3. Personal guarantees by the tenant for the performance of the lease
4. The payment of the first month's rent
5. A full set of tenant fitout plans and requirements for landlord approval

Lease incentives come and go as a strategy in property leasing. Importantly the landlord is prepared for the matter and the real estate agent can advise the landlord of the best incentives to use in the local property market at the time.

Watch for other property agents and landlords seeking to take your tenants to other nearby property. They will also be using incentives to attract your tenant to their buildings.

Everyone wants to buy more by paying less and the real estate sellers take advantage of this fact. They try to sell their properties by reducing price in fractions or offering discount. The market is filled with such news stories. The buyers rush to the sellers when they hear such price reduction or discount news. More than 90% of the interested buyers are those who are buying a home for the first time. The real estate sellers have always made the market attractive for the first time home buyers because it is really easy to persuade a buyer willing to buy a home for his family for the first time. It is advised to all these buyers to lease a home before buying. They can do it through the Lease Purchase Agreement.

What is the Lease Purchase Agreement?

This agreement is the finest way for all those people who currently do not have their own living place but have a strong desire to own a home without enough financial support. This type of agreement gives freedom to the buyers from mortgage and its interest. If you are an interested buyer and you do not have enough funds to buy and you also do not want to take money from the banks or the financial institutions then you need not worry as long as your income source is permanent. It is because you can make an offer to the seller to enter a lease purchase deal if you have 5-10% of what is needed to buy the home of the seller.

The seller may allow you to become his lessee by paying the option fee in the beginning of the agreement. The option fee can be anywhere from 5% to 10% of the price of the home. After paying the option fee, you will also need to pay the monthly lease payments. If you attempt to buy a property this way then your earning source must be permanent. The earning source needs to be permanent because you will need to pay the monthly lease amount as decided in the agreement.

How will the buyer purchase the home at the end?

If you will fail in making the lease payments during the lease period then the seller will no longer legally bounded you to sell his home. If a buyer successfully completes all the payment parts then he will have an option to buy the home at the end. So the buyers can take this road to reach the destination but only if he sees the road clear enough till the end.

If this is left until your wishing to sell the property it will raise certain concerns. Firstly the purchasers solicitors will wish to obtain a letter from the current freeholders stating how much money they will require for an extension of the lease. Second it is going to knock off a substantial sum from the asking price you can place your property on the market for. The latter being very important on any decent sale. If the lease extension is asking 7,000 UK pounds it may reduce your property by as much as 14,000 UK pounds if you have not dealt with this and are leaving it all to the purchaser to organise once moving.

If you do wait to sell until your lease is running low you are truly at the mercy of the freeholder whom does actually own the ground the property is built on. They can and will take advantage of these situations.

Once the lease has reduced below a certain length, say 75 years, it will be becoming more and more expensive for the leaseholder to extend this. It works on the knowledge that the shorter the lease has become the less the said property is worth and the said lease extension will make a large difference to the value of the property.

There has recently been a collapse of a very large UK based freehold company. This has cause some degree of panic around the country with tenants and lease holders wondering how there maintenance reserve funds will be affected by this situation. It is never ideal to not own you own freehold but also highly unavoidable with the UK property market. The director of the company that has gone into administration was raided by the police by serious fraud charges.

As every coin has the two sides in which one may be positive and the other may be negative. This is the case with the lease purchase agreement also. There are too many positive effects of this agreement for the buyers and sellers but there are some negative effects also of this agreement. The buyers may face the negative effects if they break the lease agreement. This agreement is good as long as it is not broken but if the buying party fails to complete its promises made in the terms of the agreement then the party has to face the negative effects.

Negative effects of breaking the lease purchase deal

The major negative effects of breaking the agreement are explained below.

Option fee is not refunded

The buyer has to pay the option fee to start the agreement and start using the property. This option fee could be as low as only 5% of the purchase price of the house. The option fee is always non refundable so if a buyer fails to complete all the payment parts then can be moved out anytime by the owner of the house and the owner will also not return the option fee that the buyer has paid in the beginning of the agreement. The buyer can also not go to court against the owner to get his option money back because the owner cannot be legally compelled to return the option fee.

The buyer loses the right to use the property

If the buyer fails in the payment part, then he will also lose the rights to use the property. The owner can anytime order the buyer to move out if he does not receive the payment in time. The buyer cannot do anything against the owner if the lease agreement is broken from the buyer's side.

Buyer can request the seller

The buyer can request the seller to extend the lease period but the seller would extend only if he wants to. The seller cannot be legally compelled to extend the lease period. The extension of the lease period will not change the terms and conditions of the agreement.

Advice to the buyers

If the lease agreement breaks then the result will not be good for the buyer so it is always advisable to the buyer to pay option fee only for that property which they can afford to purchase later. The buyers should keep in mind the conditions of the agreement and should stick to these conditions.

Lease purchase agreement is today one of the best ways to deal in real estate. This makes your investment easier and affordable. If you do not have much idea about it, look further and know how it can be useful for you, when you are planning for real estate investment.

Lease purchase agreement or lease option is basically a contract done for a piece of land or property. This contract is done between the buyer and seller for a fixed period of time, after which buyer may gain full rights and ownership of the property. Buyers also have the option to not buy the property and forfeit down payment.

Why to opt for lease purchase option

If you are a buyer, lease purchase agreement can be quite beneficial for you. This is actually because you do not need to buy the property at present. This is also a best option for you if you want to purchase property only for the investment purposes. You can just get in contract with the seller and in case if you find the property is not worth getting after few years, you can leave the deal.

The only loss you face is the down payments and monthly payments which are often fixed by buyer and seller before. This is therefore quite beneficial for you if the property prices went down your expected value. As you can never predict the market conditions, lease option can be the best solution for you.

Not only for buyers, but this is also beneficial for sellers willing to sell their homes. With the help of this option, seller can sell their property even in the tough economic conditions. This is not a loss even if in case buyer does not want to take property after fixed time. In this case seller had already made some profit by down payments and monthly payments received by a buyer.

Today many people want to own a house. But due to their financial and personal problems this becomes tough for them. Lease option can work best for them. With this easy lease purchase agreement you can actually get your own home to live, even when you do not have enough credit or full down payment to pay. In all, lease option is best for both, buyers and sellers. This is a win-win situation for both. This is completely risk free and useful when you want to invest in property.

Property dealing is a task that needs much care. This is really important so as to avoid any losses involved. There are many options that are available for you when you are dealing in property or real estate. These options make your investment easier and affordable. Even when people do not have enough money to purchase a property, these options can be used to own a property.

Lease option or lease purchase agreement is one of the most important and beneficial options for tenants and landlords. This is in general a contract done between the two parties for fixed time interval. During this time tenant use a property as on rent. And after this time tenant may buy or leave a property by paying fixed amount of money. According to the agreement or contract tenant has full right to purchase a property he is using after the time expired. Lease option is thus also known as rent to own agreement.

According to the lease option landlord cannot force the tenant to buy a property after fixed time. This is beneficial for both the parties as it does not obligate either of them in any case. In case if tenant find that a property has gained market value, he can purchase a property but in case prices lowers down he may leave a deal. This all seems to be more beneficial for tenant. Although lease option is quite beneficial for buyers, it is slightly expensive for them. While getting into lease purchase agreement tenants have to pay slightly higher rent than the market value.

Advantages and disadvantages of lease option for landlords

Lease option is also beneficial for landlord in many ways. This is a win-win situation for them whether tenant buy a property or not. Landlord can get fixed amount as a down payment (non refundable) while making a contract. Generally this amount is fixed by both the interested parties. Also landlord gets monthly rent on their property, which he is renting to the interested buyer. So in case if buyer does not purchase the property at the end, there is no loss for landlord.

The main disadvantage for landlord in this case is, if the buyer does not purchase a property, it will remain in their hands and they will have to find another interested buyer for it. Also as the market trend and prices are volatile, there is possibility that buyer renegotiate the prices and may skip the deal just due to the prices.