When you manage commercial buildings or retail shopping centres, the leases contained in each property will have critical dates by which certain actions and responses should have occurred. When you get to manage large buildings with numerous tenants this process becomes very complicated.
A successful property manager or leasing manager will keep the lease documentation and reminder process completely under control. The dates of each and every lease will have to be tracked and appropriately actioned well in advance to prevent property disruption.
The dates of the lease to be watched are numerous, but here are the main ones:
Lease commencement datesLease expiry datesRenovation date requirementsMake good date requirementsOption dates requirementsThe date of rent reviews coming upAnnual insurance certificates of currencyService of outgoings notices to the tenantsReconciliation of outgoings expenditure for the financial yearPayment of outgoingsPayment of rentalSo all of these dates are critical dates and will be individually detailed in each lease. Every lease in a property is unique and different. For that reason the property manager has to dissect the lease extracting all the critical dates as part of the process.
As you can now see, a building with a number of tenants will have a vast array of different reminder dates that have to be actioned in a timely way. The only way to do this is to capture all of the dates into a suitable calendar reminder system supported by a computer software program.
There are some very good specialized property management and leasing programs that allow you to track critical dates. It is just a matter of researching and testing the various programs to see what best suits your situation. Some of the programs are designed around particular property types. Commercial and industrial property is usually quite basic when it comes to lease tracking. Retail property on the other hand is far more complex and will require a very special software program to support your data tracking process.
At the very basic end of the property management industry, there are some property managers who will track the dates using the common calendar function in their daily computer diary or a spreadsheet. Whilst this is appropriate for a small number of tenants it will become less effective as you bring in more buildings and more tenants. You really do need a dedicated property management program that can handle lease reminders and activity.
John Highman is an expert real estate author, conference speaker, and coach. He helps Real Estate Agents to improve their market share, listings, and commissions. You can get a free ebook of real estate tips and tools right here at http://www.commercial-realestate-training.com/
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