Latest Leasing Articles

Leasing Office Space – Part 1 of 23 Leasing Office Space

Wed, 02 Sep 2009 22:45:48 -0700

Introduction

Leasing office space is time-consuming, complex and can divert attention from the primary functions of the business. Steps in the process of leasing office space include selecting a tenant rep broker, location, researching options, selecting the best options, negotiating the primary business terms, selecting an attorney and negotiating the details of the lease.

Tenant Rep Brokers

Begin your search for office space begin by selecting a tenant rep broker. You may initially wonder, “should I skip the broker, and save the fee?” The reality is the cost of office space will be about the same whether or not you use a tenant rep broker. The landlord’s broker is paid 4% if he negotiates a leased directly (with the tenant) and 2% if an outside broker is involved. If a tenant rep broker is involved, he would typically be paid 4% of the gross total payments over the term of the lease. Unless you are quite knowledgeable regarding real estate leases, you are well advised to utilize a broker. (Our firm does not provide this service and in no way benefits if you use a broker.)

Specialized Issues and Terms

There are nuances in the process for which guidance and counsel is invaluable. These include what is and is not negotiable, and the reputations of the landlords and management companies. Even if you negotiate what is perceived to be an incredible deal, is it really a “good deal” if the landlord provides terrible maintenance and service? Is it a great deal if your space is not available until 4 months after the agreed upon date?

Right Tool for the Job

Tenant rep brokers are a great option for your office space search. Their fee is paid by the landlord in most markets. They are office space experts. Every day, they work on finding and negotiating agreements regarding office space. Even if you started the office space search within online search service, using an office tenant rep broker will probably generate the most cost-effective office space for your business. Brokers know which landlords are most negotiable and how to structure the transaction to obtain the lowest cost.

The Market Research and Consulting division of O’Connor & Associates provides information necessary to make decision to commercial real estate professionals. Occupancy and Rental Data, ownership and management information are routinely gathered for four major land uses – multifamily, office, retail and industrial. This information allows investors to compare competitive properties, facilitate business decisions and track market and submarket performance. In addition the data is useful to brokers who for example continually monitor Houston retail space leasing, Houston office space leasing, Houston industrial space leasing, Houston apartments, Dallas apartments, Ft. Worth apartments, Austin apartments, and San Antonio apartments.

This capacity to research, analyze and interpret market trends and the impact of specific transactions is a major reason for why developers and acquisition experts rely on O’Connor & Associates for market studies, real estate market research, feasibility studies, rent studies, tax credit studies, project design guidance, property performance evaluation and leasing retail space, lease audits. O’Connor & Associates is an acknowledged source of trends in real estate investing and market activity.

Get Lease & Finance Consulting From The Mark et Specialists

Thu, 16 Oct 2008 02:29:17 -0700

Why is lease and finance so important to growing businesses? Almost all growing businesses need new equipment of some kind. Lease finance allows them to acquire new or used equipment without a huge capital outlay. We offer expert lease and finance consulting for all kinds of business.

One of the major advantages of lease finance to businesses is the availability of the equipment at the time when it's needed the most.

One of the other main factors why business people choose lease finance is for the tax benefits. It's an extremely tax efficient way to acquire equipment or assets for all types and size of businesses from PLCs to sole traders. We offer you the best lease & finance consulting services to help you get the best deals.

Call our specialist brokers in these packages, Prakash, Peter or Glin on 01242 226662.

We offer access to over 50 finance companies ensuring that you get the right finance package to meet your funding requirements. Our expert best lease & finance consulting services ensure that you get the perfect fit to meet your needs.

You also reduce the risks of ownership, like obsolescence and debt burdens, when you choose lease finance. You can quickly and easily upgrade your equipment too.

The packages we offer are usually far cheaper that taking a loan from a bank, an important factor when for opting for lease finance. Payment schedules are flexible and the relatively low payments make it easy on your budget. It helps you build a hedge against inflation, since you purchase new equipment today and repay tomorrow when the same amount of money is less valuable. Make the most of our lease and finance consulting services to get yourself ahead.

Our lease & finance consulting services help you not just with consulting but also to source the equipment you need to build a flourishing business quickly and easily. So go ahead and obtain the equipment you need now using lease finance and by calling us on 01242 226662.

The Letting Agent; Making Life Easier For Landlords

Wed, 08 Oct 2008 00:00:00 -0700

Becoming a landlord is often seen by many people as a licence to print money with little stress or effort. This is not always the case however, much of the time being a landlord means making a lot of decisions and putting in a great deal of effort into caring for tenants. The process can be made easier however by employing a letting agent, allowing the landlord a far simpler rental period. In most cases the letting agent takes their fees from the rent, meaning that the landlord must raise their rent should they wish to make the same amount of money than if they were renting the property privately. For this fee however the letting agent will perform some important tasks. Firstly the agency is responsible for finding tenants for a property, they will also conduct the majority of the paperwork with the tenant meaning that communication between landlord and renter is practically non existent. The agency also has a responsibility to inform the landlord of any problems with the property as well as passing on any concerns the tenant may have with the property or the rental agreement. There are a large number of letting agents on the market today; in most cases they are listed in local directories although the internet is rapidly becoming the predominant form of advertising and communication. As both a tenant and landlord it is important to use an agent that conforms to the codes of conduct laid down by the National Approved Lettings Scheme and the Association of Residential Letting Agents. By doing this certain assurances of operational practices and principles are secured for both parties. The reason the landlord pays the agent's fees is so that they do not have to undertake certain tasks. One of these major responsibilities is the creation and completion of any paperwork pertaining to the rental property. This is beneficial to the landlord as it negates the need for an extensive legal writing process, saving time and money. The only downside is that the landlord must pay the agent on a monthly basis whereas legal fees are normally a one off payment. Ultimately however the fees can be seen as worthwhile as they remove much of the stress from the rental process. The agency will normally manage the property on a full time basis acting as a go between for the two parties. Subsequently the agent must relay any communication between the tenant and landlord and where necessary make recommendations to either party. Another responsibility is that the agency must inspect the condition of the property on a regular basis to ensure the landlord's investment is not being damaged. A letting agent however will not perform maintenance tasks on the property; in most cases this is left to the landlord. Reports of any maintenance work however will be recorded by the agency to ensure that both parties are aware of what has been done and whether any follow up work will need to be completed. Ultimately while utilising agency services is an added cost for a landlord, it is a worthwhile cost in the long run. It can make that licence to print money a very real and attainable possibility. While the landlord can never be truly removed from the rental process the work of the letting agent does allow them some freedom. Putting property up for rent is a long term investment, it will certainly pay for itself in time with or without the use of an agency; it is just an agency will make that time less stressful and more enjoyable.

How The Affordable Equity Project Can Help You

Wed, 24 Sep 2008 00:00:00 -0700

The Affordable Equity Project can help you if you live in the New York area or are planning on moving to this area of the United States. It is a project that allows people to look for affordable rental properties in and around New York, including the areas surrounding the city. This program deals with both landlords and tenants in an attempt to find rentable property that will benefit both. The housing crisis in the country is reaching epidemic proportions. The economic conditions in the country are causing many people to lose not only their jobs, but their homes as well. As a result there is an influx of foreclosures as well as unemployment throughout the United States. There are predictions that things will get worse before they get better. While other states have helpful programs, the Affordable Equity Project is only available in the New York area. Other helpful programs that can help people in this area are the Working Section 8 and Section 8 Housing programs. These differ from state to state and are also available in the New York area. Those who own property are opting to hold onto their property rather than sell it because of the slump in the market. This can work well for a renter who is seeking a place to live and willing to pay rent. Those who are looking for affordable housing in the New York area, however, are often at a loss when it comes to what to do as housing in New York has always been somewhat difficult to find - especially affordable housing. Not only does the Affordable Equity project help with low income families who need to find a place to rent that they can afford, but it also assists those who just want to get the most value for their money. Anyone who is considering renting in the New York area can make use of this program. In these tough, economic times, most folks are seeking a way to save money in every way that they can - including when it comes to rent. The New York area has always been a much coveted place in which to live. Getting a place to live that is affordable and will suit your needs is not always easy for someone who is new to the area. Many people have even gone as far as looking in the obituaries to find apartments of those who have died. The New York area has always been a very competitive market when it comes to rental housing. Fortunately, for those who are strapped for cash and need affordable rentals, there are programs that can help them when they live in or are planning on moving to New York. Anyone who lives at below poverty wages can take advantage of the Section 8 programs while others who may not be below poverty level, but who need an affordable place to live, can look to a program such as the Affordable Equity Project that allows them to find the most affordable rental accommodations for their financial situation.

How a Property Management Company Can Ease the Burden of Renting

Sun, 21 Sep 2008 00:00:00 -0700

There are some places in the world that you visit and never want to leave. For many people Utah, with its snow capped mountains, beautiful deserts, and rock canyons, is one of those places. After a wonderful vacation there, you just might decide for lengthy return visits requiring the use of long-term rental rooms or vacation homes. Utah property management can help find that summer vacation home or that winter ski retreat with ease. When choosing a Utah property management solution for your real estate needs, it is important to choose a company with agents who are familiar with the area, the homes and the land. If you want to be within minutes of the slope and the agent has little idea about the best ski spots in Utah, you will never find that perfect home. A good agency can do more than just find you the perfect vacation home, they can find you a permanent residence. If you are moving to the state for business or pleasure, the property management team you enlist will need to respect your needs, listen to your wish list and help you find a home you will love not just the home that has been vacant the longest. On the flip side of the coin, if you are trying to rent out a home for travelers, the property management company you choose will need to handle your home with care, respect the vacationer, and treat the visitor like gold. There are many choices for vacation rentals in Utah and if your Utah property management does not keep the home or their service up to par, the visitor will go someplace else for their needs. A good company will take care of the lease application, credit checks, home upkeep, rental information requests, and communication between the potential renter and the owner of the home. This is true for both vacation and permanent rentals. Both the owner and the renter need to be able to contact each other after the initial application is approved, but before that time, the property management company will need to handle every aspect of the business transaction. After the home is rented, the duties of the property management team do not stop. They will often be responsible for work orders on the rental homes and upkeep of the interior when the home is open for vacation purposes only. Utah property management is there to handle all of your property needs as a renter or a home owner wishing to rent out property. Finding the best team for your property needs will ensure quick transitions and profitable ventures.

What Is The Affordable Equity Project

Wed, 10 Sep 2008 00:00:00 -0700

The Affordable Equity Project is a housing project unique to the New York area that enables those who live in the NY area who are looking for a place to live find a rental that is affordable for them. The program basically gets renters together with landlords as well as other property owners and enables people to find the most affordable rental for them. In addition to working with landlords and property owners, they company using this project will work with the landlord and get the rent deferred or reduced, in some cases. The economy has been in a desperate state for some time now and many people are in want of a place to live that they can afford. The number of foreclosures continues to rise as people who cannot pay their mortgages are turned out of their homes, many with families and no place to go. For this reason, this project that helps those find affordable housing began. You have probably heard of other types of housing projects that help those who are living below the poverty level find affordable housing. These include the Section 8 Housing Project, the Working Section 8 and the Workers Advantage. These projects help people throughout the country get housing when they are poverty stricken. This project works well with these established programs but this project is only good in the New York area. This new housing project specializes in getting those who need a home that is affordable to rent in touch with landlords and other owners of property in the New York area. This is a special project that is only available to those who live in or will be living in the New York area. Everyone needs housing - it is one of the most fundamental needs of all human beings. We all need a house in which to live for ourselves and our families. Many people are out of work and have no where to live. This is how this program can help those who are in need the most. The amount of foreclosures on the market today are becoming more prevalent. Many property owners are opting to hang on to their property rather than sell at the market prices today because they are lower than ever. Not only does this new housing project that is special to the NY area help those who own property, but also those who are seeking to rent in the New York area. As long as you are living in the New York area, you can take advantage of this project and find a rental property that you can afford. Unlike other housing projects, you do not have to be below poverty level to take advantage of the Affordable Equity Project.

Apartment Rentals Make Sense In Today's Economy

Thu, 28 Aug 2008 00:00:00 -0700

In the economic situation we're in today, apartment rentals make more sense than ever. Owning a home is great, but apartment rentals stand the test of time when it comes to being practical, saving some money, and avoiding all kinds of hassle that homeownership brings. Owning A Home Is Not For Everyone It's not that home ownership is a bad thing, but really just that many people would benefit from apartment rentals instead of buying before they're really ready to buy. Apartment rentals are a great way for those just getting on their feet to start off in life. Plus, renting an apartment is usually the most affordable variety of housing, allowing renters to save up enough cash to make a more solid down payment on a house once the time is right. Over the last ten years or so, banks were practically desperate to loan as much money as they could. After all, that's how they make money and stay in business. It just so happens that mortgage lending was the perfect way to do that, because most of the time with mortgages, the home secures the amount borrowed. It's was a win-win situation for banks. However, the banks and mortgage lenders got a little bit too overzealous with their lending practices - they were lending all kinds of money to people who really shouldn't have been buying homes in the first place. Instead, these real world folks would be much better off sticking to apartment rentals while saving up for a home they can really afford, not just buying a home that the bank says they can make the numbers work for. More Benefits To Apartment Rentals Yes, despite what the home loan lenders want everyone to believe, there really are a lot more benefits to an apartment rental than meets the eye. Besides living in an apartment to save money for a serious down payment on a home, many people absolutely love apartment rentals for a variety of additional reasons: * Apartments are low maintenance - Usually all repairs and every day maintenance like mowing the lawn and shoveling snow are taken care of, saving all kinds of time and hassle. * Apartment rentals don't require a big commitment - Taking into account the standard six or twelve month leases, people that prefer not to be tied down are practically free to move about as they please. * Renting apartments is wise in the short term - When you're only planning on staying in an area for a year or two, apartment rentals are definitely the way to go, simply because the first couple of years worth of house payments only cover the closing costs anyway. * There are no real estate taxes - There's nothing worse than getting stuck with a several thousand dollar a year property tax bill, especially when just starting off in life. By renting instead of buying, the landlord is effectively picking up the tax bill for you. Again, as mortgage lending continues to get stricter and stricter, thanks to the lending industry's own lack of fiscal responsibility, there's should be no shame in renting an apartment instead of buying a home. Just think, apartment rentals have been the traditional way to get started for decades and decades.

Tips for Landlords- Finding a Tennant

Fri, 15 Aug 2008 00:00:00 -0700

One main thing I find is making sure the paintwork inside is good and no scratches, this helps give the image of a newer property. Also its good to make sure the paint is a light colour preferably white as this helps to make the rooms look like they are larger, in general dark colours will make rooms look smaller. Along those lines it is also good to have mirrors around the property because this gives the illusion of more space. Lighting is also important and it is important to make sure that when showing someone around a property to make use of all the available lighting so that they do not miss anything, this is most important with lights that are sunk into the ceiling as these are easy to miss but expensive for you to install- so show them off and use them as a selling point! If I am furnishing the property I usually make sure that all the furniture is all pushed up against the wall to maximise the space in the room. I would advise people not to have a coffee table in the room as this takes up floor space and can make the room looks a bit smaller and every little helps. In most rooms I usually go for blinds rather than curtains as they usually look smarter, they don't get stained or burnt, they are not a fire risk, they are usually cheaper, and they will last a lot longer in terms of style than curtains, as curtains will become out dated and old quickly whereas blinds are more universal in terms of trends. Usually for furnishings in terms of colour I go for whites and wood finishes. With beds I go for metal rather than wood as the wooden beds seem to break more easily than metal beds, and the wood usually gets scratches in it which is the sort of tiny damage that you cannot charge your tenants for, whereas in my experience the metal beds don't take that kind of damage. With sofas and armchairs I find that in terms of colour its best to go for lighter colours as they are more neutral and you don't get less people saying they don't like them. For kitchen furniture like tables and chairs wood seems to be the best option as again it's pretty neutral and you probably won't find that you have to update it because it is outdated for a while, whereas more modern tables and chairs you can find that they start to look outdated quite quickly and this is expensive to get new ones. Finally I think that it is also important to make the property look like it can be lived in, but isn't being lived in at the moment, this is essential so people can imagine themselves living in the property. But all in all the most important thing is to be friendly and approachable. Good Luck!

How To Choose Letting Agents For Your Rental Property

Thu, 14 Aug 2008 00:00:00 -0700

Putting property up for rent is becoming an increasingly popular option for any who have the capital to buy property to let. However many who are letting property are doing it because they are travelling for an extended period of time and purely want to keep the mortgage ticking over while they are away. whatever the reasons for putting a property up for rent, the services of letting agents can make the process far easier and less stressful; taking much of the legwork out of the equation as a landlord. Letting agents are the professionals and giving them control over your property is often far more rewarding, even though fees will normally be applicable. Hopefully the following information will allow landlords to choose the right letting agents and make the best use of their services. The best way to find letting agents is through personal recommendation but this depends if you know any other landlords personally. There are other ways to receive recommendations however; a wealth of information on the internet is at your fingertips in order for you to find the prefect service. But where do you start when looking for letting agents? When looking the best place to start is with official letting bodies and associations, these will be able to supply you with listings of agents in your area that have their services independently verified. One of these professional bodies is the Association of Residential Letting Agents or ARLA. The members of ARLA have all been conducting business for over two years and have proved their worth in the rental sphere. This means that your agent will have considerable experience and will understand not only the process, but any new legislation that affects the world of letting. As well as knowledge officially recognised agents will have some form of professional indemnity insurance, will be able to hold separate accounts for each of their clients and in most cases will take their fees from the landlord and not the tenant. Additionally, while smaller companies may have cheaper fees, the clout and experience of a large organisation gives your property the best chance of securing tenants quickly and at the right rental price. Once you have chosen your letting agent from the myriad of agents out there it is normal practice to sign an agreement. This agreement will usually cover factors such as the agent's right to let the property in your stead as well as manage the tenants throughout the rental period. It is vital to read through this agreement meticulously so that all involved in the process understand the responsibilities they must undertake. If you are unsure, it is advisable to seek legal advice, and if you disagree with any of the conditions, having them removed from the agreement should be a possibility, although some clauses will naturally be standard. If you are not satisfied, find another agent who will be able to draw up an agreement that you are happy to sign. Make sure that you let the agents understand the restrictions on the property so they can be related to the tenants; examples may be access to the loft or the use of an open fire. Once the agreement is signed and you have a copy all of the responsibilities can be left to the agents. Ultimately you have hired them to manage the property so leaving them to do their job is highly advisable. Your interference will no be appreciated. If however you are unhappy with the service, changing agents is always a possibility, make sure to check the agreement so you know the notice you must give for the termination of the contract. This advice as hopefully given landlords vital information on how to find and use letting agents; overall they are there to manage your property meaning that the effort you must put in is lessened. With the right agent you role as landlord should be a comfortable ride to profit.

Advice To Landlords How To Secure The Highest Possible Rent

Thu, 14 Aug 2008 00:00:00 -0700

Letting property is an increasingly profitable business that allows those with the initial capital to make a property work for them without having to put in a great deal of effort. There are however a variety of essential considerations that must be made before putting a property up for let. Of these considerations the presentation of a property is vitally important. With high presentation levels it will be possible for landlords to achieve a higher rental income. Hopefully the following pointers will help landlords receive more rent; it may mean putting effort in at the start, but any effort will be ultimately worthwhile. Firstly, to make your let property more appealing the use of neutral colours is highly advisable. Most tenants will be put off by a bright orange wall; instead, using creams and plain whites is the best course of action. With neutral colouration however, be careful not to go too pristine, if the walls are too white, it will be difficult to keep the property clean. If your property to let will be listed as a furnished property it is essential to use high quality items. Naturally carpets and curtains should be of a high quality and hard wearing. This means they will last longer and will last through the tenancy of more than one tenant. Easy to clean surfaces are also advisable, laminate flooring is usually the tenants most preferable material as it is easy to keep clean and any spillages can be rapidly mopped up. If your property to let is to be listed as unfurnished there are a number of minimum items that should be included. A cooker is vital although items such as fridge freezers, washing machines will normally be included. These items should be checked by an electrician to ensure that they are in safe working order and pose no threat to tenants. If you are pursuing higher rents for your let, it is advisable to create a spacious kitchen with plenty of cupboard space as this will entice renters. Additionally the kitchen should be modern and contemporarily styled as this will once again, appeal to tenants. As well as the importance of the kitchen, a modern bathroom will also secure a higher rental price. A shower is a minimum requirement although many let properties include a bath. The bathroom cannot be underestimated as one of the most important rooms in any let property. In terms of heating you should ensure that the system has a thermostat and is efficient enough to keep the property comfortable in the winter. Renters should check the efficiency of the heating as poor insulation will result in higher heating bills. The overall style of the let property should be clean and comfortable. Try to de-clutter furnished properties as more space is appealing to tenants. In addition, at the end of each tenancy it is important to have professional cleaning services give the property a deep clean. If the let property has gardens more rent will be achievable if they are well maintained. This means cutting the grass, making sure hedges and shrubs are clipped and the borders are neat and tidy. It may even be worth putting some gardening equipment in the property so tenants can maintain the gardens themselves. As part of this, any outbuildings such as sheds and garages should be cleared of rubbish. Hopefully this advice will give landlords the best chance of receiving high rent when putting their property up for let. If the effort is put in early on during a tenancy it is possible to reap the benefits with the minimum of fuss. Strike up a relationship with the tenants and you should have a hassle free way to make money.