From developers to investors, brokers, and agents, tenants and landlords, everyone in real estate today is struggling in a market that few have ever experienced. If you’re a shopping center tenant that signed a lease between 2006 and 2009 you’re likely overpaying by 10 to 40% in today’s market. This is just one of the things your landlord would rather you didn’t know.
Additionally, over the last 30 years I have seen hundreds of small business owners get trashed by their landlords. Most had signed very complicated triple-net leases without fully understanding what they were agreeing to. Only later did they realize that what they had signed obligated them to years of paying unanticipated recurring costs that continually go up. Eventually they became a slave to a minimally profitable business or they simply failed. The “net” charges in “triple net” and the reason and rationale for having to pay these as a commercial tenant is a convenient landlord mystery.
As a commercial property manager for 25 years, I was often the one doing the trashing. I grew very tired of seeing good people suffer and fail, in fact I was ashamed.
Then I decided to do something about it. To seek redemption. To help protect business owners from unscrupulous landlords and their leasing agents; from real estate agents pretending to honestly represent a tenant’s vital interests and avoid the ethical issues that always occur when tenants and landlords are represented by the same agent in the same transaction. (The latter generally being a disaster waiting to happen for the tenant).
In future posts you will learn secrets to protecting yourself when leasing commercial space. You will read stories of business owners and how they lost everything because they didn’t have competent advice before signing a lease. You will also learn tricks from some of the dirtiest landlords imaginable and how to avoid their traps.
Please browse around the site and feel free to comment on what you like or don’t like. Plus if you’re a commercial tenant, take advantage of my FREE lease analysis. I will be able to tell you where the problems lie in your lease, (which for the most part you already know), but more importantly what you can anticipate as the lease term matures and how you can possibly fix these issues now.
Here’s to 2010 and your prospering business. Cheers!