When it comes to leasing administration, there are best practices that all businesses should follow to protect their interests. Here, the Hughes Marino representation firm shares four of the most important tips:
It’s important to review your leases regularly for changes that may have occurred and for opportunities to renegotiate no longer favorable terms. This process can be time-consuming, but it’s crucial to control your business’ leasing costs.
- Keep good records
Good record-keeping is essential for effective lease administration. Hughes Marino recommends you to be sure to keep track of all correspondence with landlords, payments made, and any changes or modifications to the terms of your lease. This information will be invaluable if you ever need to negotiate a new lease or resolve a dispute.
- Understand the landlord’s perspective
To effectively negotiate with landlords, it’s essential to understand their perspectives. As Hughes Marino states, they’re in business to make money, and they’re not going to give you a break on your rent unless they believe it’s in their best interest. Keep this in mind when negotiating terms, and be prepared to offer concessions that will benefit the landlord financially.
- Hire a professional firm
For businesses with complex leasing needs, hiring a professional lease administration firm may be worthwhile. These companies can provide valuable assistance in reviewing and negotiating leases and keeping track of all the details. The cost of the services at Hughes Marino is typically offset by the savings they help you achieve.
Hughes Marino has achieved an outstanding reputation as a top commercial portfolio lease administration/advisory firm in Southern California by always putting its clients first. When it comes to lease administration, the company’s team of experts has the knowledge and experience to help businesses of all sizes protect their interests. Hughes Marino can provide the assistance you need if you’re looking to review your current leases or negotiate new ones.