It’s the start of a new year, so I would suggest that it’s time to pull out your lease file and run a quick lease audit. Here are a few suggestions of things you should know about your lease:
- When does it expire? You
should begin your renewal process at least 12 months prior to your lease expiration. Call me and I can explain all the reasons why you need to allow much more time than you think for the renewal process.
- When does your rent increase annually? For your budget purposes, it’s important to realize when these increases occur.
- How does your landlord handle operating expenses? I can write a whole article on this, but the key points for this are: when can they increase and do you pay the increase monthly or lump sum? You need this for your budget.
- What are your penalties for paying rent late? Sometimes mistakes occur, so do you get a grace period and what are your late fees?
- How much parking is your landlord obligated to provide to you? Sometimes you could be surprised….
One of my new services this year for my clients is to provide you with a free lease abstract that provides you with a quick rundown of these key points and more. Since most office leases are over 40 pages long, we can help you with an easy-to-read summary. I have negotiated over 700 leases, so I know the impact of not understanding your lease. Let me help you in 2016.
Call me today for your free lease analysis and I can show you ways to save time and money.