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Archive for February, 2015

Commercial Leasing Tips

Wednesday, February 18th, 2015

commercial-leasing-tipsWhen you’ve put all of your blood, sweat, tears, and cash into a project like a start-up business, you take your work seriously. Finding the right space to take your business to the next level is stressful. You have big dreams and you want to bring them to life as soon as possible. You’ve probably imagined your store front or office space a million times, and it can be disappointing to realize that you don’t yet have the funds to fully bring that vision to fruition. When you’re ready to delve into the world of commercial leasing, consider these tips.

Crunch the numbers

When your business is just starting out you’ll likely find yourself low on cash and dealing with potential credit issues. Opening a new business can be financially risky and as they say, you have to spend money to make money. When you are looking for a new home for your budding business, it’s important to be realistic and fully assess your situation. Spend some serious time figuring out what you truly can spend on rent each month and determine the price tag on taxes, amenities, and other hidden fees.

Prioritize

When you’re choosing a space, you’ll want to think about your brand. You should think about the location, the look of the building, and the physical amount of space. Look at your current office, and figure out what is and isn’t working. Take this information and create a realistic list of needs and a list of wants. You may find that you’ll have to sacrifice aesthetics for price and location. Realize that you can always find clever and crafty ways to make any space sing.

Research

It is a good idea to contact a professional commercial real estate agent when you start looking for properties. The entire process of finding the right space can take between six and twelve months, so it is a good idea to start your research well in advance. Look into different locations, possible competitors, the history of different buildings, and the right ways to utilize office space. Make a list of every question you have and try to find the answers.

Click Here to request a proposal!

If you have any questions about Tenant Screening or Property Management, please contact Clagett Enterprises at (301) 663-6011. You can also connect with Clagett on FacebookTwitterGoogle+Pinterest, and YouTube.

 

A Property Manager’s Guide to Spotting Bad Tenants

Thursday, February 12th, 2015

Couple in home with real estate brokerSome property managers claim to have developed a sixth sense about tenants. They can easily spot a wolf in sheep’s clothing and have the experience to pick up on warning signs. If you’re new to the game and aren’t sure how to tell a bad tenant from a good one, this list is for you.

Warning signs

When you’re searching for the perfect tenant for your property it is vitally important that you choose the right fit. The first tenant isn’t always the best one, and you reserve the right to be picky about the person that will be responsible for the upkeep of your property. Look for a few tell-tale signs that you’re dealing with a bad potential tenant.

  1. Obvious signs of alcohol. If you smell alcohol on a prospective tenant, or they talk about being hung over, attending parties, or binge drinking, back away fast. These are not appropriate subjects for a tenant to discuss with a property manager, and they certainly aren’t signs of a good tenant.
  2. They are unwilling to fill out an application on the spot, or they leave spaces blank. A well-prepared and serious tenant will have all of the necessary information to fill out an application after a showing. Taking an application home is a good indication of a lack of responsibility.
  3. Lack of references. Tenants that have had successful relationships with past landlords will have good references. If references appear to be all family members or they skip that section of your application altogether, you may want to move on to the next potential renter.
  4. They are in a big hurry to rent. People that are desperate to rent out a property and make that known to you can be trouble. You may find out that they are dealing with eviction from a previous property. This is also a sign that your potential tenant is unorganized and not well prepared.
  5. Trouble answering questions. When your prospective renter can’t give you straightforward answers to your questions or gets defensive, you should see that as a red flag. They might be hiding important information.

The more tenants you meet, the more you’ll be able to pick up on the qualities of bad tenants. Not all of these warning signs need to be automatic grounds for disqualification, but they should at least pique your interest.

Click Here to request a proposal!

If you have any questions about Tenant Screening or Property Management, please contact Clagett Enterprises at (301) 663-6011. You can also connect with Clagett on FacebookTwitterGoogle+Pinterest, and YouTube.

 

Residential Leasing How-To: Writing your Pet Policy

Wednesday, February 4th, 2015

pet-policy-how-toLast year an impressive 68 percent of households owned a pet of some kind. As a landlord allowing pets can be a tough choice. On one hand, adopting a pet-friendly approach gives you a much larger pool of potential tenants and can increase your income. On the other hand, you may have to deal with damage, injury, and funky smells. Americans take pet ownership very seriously, so it is important to be very specific when writing your pet policy.

Screen your tenants for good ownership skills

The best way to ensure that everything goes smoothly with your tenants and their pets is to make sure you’re dealing with responsible owners. A good and manageable method for screening is to write a clause into your pet policy dictating that tenants provide proof that their pet is spayed or neutered, and is current on all of their vaccinations and licenses. Good pet owners should be able to provide you with this information with little hassle. You could also request a reference from a previous landlord. This will give you an idea of how noisy and destructive the pet in question may have been in the past.

Decide for yourself

Evaluate pets on a case by case basis. A blanket policy can allow troublemakers to slip through the cracks. Don’t just take your new tenant’s word for it. Ask to set up a meeting with your prospective tenant and their furry friend. Some landlords opt for breed restrictions, but breed can be a misleading filter. Evaluate how the pet reacts to you when you meet them. Your comfort level with the pet is a better standard to judge by than breed. Make sure to ask your tenant good questions. How long have they had their pet? Has their pet had any training? Has chewing been a problem in the past? Does their pet have a history of aggression?

Don’t leave holes

Be very specific in your pet policy. Dictate the number of animals your tenant is allowed to have in the home. If you don’t allow pets, make sure that this is clearly stated in the lease. Consider setting a weight limit if you prefer that your tenant only has smaller pets. Address any and all pet related concerns in a pet policy agreement so that your tenant’s questions are answered in full.

Require a deposit

One way to hold your tenants accountable for their pets is to require an additional deposit. If you find yourself in a bad situation with a damaged property, at least you’ll have extra money to restore it. This is a bit of extra incentive for your tenant to make sure their pet is well-behaved.