After you and your real estate broker have compiled a list of several properties that meet your basic needs, you will want to gather more information about the landlords and buildings you are considering for your office or retail shop location. You will, of course, want to physically tour the premises after having obtained background information and history of the landlord.
Speaking in person to other tenants on the property is an important part of the screening process to determine satisfaction with the landlord’s performance regarding the following issues:
Is the landlord responsive to tenant concerns?
Are repairs to the premises done in a timely manner?
Is the building or shopping center well maintained?
Is the landlord accessible when needed?
Do other tenants consider the landlord fair and reasonable in business practices?
Three Qualified Properties is the optimal number to contact with a Request for Proposal (RFP) which should include request for a copy of the landlord’s Standard Form Lease agreement. This is sometimes referred to as the landlord’s “Wish List”. This form is subject to modification based upon their concept of the desirability of the tenant (size of organization, Fortune 500 credit, etc.), while the RFP is often thought of as the tenant’s “Wish List”.
At this point, the landlords will be aware that they are part of a competition and often, at least one will strongly express interest in completing the leasing transaction. Since we are currently experiencing a very strong tenant market with high vacancy rates, you as a tenant are now free to make requests for concessions that would not likely be available in a different marketplace.