IN THE WORKS

When it comes to real estate acquisitions, the adage "knowledge is power" couldn't be truer. The success of an acquisition hinges on a comprehensive understanding of the existing leases. Imagine closing on a new property only to discover that a crucial lease expires just one year after the closing date—with no available renewal options. The ramifications of not uncovering these lease intricacies before closing can be substantial, ranging from missed negotiation opportunities to unforeseen financial burdens. In this blog, we'll explore why uncovering eight essential lease components before closing on an acquisition is paramount to ensuring a well-informed, strategic approach to property management.

One of the most daunting parts of buying or selling hundreds of units is reviewing hundreds of existing leases with landlords. There’s no getting around the enormity of this task.

As a business owner, finding the perfect commercial space is crucial to the success of your business. However, navigating the lifecycle of a commercial lease can be cumbersome and confusing, especially if you're managing multiple leases. From acquisition to operations, there are many departments and processes to consider when managing commercial lease agreements. That's why we've put together a comprehensive guide to help you navigate every step of the commercial lease lifecycle. In this guide, we'll cover everything from occupancy cost auditing to tenant improvement allowances. Whether you're a new business owner or a seasoned entrepreneur, this guide will help you make informed decisions and ensure that your commercial lease is a valuable asset to your business. So, let's dive in and explore the ins and outs of navigating the lifecycle of a commercial lease.

Most professionals are diligent about posting meetings and conferences on their calendars. Beyond options and expirations, however, few people have a systematic method for tracking and managing timely lease-related action items.

Savvy business owners are increasingly relying on lease administration software to help keep track of their properties. But in the sea of real estate–management platforms, how does a business operator know which is the right fit?

The ICSC Law Conference's panel, "Accelerating Technology in Lease Reviews: Demystifying the Miraculous," delivered valuable insights, highlighting four pivotal takeaways with concrete examples:

5 Best Practices to Build a Real Estate-Driven Multi-Unit Company In the landscape of multi-unit businesses, real estate should be more than just a supporting player – it should be woven into the very fabric of your organization's decision-making process. Real estate acts as the vital thread connecting all activities beneath the real estate umbrella to your management's overarching goals. In essence, it becomes the primary tool for achieving your company's mission.

The Unifying Power of Property Works One Tool to Connect Your Entire Organization As your business ramps up into growth mode, lease administration probably isn’t a top priority, but if the proper foundation isn’t laid here, then you may be setting yourself up for inefficiencies and overstaffing. At this stage, many operators rely on spreadsheets, manual data entry, and attorneys to perform admin work. With a lean back office team, contesting CAM charge increases, chasing down tax bills, tracking new unit development, and figuring out who’s responsible for repairing the HVAC each needs to be a seamless process. But who’s in charge of pulling the relevant information from your leases when you need it? And when lease terms change, who updates your multi-departmental team?

Tenants, Here is Why You Need Our Essential Lease Accounting Software Property Works Makes Meeting ASC 842 Requirements Simpler Than Ever Maintaining compliance with ASC 842, which became effective January of 2022, can be complicated if you're managing your lease accounting with unwieldy, error-prone methods like manual spreadsheets. Property Works’ streamlined solution offers you robust reporting in an easily auditable format, saving you time and stress. We broke down the differences between ASC 842 and how it differs from its predecessor ASC 840 in this previous post.

Landlord consent and approvals: they're a necessary step in portfolio transactions from purchase and sale, to refinancing and mergers and acquisitions. Obtaining a landlord’s signature may seem like an easy ask, but underestimating the time and relationship management skills required, can tax in-house and outside counsel resources and cost you twice as much as it could.