The rental slip is the tool of choice for a trustee or a rental manager in a tertiary or commercial real estate investment. It is the rental calendar that will keep the property manager informed of upcoming events and dates.
Often you will find that the rental calendar is not up to date, so if someone gives you such a document, treat it with the caution it deserves and check it thoroughly before acting on the information. ‘it contains.
So let’s say you have a great rental schedule that you know is absolutely accurate. I get many questions about what I would like to see in a rental schedule. Here are my top priorities:
- Details of tenant name, lease and full contact details in case of emergency
- Rental identifier or suite reference from the property plan
- The area of the rental in m2 or ft2 (depending on your unit of measurement)
- The % of the leasable area in relation to the net leasable area of the building
- Rents in $ per year, per month and per unit of measurement (m2 or ft2)
- Lease start date
- Rental start date
- Lease end date
- Lease term
- Optional duration of the lease
- Anniversary dates and reminders for rent reviews, options, expirations, renewals, renovations and good bonds
- Exit fee for each tenant based on area and monthly fee
- Building expenditure budget
- Total expenses recovered for the property on a currency and % basis
- Types of charges payable by tenants
- Renter’s insurance obligations
- Details of the rental guarantee or deposits held
- Provision for critical dates relating to any important lease terms or conditions
- Tenant Support Obligation Details
This list is not finished and you can add your own additional priorities, however I will make sure it is completely correct and keep it to the highest level of accuracy. When you do this, you can stay informed of important upcoming events that will impact the occupancy or rental of the property.
Although you can purchase “off the shelf” software programs that display the above information, this can be quite expensive for commercial and retail property managers entering this type of property for the first time. The alternative is to create a simple spreadsheet containing the data. saying that, it is essential that the utmost care is taken to maintain the spreadsheet you create. Any mistake in the rental schedule can destroy your landlord, your business, your tenant, your reputation and the property. Precision is paramount.