Hughes Marino: Lease Administration Best Practices For Businesses
Hughes Marino is a full-service commercial leasing and consulting firm specializing in all property types throughout the United States. They provide prospective, current, and expanding businesses with all the essential services for a successful leasing or acquisition. They offer free market analysis and advice on commercial properties to help companies make the best possible decisions.
Keeping a current and accurate lease is crucial to the success of any business. Dealing with tenants, tenants’ counsel, and property owners is difficult, but it is important to be proactive in administrating your leases. With the proper guidance from Hughes Marino, it can be done more efficiently and effectively.
Here are some suggestions on best practices for businesses:
- Be proactive.
Get your leases organized in an easy-to-follow database system. Do not wait until the lease is up to begin this process. Have a system in place, and put all your information there as soon as you sign the lease.
- Perform a physical inspection of your properties at least once annually to verify property condition, tenant occupancy, and building maintenance items that require attention on a more immediate basis. This service is also offered by Hughes Marino.
- Notify your tenants of impending lease expiration 5- or 6 months before the lease is up.
- Provide tenants with a copy of your lease and keep it in a safe place.
- Leave messages on the tenant’s and tenant’s counsel (LEE) voice mail with operator assistance information if you have completed all obligations to the tenant following their lease. All, through Hughes Marino´s representatives.
- Update security systems, items like alarm and intrusion systems, working doors and windows, lighting, fire protection, etc.
- The firm offers to document all lease administration activities in writing and send a letter to each person involved confirming the completion of said work or obligations.
- After the lease is up, Hughes Marino finally states, be proactive and provide the tenant with a letter explaining that there are no claims against the property and what obligations you have completed or claims you have sent to insurance companies.