Organised Tenant Move-in Procedures for Commercial Real Estate Brokers
When you lease a vacant commercial or retail property to a new tenant, that process will not be the end of the leasing matter. The lease commitment is the start of the process. There are many things to be done to take the tenant forward in occupancy in the property. You need an organised move in procedure.
In creating the move in strategy, some properties will be more complex than others. Properties with multiple tenants in occupancy will require that higher level of control. You don’t want the other tenants getting inconvenienced by the new tenant entering the property and starting the noisy and dusty fit out arrangements.
Here are some ideas to help your move in procedures in leasing and property management:
- Take photographs of the tenancy before it is occupied. Store those photos for later reference in lease situations. They will be valuable to resolve any dispute and particularly so when the end of the lease requires a ‘make good’ of the premises.
- Inspect the property. There are two levels of inspection to undertake. Firstly it is good to take the landlord through the tenancy before the space is handed over to the tenant. The landlord can then see the status of the premises and any concerns of presentation can be rectified or documented. Secondly it is then appropriate to take the tenant through the tenancy before handover. In that way all matters of presentation and finishes can be discussed and resolved.
- Create a written report of the inspection of the premises with the tenant. Note any issues that are of relevance or concern. Get the tenant to sign your inspection report at the end of the ‘walk-through’. Give the tenant a copy of the inspection report duly signed by yourself as leasing or property manager, and the tenant in agreement to your findings.
- Ensure that the Landlord works are completed prior to tenant handover. The tenant should agree that those works are as intended within the lease arrangements.
- All the Tenants lease commitments should be satisfied. That will include lease signed, deposit paid, rent paid, and guarantees provided. Read the lease to make sure you have everything covered.
- All Insurance requirements of the tenant should be completed and Certificates of Currency provided to the landlord prior to occupancy.
- Give the tenant a fit out guide so they know the limitations and rules that apply to undertaking new fit out work in the premises. The contractors for the tenant will need to comply with the conditions as well. Get the tenant to sign off on receiving a copy of the guide.
- Give the tenant a building manual that explains how the property operates. You can cover issues such as security, safety, access, lifts, maintenance, and property manager contact.
You can add to this list based on the property type and the location. Also consider the way the tenant is to use the premises; there may be other special conditions to administer.
