Things to Consider in a Lease Handover of Commercial or Retail Premises

Putting new tenants into a vacant property or premises is quite common and a ‘checklist’ approach will help you cover the facts and the matters relating to the premises.   

Understand the client, the tenant, the premises, the condition of the improvements, and then document everything.  Keep all your records, be they photographic, checklists, notes, emails, and meeting records.

So why focus on this checklist idea? The fact of the matter is that a tenant will impact the premises over time. Some of that impact will be ‘wear and tear’, but other issues are likely to be damage related.

When you have a well-documented premises condition report, you can look at how things are changing in the lease term. You can then apply some controls around that or check the lease for some rules that can help you enforce some occupancy conditions on the tenant. This report below can help you with that.

Not all Tenants are Equal in Occupancy

Some tenants will put significant strain on property function or operations. Over time that can impact property outgoings and operational costs.

When you consider a large property with many tenants, the complexity of controlling the property function, fabric, and safety all put pressure on the day to day operations of the building. That will impact your daily focus and activities on the site in leasing and property management. You will be busier.

Property managers and leasing managers are the best people to assess tenant impact and operations on an investment property for their clients. Checklists and frequent inspections help with that.

If you are involved in leasing or controlling tenants, then you will know how important these ideas are and how they can impact the operations of your client’s property and investments over time.

Property Management and Leasing Control

This checklist for leasing handover will help you get things under control from a leasing and property management perspective. 

The steps that you take at the beginning of occupancy with your records will help you control the tenant for the duration of the lease. That can also give you important facts and records. You can use those records for a tenant making good and prepare you for the end of the lease.