C H E C K L I S T F O R L E A S I N G Y O U R P R O P E R T Y
Now that you have made the important decision to lease your premises, it is essential to get the best tenant for a good rent. There are a number of things that we need to cover before we take it to market and get the result you desire. One of the things that you can be assured of is that it will not be marketed in isolation, it will be in competition with other sites in the city, and in some cases many options will be available. For that reason we need to ensure that your property is presented in a very desirable manner. We want to help to get it to the front of the queue when prospective tenants are looking for a site to lease, and to get the best possible rent we can to maximise your investment. It is a fact that in most cases, well presented premises will lease quicker than a poorly presented site. Tenants will be swayed by their first impression, and it can be hard to convince them otherwise. So on the following pages there are some suggested ideas for you to go over that will assist in getting the right result. L I S T I N G Y O U R P R E M I S E S
The tenants that come to an agent will generally have a list of requirements for their business whether it is for retail, office or a light commercial operation or even an industrial workshop. There are however some general things that will come up for all enquiries. In no particular order, some of them are: 1. Is the frontage or entrance to the site clean, easy to access and well lit? 2. Are the windows clean and is there any old signage cluttering the view or peeling off? 3. Is the carpet or other flooring in good condition? Could a shampoo help? 4. Is the paintwork in good condition? Or could a coat of paint brighten up the area and enhance it? 5. Are the facilities clean and do they all work? 6. What is the exact size of the site? And are there different rates between the offices and a workshop area? 7. What are the outgoings for the property? Including rates, insurance, body corp fees if applicable, water rates, management fees and so on. 9. Is this site suitable for the business the tenants are proposing? 10. Will a change of use be required? For example for a new food outlet or restaurant. 11. What is the rent? 12. What lease term will be expected? 13. Will there be a deposit required? 14. Is there a detailed seismic report available? WH A T I S T H E T E N A N T L O O K I N G F O R?
The process for listing a site for lease can be made a lot smoother for everyone if a number of things are completed earlier rather than later. As we want to give your property the very best chance of getting tenants as soon and as painlessly as possible it will be of huge assistance to have some of the following information ready to go or to have a decision ready when the questions arise. The topics of interest will include: 1. What is your expectation of the lease? Will it compare well with other sites that are similar with regards the per square metre rate? 2. How can we maximise the property to get the best rate? 3. Are you, as the landlord, prepared to spend any money on the site, for example assist with the fit out or put carpet down etc? 4. Are you prepared to give a rent holiday for a new tenant to allow them to set up or for a period to get some cash flow started? 5. What are the outgoings of the property, rates, insurance, body corp etc? 6. When was the last review or valuation done on the property with regards the lease? A market appraisal will assist in positioning the site in the market. 7. What marketing are you looking to use. There are a number of options that are worth exploring to give the best coverage possible? 8. Will we be able to put signs up in the window or on the frontage? Consider the installation of a larger sign with more information for prospective tenants to see, this will provide 24/7 advertising. P L A N N I N G C H E C K L I S T
9. Are the ceiling tiles in office areas in good condition? Stains and marks can indicate leaks etc, and do all ceiling lights work? 10. Is there computer cabling installed in the property and is there fibre optic cable in the building? 11. If this is an industrial site, are all lifts, hoists, gantry cranes in working order? 12. If you have had an IEP (Initial Evaluation Process) report done, is any further action required? 13. What development possibilities are there for this site? 14. Is subdivision an option? P L A N N I N G C H E C K L I S T
It will be of benefit to prospective tenants to have a brief information pack available with all of the previous points in place. Any property that is well presented, has good information, well priced in the market and well advertised will get a much higher rate of inspection than other properties. This in turn leads to a greater chance of leasing the property quickly. The next step is to list the property, the following describes the listing and selling process. 1. Create a market appraisal 2. Sign a Listing Agreement 3. Complete the AML (Anti Money Laundering) identification process. 4. Review the market appraisal and decide on a price to market the property. 5. Create an information memorandum 6. Create and review a marketing plan 7. Interested parties make enquiries 8. An offer is made 9. Offer goes unconditional and a deposit is paid I N F O R M A T I O N M E M O R A N D U M Notes THE NEXT STEP...
Russell Atkinson M:027 452 5544 O: 06 757 3083 E: russell.atkinson@eieio.co.nz M A K E C O N T A C T Kevin Hight M: 021 746 371 O: 06 757 3083 E: kevin.hight@eieio.co.nz Find us on Facebook and LinkedIn to keep up to date with the latest listings and information. Our Commercial Team is dedicated to help you in this process, contact our Team to receive the support and experience in leasing your property.
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