Lease Administration involves making sure that the tenant's responsibilities are enforced as defined in the lease, as well as ensuring that the landlord is in compliance with any obligation set forth in the lease. Performing this task successfully is not difficult; however it requires organization and constant attention to detail.
Here are three tips:
- The landlord must keep proper records and proof of payment to ensure their ability to collect on thousands of dollars in reimbursable expenses.
- Landlords need to have their calendars marked for periodic due dates relating to budgeting, billing, reconciliations, etc. missing these dates can impede cash flow and cause late fees or loss of the ability to enforce certain terms of the lease.
- The landlord may be responsible for some of the property maintenance – be sure that the landlord has budgeted for this expense and is ready to enforce the duties of the other parties in order to keep the property in top shape.
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Jonathan Hipp
Jonathan Hipp began his career in real estate over 25 years ago. In his early years as a broker, he ventured into the net lease industry and quickly began leading the US net lease market, closing over $3 billion in transactions. In 2005, Jon founded Calkain Companies, a company focused solely on net lease investment services. As President and CEO, he has been instrumental in building the firm into one of the leading Net Lease real estate companies, transacting over $12 billion of net lease deal volume over the past 13 years. He has expanded Calkain’s services to include brokerage, advisory, asset management, capital markets, and industry research. He has become a well-known resource, panelist, and speaker at various Net Lease and Industry conferences and is a regular contributor to GlobeSt.com on real estate trends. In June 2015, Jon’s passion for the real estate business was again recognized as he was nominated for the Top Real Estate Player in the DC area by SmartCEO magazine.
