Commercial real estate can be a swirling sea of problems and uncertainty. Your ability to make fast and effective decisions is directly related to your ability to understand the physics behind all of these moving parts. “The physics” are the back and white, indisputable laws that dictate the rules of the game; in commercial real estate these laws are called the Lease.
Because of this, it is imperative for property managers to understand the leases they manage better than anyone.
Helpful tip: It is easy to read an entire lease and miss a simple detail if it is out of place or a “one-off”. In our experience, every property has at least one “surprise” that falls under this category, so it can be helpful to have a conversation with the landlord or landlord’s lawyer purely on the topic of the leases (focusing on anything that might be out of place, or a specific detail that may be out of the industry norm).
Good managers read and understand their landlord’s lease. Great managers do not get caught off-guard.