Five Important Duties of a Commercial Landlord

leasing, Wheaton commercial real estate attorneysWhen you own and lease out commercial property, such a venture could be extremely profitable. However, you could also face serious risks, especially if you are not properly prepared to handle the responsibilities associated with being a commercial landlord. Some of these risks include the possibility of financial loss or being sued for failing to meet your obligations as the property owner. It is important to understand what these responsibilities are and how to fulfill them. A qualified commercial leasing attorney can help.

Duty #1: Comply With All Applicable Laws

There many different federal, state, and local laws that apply to all property owners who rent out their properties, including commercial landlords. For example, as a commercial landlord, you are not permitted to discriminate against would-be tenants on the basis of certain criteria, including religion, race, and national origin. You must also follow all zoning laws and building codes. If you fail to comply with any applicable law, you could face serious consequences, including legal action.

Duty #2: Use Clear Language in Your Contracts

If your lease agreements are not clear and concise, your tenants might not understand what is expected of them. Your contracts could also be more difficult to enforce if there is confusion about what they contain. Commercial leasing contracts should clearly address all of the relevant concerns, including matters of rent, repairs, alterations to the property, and communication expectations.

Duty #3: Keep Your End of the Agreement

In addition to using clear language, your leasing contracts should only include provisions that you are willing and able to meet. You should also familiarize yourself with your responsibilities for making certain types of repairs, such as those involving heating and cooling systems, electrical work, and plumbing. This can help ensure that the property is maintained properly and in accordance with applicable laws.

Duty #4: Mitigate Risks and Limit Liability

Proper maintenance will go a long way toward protecting yourself and your property. However, limiting risk means more than fixing a broken water heater. You might also consider installing a security system, additional lighting, or doors and windows that can be locked securely. It is also a good idea to identify and address potential environmental hazards, such as uneven walkways where water could pool or roof overhangs from which snow or ice could fall.

Duty #5: Be Fully Insured

Despite taking all the precautions in the world, you could still suffer losses due to fires, floods, falling trees, or other “acts of God.” Comprehensive insurance coverage is a good way to protect yourself and your property. Similarly, you should also carry insurance policies on any vehicles or equipment that you may own and use in connection with leasing the property.

Call a DuPage County Commercial Real Estate Attorney

At Stock, Carlson & Duff LLC, our team is dedicated to helping commercial landlords maximize the return on their real estate investments. Our experienced Wheaton commercial leasing lawyers can guide you through the entire leasing process and will assist you in managing any issues that may arise. Call 630-665-2500 to schedule a confidential consultation today.

 

Sources:

https://smallbusiness.chron.com/business-tenants-rights-67257.html

https://www.businessnewsdaily.com/15101-commercial-lease-guide.html

Growing Access to Data and How It Is Affecting the CRE Market

Wheaton commercial real estate lawyersTechnology has changed how we communicate with family and friends. It has made shopping easier and more convenient. It has even changed how people invest their money. Yet, when it comes to the commercial real estate market, not much has changed. Investors still rely heavily on traditional methods for buying and selling property – but all of that is slowly starting to change. 

New technology-based companies are cropping up. They are giving commercial real estate (CRE) investors that chance to access real-time data, such as neighborhood statistics, buyers and sellers, analytics, and even the asset itself. What does all this mean for the CRE market’s future, and how can you get in on the game? The following information explains, and it details how the aid of a seasoned, competent commercial real estate lawyer can help you stay on the cutting edge. 

A Closer Look at Technology in the CRE Market

Though CRE investors were slow to catch on to the technology trend, they have sunk over $5 billion into CRE-based technology in the past year alone. That a tremendous increase from the $33 million investment back in 2010. The reason for the growth is clear: not only are investors gaining access to real-time data and analytics, they are also finding that technology can take them expand their portfolios in ways they had never imagined. 

The market is still hyper-local, so investors often focus their time and energy into learning all they can about specific neighborhoods. Thanks to technology, many are gaining a better understanding of markets they had never previously considered – places they may not have any prior knowledge about and may not be able to visit in person – and all with far less risk.

Buyers are not the only ones benefiting from the expansion of technology in the CRE market either. With the help of technology, sellers pull in more bidders, which often means a better deal for them. In turn, they are able to increase their profits and invest more into future purchases. 

Looking to the Future – Are More Positive Changes on the Horizon? 

While one can only speculate as to how technology may further improve the CRE market, many experts believe that there are additional positive changes on the horizon. Specifically, they foresee an easier, faster processing of contracts, which could benefit both buyers and sellers and supercharge the already highly profitable industry. 

Industry experts are also expecting to have Alexa-guided 3D tours of properties, which will be viewed through cameras placed throughout the property, which would mean buyers would no longer have to travel to gain a realistic view of what they are planning to purchase. In short, investors will spend less money and less time procuring and selling new business ventures. There will still be a need for careful consideration, especially when it comes to matters like due diligence and negotiating a contract. This is where the aid of an attorney comes in.

Contact Our Wheaton Commercial Real Estate Lawyers 

Stock, Carlson & Duff LLC believes in making commercial real estate transactions easier and seamless so that our clients can focus on what is most important – growing and expanding your portfolio. Dedicated and experienced, our Wheaton commercial real estate lawyers handle al the legal aspects of your deal, including due diligence and contract negotiation. Schedule your personalized consultation by calling our offices at 630-665-2500.

Source:

https://www.bizjournals.com/bizjournals/news/2018/07/13/growing-access-to-data-is-changing-the-commercial.html