Who is the best person to negotiate a new property owner / business tenant lease when the lease has expired?
I inherited a property in 1997 that a business occupies. The tenant told me I can’t change the low rent that’s been the same for 13 years. But the lease expired in 2004, had an option for renewal under the original lease, but I received no written notification as described in the original lease (made with the original owner)
I don’t understand these things, and need a smart agent. Who is the best person to help me? A lawyer? A real estate agent? I don’t want to over-inflate the rent, just fair market value. How can I make sure the person is looking out for my best interests in a small town with a good ‘ol boy network? Thank you for your help!
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Tags: Fair Market Value, New Business, Property Owner
rent property | , 19 Feb 10
By bostonianinmo, February 21, 2010 @ 12:04 am
I’d hire a property manager who specializes in commercial property. They can either provide full service or any reduced service as you desire. There will be a fee for negotiating a new lease, typically about 3 – 6 months worth of rent for a 10 year lease.
Fact is, if the lease has been month-to-month since 2004 you can pretty much raise the rent as high as you wish. Since you’re the landlord, don’t expect anyone to provide you with any notice. You are driving the bus and it’s up to you to stay on top of your properties! If there was an automatic renewal clause in it and you didn’t provide the required notice of intent to change the terms of the lease you may be stuck with a renewal at the original terms.