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Commercial Real Estate Leasing – How to Achieve Occupancy Goals with a Tenant Retention Plan | Commercial Real Estate Training
Like it or not, tenants have plenty of choices in a commercial investment property when it comes to lease renewal time. When you lose a tenant at the end of a lease you lose rent and outgoings recovery. That then stresses the landlord in so many different ways. In a property market and city that contains a number of vacant properties it can take months if not years to replace a lost tenant; the 'global financial crisis' did a lot of financial damage to many buildings and landlord assets however distressed clients and properties from that period are largely resolved. The facts of the matter today are that any landlord has to be realistic at the time of lease renewal and set their targeted rents based on true market conditions. A good way to control and resolve these issues is through a tenant retention plan. The plan is a formal document based on the particular property with its pressures; those pressures are merged into the existing market conditions. Format Your Tenant Retenti