Whiteboard Wednesday – Commercial Overview: Lease

On today’s edition of Whiteboard Wednesday, Andy Welkley discusses how to convert the prospect that you have attracted, into a tenant. Having the tools to cleanly pull lease information, terms, and obligations into a property management system is key to maintaining data integrity and streamlining the process.

Video Transcription

Andy Welkley: Hey again everybody, it’s Andy Welkley, and I’m back with another edition of Whiteboard Wednesday. Today is a continuation of our six part series, where we look into the different aspects of commercial property management. Today, we’re going to be talking about the second aspect, and that is the lease itself. We’ve attracted a prospect into the process and now we want to talk about how we convert them from a prospect into a tenant.

Obviously, there’s a lot of negotiation that goes on as we talk about the terms and the duration of the lease. We want to make sure that we have a smooth way to take that prospect to a tenant. We want to streamline that process as much as possible by pulling all that information out of the lease itself and putting it into our tools, so that we can maintain great data integrity.

Data integrity is really critical as we manage throughout the process. There are several terms and obligations that both parties have, as it relates to the property itself, the dates, the key dates throughout the lease, and the terms and obligations that each party must abide by.

Maintaining good visibility into those terms, however arcane are archaic they may be, are really critical to maintaining a healthy landlord-tenant relationship, and making sure that that tenant is as productive for you as possible. Thanks very much.