Advice from the desk of my fellow SIOR, Allan Riorda:

“During your tenancy, there is always the chance you will see a change with ownership and property management. Why should this matter to tenants? 

There are several reasons tenants should be aware of these changes:

• Property management changes mean new accounting teams. Review your rent invoices and your Operating Expense reconciliations carefully going forward. Sometimes the new team may interpret your lease differently than the former team. 
• New leasing teams mean new renewal strategies (a.k.a. push rental rates, particularly on renewals). The new leasing team is under pressure to show results, so now is an important time to have an advocate help you through your renewal process.
• Have you had an ongoing maintenance issue? This is when the follow-up can slip through the cracks.
• The sale of your office building may mean an increase in real estate taxes which will increase your Operating Expenses.  In addition, new property management can mean more changes to your Operating Expenses. Sometimes they can find ways to cut costs, but sometimes in their quest to improve things, expenses increase.

 These are just some of the ways changes in your leasing and property management teams can affect you. If your lease is coming up for renewal in the next 6-12 months, you should act immediately. Time is your greatest negotiating advantage, so don’t let it slip away.”

Call me for a no-obligations and confidential discussion of your current situation, and discussion of the various approaches to the challenge.

Your Trusted Tenant Advocate:

David L. Schiller SIOR, Associate Real Estate Broker, Pyramid Brokerage Company of Buffalo

schillersior.com