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I can't help it. Every time I hear "September" it is burned in my head the song by Earth Wind and Fire called "September." This catchy number dates me (1978) but once you have heard it, the memorable lyrics just do not go away (Ba de ya de ya de ya). Before we get down to business, lets get in the mood of the new month by clicking on the image and enjoying some background music!
Every year we take all of our notes, case studies, and memories, and put our heads together to see if our lease needs any updates. This year, we looked at the lease and saw a document that this process had built over the last 20 years into a mixed jumble of clauses. Good clauses, but a mesh of things that really needed better organization. In the process of reorganizing we also made a few changes that we have been thinking about for a long time. Good changes.
Our new lease will be introduced in September. Since it will only apply to new tenants, or existing tenants that have had a change in circumstances, it will take a while for all the newness to cover all of your tenants. Over the next few months we will highlight the changes that you are going to want to know about.
One of the most significant changes has to do with lease renewals. Every month we start contacting tenants where a lease will expire in the next 45 days. The process of finding out if the tenant plans to renew or stay can take some back and forth. We then come to you with the tenant's intent or request. We then mash every ones interest into one renewal document and get tenants signatures. That is how it works on a good day. More often than not, this process tends to drag on because the tenants can't decide or worse, just do not respond timely.
To alleviate this uncertainty, the new lease has built in a renewal clause. The clause will allow either party to the lease the opportunity to state they will not renew at the end of the lease. The best part is that if the tenant chooses to do nothing, the lease will automatically renew with a 2% rent increase! I hope an automatic rent increase is OK with you. Like I said..I think it is an improvement!
I'll share more changes in the next few months. Maybe even find another great throwback tune for your enjoyment. As always, let me know if you have any questions. I wish all of you the best and, most importantly, thank you for choosing our company.
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| Joel W. Wilmoth
Owner/Broker
WILMOTH Group |
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