We are pleased to be working with the Province of BC in Canada providing specialized systems data critical to the Ministry of Transportation.
We regularly receive exceptionally positive comments from clients and we take great satisfaction in assisting our clients of all sizes with their commercial real estate needs. Here is an example of a recommendation we received from an occupier who faced a major lease problem that could have cost him his business as well as his personal wealth:
“Peter Morris solved a huge real estate lease issue that could have cost me my chiropractic practice. Not only did he resolve the issue and save me money in doing so; he was also able to get me a much better lease by advising me to ask for over 200 changes to the landlord’s standard lease. These were changes I didn’t even know I could request. I know that over the life of this new lease I will not only save money but the risks in the lease the landlord wanted me to take on have been reduced.
If you are attempting to negotiate a lease, renegotiating a lease or an extension or have a lease related problem you owe it to yourself to contact Peter Morris first.” Dr. Rob Rosborough, B.Sc D.C.
One aspect that struck us is our client didn’t know what he didn’t know. We hear this every day. There are literally hundreds of thousands of small businesses in the same situation.
Ideally, an occupier should talk to us BEFORE entering into a lease; but we can assist you as an issue arises just as we did for Dr. Rob.
Harvard death n. a death which occurs despite all symptoms being treated successfully or all medical test results appearing normal. Editorial Note: This term is often explained to mean “the operation was successful but the patient died.” (source: Double-Tongued Dictionary)
Most real estate leasing is borne of experience rather than preemptive learning. There are no university courses specifically dedicated to distilling the knowledge that is gained from the leasing experience.
Let me qualify that. There are courses that outline the financial analysis of a lease transaction, how space is measured and tenant retention, etc. But none have been found to date that explains how to maximize the outcome for the landlord or tenant, depending on the perspective.
The operation or mechanics of leasing can be perceived as successful, but the opportunity for value can die. The difference between a successfully completed lease transaction and a successful lease being completed is based on the experience and understanding of the process and the nuances of the transaction.
There are 5 required components to a successful negotiation. Those are:
- An Exchange of Value
To be successful, every lease negotiation must contain all five. However, because each component is interrelated to the others, the successful negotiator needs to master all five aspects and intuitively balance each during the leasing process.
In addition, the mutual understanding and final documentation must be precise, concise, and clear.
These aspects of real estate leasing are rarely taught or understood; partially because of the lack of formalized learning in this area. As a result, additional value is often missed.
If your organization would like to learn how to implement the five components in order to drive value, please contact me.