What have you learned this year about Commercial Real Estate

[John M.]

There is always something to learn as I add to my checklist.  One of the things that I need to do a better job is to button up future leases on the HVAC system.  Some of the leases I have inherited are vague on the responsibility of these systems.  Typically the tenant will maintain and repair and the landlord will replace.  What I come to find out is that some of my tenants have done a poor job of maintenance, thus shortening the life of the unit.  So going forward we will implement an amendment to the lease to insure the tenant has secured a semi annual maintenance contract.  In some cases the cost of the unit will be shared by both parties. 

[Courtney Duong]

Great point.  I will add this to my checklist too.  And that restaurant tenants will do quarterly cleaning of the grease traps.