Do you do Tenant survey?

Question

I'm just completing my first year as the owner of a commercial building. I have 10 different tenants in various lines of business with various needs and expectations. I had to fire the previous Property Management company after 3 months, as I never fell there were giving my property the attention it needed. The new Property management company has been a lot better.

Is a tenant survey a good idea? A bad idea? Do you feel that it matters? What's your experience?

Some of my important (anchor) tenants have their lease expire in 2018/ early 2019.

Is a tenant survey a good idea? A bad idea? Do you feel that it matters? What's your experience?

Some of my important (anchor) tenants have their lease expire in 2018/ early 2019.

Joel Owens · Answer

Do the anchor tenants disclose personal and business financials?

That is good to look at as you can see they health ratio for them personally and their businesses.

If the lease does not disclose sales another indicator they are staying is if they just did a big re-image or update or added a lot of new equipment to the inside of the space. Typically if they have plans to move they will not want to spend any money on the space in the short term.

Howe far in advance do they have to give notice to renew the lease before exercising the first option period? Does option period spell out rent amount or is it at market rate?

Anchors are important especially if your smaller tenants feed off of their traffic for some of their sales.