Today out of home leasing and development expert Andy Goodman talks about when and how to stay in touch with out of home landlords.
How often should you be in contact with a landlord?
During the entitlement and permitting process, I will give the landlord an update on a monthly basis on the progress that I’m making with the City and with Caltrans. If there are any additional concerns, documents to be signed, or challenges I will contact the landlord more often.
Once we get the permits in place and start to plan construction I talk to them every couple weeks. I will meet the property owner and tenant on the property to review the construction plans and discuss the timeline of the project.
Once construction starts I’m in touch with the property owner every day. This is especially important to an absentee landlord. I contact them every day at the start and the finish of the day. I let them know that we’ve got everything cleaned up and that we have talked to the tenant on the property. And at completion of the sign, I let them know when the sign is built and running. That’s most important to the property owner because that is when the rent starts.
Once the sign is built and running I contact the property owner once a year typically for the holidays
Phone or email?
Most of my conversations during entitlement and permitting are email. But, during construction it’s mostly by phone.
When do you use certified mail?
I use certified mail once the Lease is fully executed a copy of the lease is sent back to their attention. I also do a memorandum of Lease and send that back certified mail. At any time I am sending the property owner a notice. I often send checks by certified as opposed to standard mail. A better solution is direct deposit so you don’t have to deal with the uncertainties of the mail.
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