Today out of home development and leasing expert Andy Goodman  talks about when you should start a lease renewal

When should you start talking about a lease renewal

If the billboard is in a non-landscaped section of the freeway and the City will allow new billboards I will start talking with the landlord 5 years out.  The closer I get to the expiration of the Lease the higher the chance the property owner will take this out to bid.

If it is a location that is restrictive – the City isn’t allowing new signs – I wait until about one year out.  It gives me an opportunity to analyze what’s going on in the marketplace.  The property owner can do their research.  I can do mine.  Also, a year is a good amount of time for the property owner to contact their attorney.  I don’t want to wait until the end of the Lease unless I have a year to year renewal. Sometimes, if I have a really good Lease or a difficult property owner I don’t want to wake the property owner up. I also may have a Lease that rolls into successive like terms and don’t need to make contact with the property owner.

Lease Management Software.

I’ve used real estate management software.  We modified it so that each of the items reflected out of home.  It covered our lease, increases, notices of renewal-termination-expiration.  We were able to ad alerts which would come up on my computer.

You can contact Andy Goodman at andygoodman.age@gmail.com, 310-721-8422.

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