Are you a commercial tenant struggling to pay rent and need to know your options? Attached is an article showing 5 proven ways to reduce your rent expenses during crisis events like COVID-19.
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(1) Rent Deferment
This is when a landlord allows tenant to skip paying an entire or partial amount of the rent due. Your landlord may ask for the following:
• Updated financials: P & L, Balance Sheet, etc
• Something showing financial impact from COVID-19
• Explanation letter of what will happen if the deferment does not take place
(2) Renegotiation (Blend-and-Extend)
When a landlord lowers your monthly rent by you signing a longer lease and amortizing the rent difference over the new term of the lease
(3) Substitution of Premises
When a landlord allows you to move to a different space in their portfolio that is smaller or lower priced than the current one you are occupying
(4) Relocation
If you are on a month-to-month lease or your landlord will allow you to break your lease early, you can relocate to a more affordable property
(5) Sublease
If you have excess space, you can hire a broker like myself to find you a subtenant to rent a portion of your space. This helps you generate more income and lower your rental expense. We can also help you sublease your entire space.
Even after outlining all the information above, investing in CRE can still seem daunting. That’s why the Leveraged CRE Investment Team at Commercial Properties, Inc. is here to help you achieve your investment goals. Contact us at (480) 330-8897 or send us an email at request@leveragedcre.com.
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Meet The LeveragedCRE Investment Team
Phill Tomlinson and Eric Butler are seasoned commercial real estate brokers with over 44 years of combined experience. They lead the LeveragedCRE Investment Team at Commercial Properties, Inc. (CPI) in Scottsdale, Arizona, specializing in investment sales and tenant/landlord representation across the Phoenix and Scottsdale submarkets.
The team leverages their extensive knowledge and expertise to help investors and property owners maximize their returns and navigate complex real estate transactions with confidence.
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