Episode 15: Revisiting Your Lease Terms During COVID-19 with Debbie Myers
In the latest episode of GWP’s Constructing Brands podcast, Debbie Myers shares her expertise in real estate to help business owners and business leaders through this challenging time. Businesses that rent space for their company, such as office buildings, warehouses, and showrooms, are struggling and so are landlords. Debbie explains the most effective way to approach your landlord and the importance of having a strategic team of professionals that can guide you.
Don’t Avoid Your Landlord, Start a Conversation
Everyone knows the golden rule; treat others as you want to be treated. This also applies when dealing with your landlord, and helps guide conversations in the right direction. As a result of COVID-19, we know business tenants are struggling, and so are landlords. While it might be your first reaction to avoid your landlord or simply tell them “I can’t pay you,” Debbie explains that there are other, more effective ways to get your point across and reach an agreement between landlord and tenant.
Team Up with Professionals
Business owners and business leaders are dealing with scenarios they have most likely never dealt with before. Not knowing where or who to turn to for answers adds stress to an already uncertain situation. Debbie shares her expertise as a real estate professional and how she is advising her clients at this time. She discusses the importance of consulting with a team of professionals to help navigate through the quickly changing laws and policies. Both legal and financial counsel are crucial during this time and Debbie stresses the value that a real estate professional can bring to your team.
Revisit Your Lease
Debbie expands on the important steps of revisiting your lease in addition to consulting with your real estate professional. Business tenants often overlook key clauses that are critical during extraordinary circumstances such as COVID-19. Knowing these important details can go a long way when talking to your landlord.
About Debbie Myers
Deborah (Debbie) Myers, Managing Director at Newmark Associates, Inc., joined the firm in 1999. Well able to critically identify market opportunities, and creatively structure the economics of business transactions, Debbie brings finesse in strategic planning, marketing, and negotiation skills to her role as Broker-Associate and Managing Director at Newmark Associates. Demonstrating a talent for merging varied business interests towards the desired goal, she offers Buyer/Seller Agency, Tenant/Landlord representation, valuation and consulting services for land assemblage, office, retail and industrial sales and leasing transactions primarily in the Northern New Jersey market, especially in Essex, Morris and Union counties.
What You Will Learn:
- How to have an effective conversation with your landlord
- How the CARES Act is influencing the rent factor
- The importance of teaming up with professionals to guide you
- The importance of revisiting the terms of your lease with a real estate attorney