Property Management During Extended Vacancy, Evictions and “Go Dark” Lease Provisions
Do you own residential or commercial property and are unsure how to protect your property if your tenant stops paying rent, abandons the property or exercises the “go-dark” provision in their commercial lease? Are you selling a property and you expect the property will be vacant for an extended period of time while you look for a potential owner-user buyer? Is the vacant property at high risk for getting broken into? Are you trying to lease out the building, but it is taking longer than you hoped? Dealing with a contentious eviction? No matter the reason for your property being vacant, Realicore has the experience and resources to manage vacant buildings that may be vacant for an extended period of time throughout California.
Non-Payment of Rent or Abandonment
One of the biggest risks of being a property investor is that your tenant stops paying rent and/or abandons the property. Many times the tenant will stop paying rent, but continue to live in or operate their business out of the property. In such a case you will need to begin an eviction, also known as an unlawful detainer, with an eviction attorney. Residential evictions in California can last for 60 to 90 days on average and potentially longer if contested. We’ve seen several commercial eviction cases last for over a year. The length of the eviction depends on the circumstances of the case and the tenant’s willingness to leave the property or contest the eviction. In these cases a landlord may hire a property management company to protect the vacant or abandoned property until the court case is complete or they have managed to find a new tenant. Realicore Property Management can assist in these situations before, during or after an eviction.
Go Dark Provision in Commercial Leases
Building a business can be a volatile process. Most businesses do not survive past the 3 year mark. Chances are that your tenant might have a tough year financially or even personally in which they decide to exercise their “go-dark” lease provision. A go-dark provision is a common clause in a commercial lease agreement that allows the tenant to vacate their space while still continuing to pay a portion of their lease. It typically is a clause only in high-value leases such as a build to suit drive through paying triple net rent. A go-dark lease provision can benefit the property owner by still allowing them to earn some sort of income and it benefits the tenant by allowing them to save money during a financial hardship. Even though this might seem like it makes the most of a bad situation, you may still have something to worry about. When a tenant’s space appears unoccupied, that can alert nearby criminals that your property is open season. So how do you protect your property?
This is where we come in! Our property management team can ensure that your property is well looked after, with or without tenants. Not only can we provide tangible security measures like installing cameras, securing windows and maintaining landscaping to always give off a polished appearance, but we have the benefit of being local as well! In some situations, you may have recently completed litigation with a tenant and you’ll need to rekey the property. We have a great relationship with a wide range of local vendors that we can hire to complete these services ensuring that you always get the best rates. Since we are always around and available, we can be your eyes and ears in the city, which is vital with a vacant property. We can provide you with peace of mind so you can stop worrying about these matters and not feel tied down to the properties you own.
In the event that your tenant’s current lease expires, we can also help you get a new tenant in as soon as possible. We have partnerships with national and international NNN (Triple Net) tenant representatives, we are marketing experts, we are always available to show your property, and give friendly detailed tours to increase the likelihood of securing a lease sooner. If this sounds like the direction you’d like to move in, please contact us today to see The Realicore Difference. (909) 810-2108.
