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    9 Replies Latest reply on Jan 9, 2008 6:49 PM by giorgioa

    BEHIND ON MY COMMERCIAL LEASE

    giorgioa Wayfarer
      I have a retail shop and am struggling to make it. I have fallen behind on my rent payments 3 months. I have sent what I can but not much. How much time do I have to recover before they make me close my shop ?
        • Re: BEHIND ON MY COMMERCIAL LEASE
          CorpCons08 Ranger
          It should be written in your lease agreement.
          Have you reviewed your lease agreement?

          CC08
          1 of 1 people found this helpful
          • Re: BEHIND ON MY COMMERCIAL LEASE
            Lighthouse24 Ranger

            Your lease will dictate the terms under which you could be evicted (you're probably past that point already), and your state or local laws will outline how the landlord must proceed. In most locations, you'd be served with a 30 notice to vacate. There's no rule that says how quickly a landlord must take that action -- it generally depends on whether your commercial space is in demand and on how well it's being maintained. If there are no other prospects who want to lease it anyway, and you are taking good care of the shop (not letting the property value decline), the landlord may be very patient. If the space is in high demand or if the landlord thinks you're letting it decline in value, you could be served very soon.

            I hope you recover and get back on track. Best wishes.
              • Re: BEHIND ON MY COMMERCIAL LEASE
                giorgioa Wayfarer
                Hi
                Thank you for your reply are you an attonery ? Very good answer. There are 5 vacant spots in our plaza. That is one of the reasons I feel affects us. Because we don't have enough traffic. Even though I market my business as much as financially possible. They have been very patient with us. I want to make it work. I just need more customers
                thanks again
                  • Re: BEHIND ON MY COMMERCIAL LEASE
                    Lighthouse24 Ranger
                    No, giorgioa, I'm not an attorney -- but there are a couple of them in the office next door and stuff rubs off on me occasionally (and most of it is not slimey at all -- LOL!).

                    Given the situation you described, the biggest threat might be that the whole complex will be sold and either leveled or repurposed. Be sure not to give the impression that you're "hiding" -- communicate your situation to the landlord frequently, and keep paying what you can. It is more likely that you'll be kept informed of any plans or pending timelines if you do that. Again, best wishes.
                    1 of 1 people found this helpful
                  • Re: BEHIND ON MY COMMERCIAL LEASE
                    giorgioa Wayfarer
                    Hello again
                    I need some advice. We have an email list of customers who want to be contacted by us for special events and promotions. These are people who signed up to be on our list. My question is should I email our customers and tell them that we may not be here much longer or should I just act like everything is going great like I have been for the past year. What do you think ? Thank you for your advice. I don't have anyone else to ask ?
                      • Re: BEHIND ON MY COMMERCIAL LEASE
                        Lighthouse24 Ranger
                        NO, unless you already KNOW you are closing or moving (and you know when or to where), it would be more harmful to you than helpful to your customers to make a vague announcement of potentially impending doom. My suggestion would be focus on how to stay IN business, not on how to go OUT of business. Do you have customer service contracts or something like that for which you'd still be liable if the store closed?
                          • Re: BEHIND ON MY COMMERCIAL LEASE
                            giorgioa Wayfarer

                            Hi we have a retail gift shop. I do not have customer service contracts. I though that maybe if people knew we might be closing that they might come in a buy more things to keep us there. These are people who really like our store. This is something knew for this area. But I read this book about retail shops that said never let them see that you are not doing well. I am advertising and trying to think of creative marketing ideas.

                             

                            thanks

                             

                            giorgio