As both owners and tenants try to navigate rent relief during these unprecedented times, the Newton Needham Chamber organized a panel discussion to provide guidance on rent relief negotiations. Panelists included Jay Peabody, Partner and Chair of the Real Estate practice at Partridge, Snow & Hahn, Allison Fleet, Associate at Partridge, Snow & Hahn, Jesse Baerkahn, Owner of Graffito SP, and Elizabeth Holmes of RW Holmes Realty.
Key Takeaways from the discussion:
- Tenants and Owners need to work as a partnership rather than a negotiation. Both sides need to work together to reach the common end goal of recovery and long term success of their businesses.
- Tenants should be prepared to share information such as the impact of COVID-19 on their business, their financials, and what efforts they’ve already taken to obtain available government relief.
- Owners need to first and foremost speak with their lenders and insurers before initiating conversations with Tenants.
- Confidentiality is key. Owners need to ensure Tenant’s information is kept confidential and Tenants need to confirm they won’t share information on their rent relief with other Tenants.
- Utilizing your security deposit can be one quick option for tenants looking for immediate rent relief.