Rental Agreement For After-Hours Meeting Space: Fill & Download for Free

Here is the systematic approach to rent your commercial space.First and foremost, start with marketingTake quality snaps of your property. Take snaps from your high-resolution mobile phone camera (professional photography is not mandatory). Usw these snaps to list on property website.List your property in multiple property websites or property applications. Below are the few websites that provide free registration and at least one free listing. Use all the possible websites and don’t depend on just one or two websites. More the listing, more the leads coverage.magicbricscommonfloor99acresquickrolxhousingnobrokerfacebookWhen you list your property, provide consolidated details of your property, which includes snaps. size, directions. amenities, location, accessibility, rent, security deposit, and maintenance cost.Make use of offline marketing as well, Display the TO-LET signboard with your mobile number on the building front. (Please be noted, if you have geographical constrain like NRI or living in other cities, nominate a local trusted guardian to attend the call comes through TOLET board or it may invite anti-social elements like theft or robbery into the property). or better work only online channels and screen the visitor identity before arranging the property visit.Telephonic screening:You will start receiving prospective calls. You should screen the calls to avoid unnecessary walk-ins, save your time and energy.Here are the few screening questioners.Company name and identity: understand exactly what the company is and where they are coming from. Find out all you can about their business profile and history. Go a bit deeper to find out the successes of the business and identify the industry they serve.Type of business: Are they business suitable for your property. Ex: Retail, office, factory, warehouseBudget: Are they capable to pay rent, maintenance cost, utility bills, and security deposit on time.Duration of stay: Renting for 1 year, 2 years or 10 yearsWhat is the operating hour of business: Is the business operate 9 to 5 or 24X7.when is the intended date of possession or date of occupying the propertyOnce you are satisfied with response, invite for property tour and face to face discussion.Tenant finalization and screening documents: Once you finalize the tenant. Henceforth you should keep all the communication in written statement. The best mode of written communication is email.Demand the tenant to send the identity proofs by email. proofs likeBusiness establishment documents. Ex: GST CertificationBusiness PAN image or proprietor’s PAN imageDraft agreement:Prepare the draft agreement in word format and exchange the draft with tenant by email.A draft agreement consists of all possible terms and conditions. Some important points listed below for your consideration.As a property owner, prefer executing your agreement under the title of leave and license agreement rather rental agreement. You have more control than tenant under the title of leave and license agreement.Mention agreement execution dateOwner name and permanent residential address. Tenant name and corporate address or proprietor permanent addressRental premise address (A complete rental address should specify)Rental commencement dateDuration of agreement cycle. Typically. 11 months, 5 years, or 10 years. An agreement executed more than 12 months should register at respective sub-register office.Year on year appreciation %. Typical around 10%Monthly rent, maintenance cost, security deposit, water bills, electricity bills, parking charge, etc.. Its always better to specify all applicable charges in advance stage to avoid later conflict and argument because financial matters are very sensitive issues hence that should be out for mutual understanding. (No hide and later surprise)Property owner should mention bank details in agreement for rent transfer. Prefer account transfer instead of cash.Make sure, who is responsible for repair and replacement of damaged items during tenancy.Notice period. Usually 3–6 monthsPainting and cleaning charges at the time of termination.Add a clause that owner or his agent can inspect the property during tenancy with prior appointment to assess the condition of properly maintained.List the fixtures, furniture, and fitting with the name of brands and quantity.Record everything in agreement even if its small things. There should not be any assumption or presumption in your mind, everything should be in agreement and understandable to both. More the clarity in agreement, more the win-win situation for both parties.More the agreement is better, it's easy for you to complete termination formalities without hassle.Once the drafts ready, exchange the draft with tenant by email and seek his confirmation.If you looking for standard template of leave and license agreement. Please write to us. We share template at no cost.Below is the procedure to execute agreement LEAVE AND LICENSE AGREEMENTStep 1: Buy non-judicial E-stamp paper. Stamp paper is available at your local court, register office, or cooperative bank. Rs.100 to 500 E-stamp paper would be safe and best for commercial rental market.Step 2: Print the draft on E-stamp paperStep 3: Property owner and tenant have to sign at bottom of all pages of agreement. Witness has to sign at witness section (Usually at last page of agreement)Step 4: Meet the notary public nearby and get the agreement attested by notary.Step 5: If your agreement cycle is more than 11 month. Get your agreement register at respective register office.Transaction:Never ever collect token advance as soon as prospective tenants see the property. Owner can collect token advance or part of advance once after draft agreement exchanged and confirmed by both parties. There are instances that deal gets dropped due to non-settlement of agreement clause and later conflict for refund of advance.You might be wondering that complete security deposit must be received before or after signing the agreement or before or after handing over the property key.Now the banking becomes easy and convenient. We can do all at once. Yes, tenant can initiate the transaction at the time of agreement sign and key handover.Check-in form:Cross-check the fixtures and fitting details in presence of tenant. Take the snaps, videos, and exchange them through email to record the present condition of property for later reference. Probably at the time of termination if necessary.Termination:Before you finalize the tenant, you should judge if the tenant is easy for termination. Never choose the tenant who is hard to vacate.Both the parties should follow the notice period mentioned in agreement. I have written the NOTICE format at bottom of this answer for your referenceInspect the property as soon as tenant vacates the premises. Check if any repair and damage incurred, replacement for damaged products. painting and cleaning. Prepare estimate sheet and escalate to a tenant for tenant reference.Should mention security deposit refund duration in agreement. It could be on same day as key receipt from tenant or in a week or two.Receive property key from tenant on or before security deposit refund. Send the refund transaction screenshot to tenant by email.TERMINATION NOTICE (Title should come at centre)ToMr. TENANT NAMESubject: Rental terminationProperty address: XYZThis is to notify you to vacate and deliver up possession of property, which you presently occupy as my tenant. This notice is issue to terminate our leave and license agreement. Issuing the notice of 3 months as per our agreement, Notice period commence from 29th Sep 2019 and ends on 28th December 2019.We remind you of your obligation to leave the premises in a reasonable condition at the end of your tenancy.Thank you for your cooperation.Regards,NAME OF PROPERTY OWNERIn Karnataka, We provide the service of agreement drafting + execution + notary + home delivery in 2 working days. Same day express delivery available. To opt for our service, please Whatsapp 9 7 4 2 4 7 9 0 2 0.Thank you for reading…

To begin with, being on your feet for 12hr days in a 90deg kitchen isn't much fun... Good for those who are truly truly passionate about cooking!Challenges that's perhaps more prevalent in Singapore most commonly heard is the scarcity of labor supply, the rapidly rising commercial rental rates and food costs. Since in a foodie-society Singapore, land is scarce and competition tight (high demand for space), which explains some business owners experiencing having their rents increasing by more than half after their existing rental agreement expires. And nearly everything in Singapore is imported since there is limited agricultural land; everything from milk, eggs, fruits, produce, beef, pork... so you can imagine how much more the farmer has to charge to have their produce trucked or flown here so he can profit from his labor. And the labor situation is the same...new restaurants, cafes are opening everyday somewhere on this island, the demand for cooks/chefs are rapidly increasing, with only a limited supply of the local population to meet that demand (compounded with Singapore's low fertility rate standing at 1.2, the situation will not improve anytime soon).Like most restaurants (in most countries I assume), chefs and cooks work long hours in this hot environment - apart from dealing with orders pouring in at 7 tables per minute during dinner peak, the constant pressure to churn out customers' order correctly in less than 20mins, Chefs also have to deal with customers' changing their orders last minute, handle complains, demands, customers' personal opinions, negotiating with vendors, checking on the quality of deliveries (seafood, produce, proteins etc), or non-deliveries w/o prior notice from your vendors, calling for returns, making decisions in the face of ever-rising food costs, training and following up on your cook staff on food quality before sending it to the table...Hence, all those challenges, for a humble salary.That's what it's like to be a chef in Singapore.PS: these are only my personal account at best. Would love to hear a different side of the story!

Rental Bazaar is guided by a vision that sharing is great, but even better when you make money out of it.It's mission is to change the mindset of the community about sharing the resources within their community and improve the quality of life by capitalizing on existing financial wealth within communities while building the strength of the community itself.Rental Bazaar provides communities and its citizens a place and platform to rent their excess stuff which is sitting idly in their homes.I have always been a firm believer in the reuse of things and reduction of waste. I believe in simple living and high thinking, and I want to use this as a guiding force behind my dream organization, Rental Bazaar. Rental Bazaar is a B-corp, with the mission of fostering sustainability and a sense of community by increasing the useful life of the excessive “stuff” in American communities. Through Rental Bazaar, neighbors can rent out their excess stuff to neighbors and make some cash off of things they’re not using, while the renter can save substantial money versus buying the same item, when they need an item only for a short duration of time or will only use it occasionally.If you’re not sold yet, think about this: How many expensive items do you see sitting around in your house that you only use a couple of times a year? Why buy an expensive item just to use it once or twice, and then take up space in the garage and closet? If you have things like this, let them get some use and earn you some cash without saying goodbye to them forever. You can set the terms of how long the item will be will be out of your grasp and how much you want for it, and then you can negotiate the final terms with the interested renter.What got me thinking?As a kid I grew up in a close-knit community on a street where business transactions took place on the street everyday (this is the Indian concept called a bazaar, or market). I used to spend a lot of time playing with my neighborhood friends, and on many occasions my mummy (mother) would ask to me to bring something from a neighboring aunty (neighbor) on the way home. The same favor was returned occasionally too. The frequency of these chores sometimes made me wonder why we did not buy our own item instead of continually borrowing it from neighbors. When I finally asked my mother this, she chuckled and replied, “Why buy an expensive item just to use it once or twice, and then let it take space in the closet, when we can borrow it?” to assuage my curiosity.I moved on with other distractions in my life such as studies, career, etc. which eventually brought me to the land of Uncle Sam! When I came to the US, and after visiting my friends’ homes, it did not take me long to realize how much excessive stuff is sitting around as a result of the peer pressure of buying or gifting expensive “showy” things. After some casual research by talking to my friends, I learned that this mentality was encouraged by the powerful plastic money that people possess, that allows them to purchase things without realizing they actually can’t afford them.As a fun trivia, I even asked a couple of my friends if they remembered what gifts they got for Christmas two years ago or on their last birthday, and if they even know which corner or shelf of their house has the honor of their presence? With little surprise the clear answer was “No”.However, since the recession hit, I’ve noticed that even in the midst of recovery, middle class people are still finding themselves strapped with student loan debts, stagnant wages, and rising costs of living. They seem genuinely interested in figuring out how to get their finances in order and, most importantly, how to spend less but keep their same quality of life.Now thinking back on my childhood in India, I feel there was great social capital built up in my neighborhood, which provided a great financial resource that could be tapped by struggling people to help stretch their dollars further, through the means of exchanging the use of something they own for the use of something they don’t own. I strongly believe this principle needs to find its place in the developed world again, so that people can save money by being more resourceful but still have all the comforts they want in life.I know many people who never use that guitar, bicycle, suitcases, waffle maker, etc., sitting around in their garage or closet, and there are probably many families nearby who could use those things but cannot afford to buy their own. Instead, these people could rent these items; and if they pay a fair rental price, it would save them money versus buying, while still maintaining their dignity. And this way, the household with the extra items can also make some extra cash but without parting with their precious “stuff” forever.There are several existing websites that facilitate peer-to-peer renting, such as Craigslist, Ziloc, and Loanables, but I have noticed that these websites typically only have several items listed for rent within a one-hour drive. So the cost savings would have to be huge in order to justify the drive and the time to pick up and return the item. And there are very few items available within a community to be worth spending the time looking through the website. My idea is to expand this idea while building community capital at the same time by concentrating the idea of peer-to-peer renting at a micro-scale within communities, even within specific neighborhoods or apartment complexes. I would like to call this concept Community Renting.The idea of community renting is that it will encourage people to realize the social capital and financial wealth that already exists within their community, which could be leveraged to their benefit. Rather than an impersonal platform like Craigslist, Rental Bazaar will focus in people’s communities by providing outreach at community festivals and by organizing “rental fairs” within neighborhoods. The Redlands Market Night ( a weekly street festival and farmers’ market in my town) was an inspiration for my idea, as events like these are the ideal platform for engaging with a variety of community members, allowing people to connect to share resources while having a good time with their family.The presence of Rental Bazaar in community events like this will give people a chance to interface in person with their neighbors so that they will feel more comfortable renting things to them.The Rental Bazaar website will provide the legal and financial framework for the rental arrangements so that no one can be “ripped off”; similar to a car rental or bike rental shop, the website will take a deposit from the renter’s credit card that will not be returned unless the item is returned.But how will this idea make me money?Rental Bazaar keeps the cost of operation low. There will only be one part-time staff needed until the business grows. The primary costs of operation will be for this part-time staff, the maintenance and hosting of the website, and for advertising/outreach. There will also be an occasional cost for legal counsel, including setting up the rental agreement/legal framework of the business, and settling disputes over damaged or unreturned items.Rental Bazaar’s revenue will come from an overhead fee that will be charged on every rental transaction on the website (most likely 20%). The cost of the rental items will range depending on the value of the item and the duration of the rental terms, and will be negotiated via the website between the renter and owner of the item. The website administrator (part-time staff) will act as an intervener and mediator to ensure the transactions go smoothly, and to remind the renter and owner to report the timely return of the items (otherwise the deposit or late fee will be charged to the renter’s credit card).The advertising costs will be kept fairly low because the advertising will be done through community forums, such as flyers, apartment complex bulletin boards, word of mouth, and booths at community events/festivals (staffed by the part-time staff person). The growth of the business will happen in a grassroots manner by building social capital within neighborhoods and communities, and then the business will be spread outward organically to other communities.The Rental Bazaar business will not be responsible for delivery or pickup of the items, because this would cut drastically into profits or so greatly increase the cost of renting the item that it would hurt business. This is why in the community-based model, the renter and owner will have to meet to exchange the item (the renter would be legally responsible for transporting the items to and from without damage); thus the importance of building the business within immediate communities. Rental Bazaar will also provide safe and neutral meeting places within large community events, public parks, or downtown business districts, where many residents of the community are already likely to be there at the same time.So Rental Bazaar will use a combination of technology and old-fashioned face-to-face contact to grow business; people will have the convenience of the Rental Bazaar website and its associated mobile apps to find the items they are looking for, but will also have the assistance of the part-time staff and the opportunities for face-to-face contact with potential renters in order to assure them that their item will be returned back to them undamaged.This concept will ideally work in struggling or lower-middle class communities, where people feel the need for expensive items that they don’t have the money to purchase. A few examples could include:A kid who wants to learn guitar but his parents can’t afford a guitar; another family in a neighboring community has a guitar sitting around from last Christmas that is never played. They decide to rent it out to the other family long-term, so they are getting some cash out of it but still have a legal mechanism to get it back.One family purchased a pop-up tent and several folding tables and chairs for a backyard wedding; another family could rent these items for their family reunion and would pay less than they would pay to a professional party rental company; and the owning family could get the items back undamaged by the next weekend.One family purchased a car seat, stroller, and crib for their baby that isn’t used anymore; but they don’t want to sell it in case they have a second kid. Another family could rent these items for a year to two years and pay less than it would cost to buy the items; and the owning family would have a legal mechanism for getting the items back by the agreed-upon deadline, so that they could use them again in the future.A college student or intern needs furniture just for a year or two but doesn’t want to buy new. A divorcee who downsized has a storage unit full of furniture that she doesn’t want to sell in case she will need it again, so she can rent it out for a one or two-year term.Who are the customers?The primary target demographic for Rental Bazaar is struggling middle-class households faced with stagnating wages, rising costs of living, and increasing debts. This could include young families, college students, or young professionals. I believe the Rental Bazaar idea will go over particularly well with Millennials, as they are buying into the sharing economy in a big way right now (such as websites that enable them to get a ride in someone’s private car, couchsurf in someone’s home, or rent someone’s home for the weekend, etc, all of which are more invasive of privacy than Rental Bazaar). Millennials have been found to place higher priority on travelling and moving around to different cities for their careers, rather than the consumer-driven (house and car) mentality espoused by their parents’ generation. A survey by Wells Fargoalso found that Millennials are more inclined to save than spend now, due to lessons they learned from the Great Recession.Let’s talk about the challenges and potential solutions.The biggest challenges to this business idea will include:The American pressure to keep up with the Joneses and present the appearance of having money. This could work both ways for Rental Bazaar, because if done right, people should feel that they are paying a fair price to rent the item, so it is a valid and respectable alternative to buying. This way everyone wins because people can feel like they have all the material comforts they want for less money; and the owning family gets some cash out of things they never use, which may inspire them to put that cash toward renting other items.Another challenge along with this will be keeping the items undamaged. The renting family will still have to treat the item with care as if it is not theirs, especially if they have small children or pets; or else they will have the full value of the item charged to their credit card. However, this may also be a benefit, because if they hadn’t rented, they would have bought the item anyway; and then the owner may be happy to get the full value of the item back so they can purchase another one. (In this, case it would be like buying the item secondhand because the value of the item would account for depreciation over the time the item was owned; this value would be negotiated over the website and mediated by the website administrator). However, legal disputes and challenges will still be one of the biggest challenges Rental Bazaar will have to deal with.To help with this challenge, Rental Bazaar in a way can function like eBay or Amazon, where owners or renters who have had previous transactions can be rated and reviewed on the website by people who have done business with them.- The Rental Bazaar will also be set up to send out email or text message reminders to owners and renters about returning the items. Rental Bazaar will check in with the owner (via text message, email, or phone call, if necessary), to ensure the item was returned on time without damage.- If the item is not returned, Rental Bazaar would charge a deposit or late fee to the renter’s credit card. If the credit card is cancelled and the renter cannot be reached, however, this could send Rental Bazaar chasing after renters in court, which could hurt profits. (Rental Bazaar would have to cover the cost of the unreturned item for the owner; otherwise the owner will never use Rental Bazaar again).- This could also present items for Rental Bazaar in trying to determine whether the item has actually been returned or not. The renter could be asked to take a picture of the item being returned and upload it to the app; or they could be required to bring it to a Rental Bazaar event where the staff can personally ensure it is being returned.- Also, to minimize risk of damage to the items, pictures of the item taken before the rental arrangement would show the amount of existing damage; so if the items are returned damaged, the amount of damage (arbitrated by the Rental Bazaar administrator) would be charged to the renter’s credit card.Marketing and outreach will also be a major challenge. There will have to be enough transactions concentrated within one community to support the business. The more spread-out the renters and owners are, the less likely they will want to meet up with each other to exchange the items. (This seems to be the challenge with the existing websites like Ziloc, Loanables, and Craigslist rentals, which only have a couple of rental items available per community). This is why Rental Bazaar will have to do a lot of grassroots outreach within communities to spread the idea through word of mouth. The starting point would be existing community groups which already hold community events, such as farmers’ markets, flea markets, community yard sales, or block parties.As the popularity of Rental Bazaar grows, another challenge will be the expansion from community space to a bigger space without losing its authenticity of personalization.Future growth of the businessPeople like convenience. If people want home delivery of the items, they could pay an extra charge for that, which would go toward the actual cost of the delivery plus overhead for Rental Bazaar.Also, since there is a community interfacing going on within Rental Bazaar, it may also provide an opportunity for people in the community to market themselves. A lot of people have a dream to start their own businesses, and even kids or teenagers may want to market a service to make some extra cash but don’t know how to get started. So the community market forums and the Rental Bazaar website could also serve as a platform for people to offer their services. Rental Bazaar would charge a nominal advertising fee.Examples of this could be retirees who need help with lawn mowing or household chores and don’t know enough of their neighbors to find someone to do the work. Through Rental Bazaar, they could find a teenager in their neighborhood who would do the work at less cost than paying a professional service. Or for a homemaker who wants to start a business as an aesthetician or a dog photographer, but doesn’t know how to get started marketing herself in such a competitive business environment, Rental Bazaar would provide a cheaper forum for advertising. Or a grandmother who lives alone on a fixed income would like to make some money doing childcare work, and a family in the same apartment complex is looking for flexible and affordable childcare.Since Rental Bazaar would already have community contacts and would be in the business of bringing the community members together (which would support its core business), this would be an added draw to bring people to the website or to the community events. Of course, Rental Bazaar would also have to include a legal disclaimer (similar to Craigslist) that it is not affiliated with these personal businesses, so it doesn’t have any liability if the businesses rip off their customers or do not pay taxes, for example. But if someone reports the business, Rental Bazaar could take down its advertising. Rental Bazaar could also provide a space for customers to review the businesses, similar to yelp or online yellow pages.Rental Bazaar is not just a profit-driven business, but a B-Corp with a social mission to change the mindset of the community about sharing the resources within their community and building the social capital or wealth. It is not just a website to find things and look at reviews. It is a community network through which you can actually meet a lender in person and barter with them, within a controlled legal framework. Rental Bazaar has a mission to improve the quality of life by capitalizing on existing financial wealth within communities while building the strength of the community itself.Thank you for your time! Welcome to Rental Bazaar!!Ellen Vrana User