Hey there, Shana Acquisto broker of Acquisto Real Estate, and Jessica Reinhardt, she’s a real estate broker as well with Lee & Associates. So we are talking today about commercial real estate and we want to know what we need to know to hand off a commercial client to you? Because we’re not competent in that area. We want to pass it off. But, you know, do we need to know about triple net lease? What do we. How much do we need to know?
So I don’t think you need to know that part. That’s more of our specialty of knowing what those terms mean. And when we get to leases, we will help them the prospect with those terms. But I think we just need to know basic information. What type of business do they have? Do they need just an office space in an office building or do they need that office warehouse component? And where are they looking? Because as I mentioned, we have different teams in our office that focus on different areas.
So we want to make sure we put the right the right agent for that prospect together. And then when do they need it? That’s a good thing to know. And then I think those would be the main just so they you don’t need to dive in and know all these specifics, but something that a lot of people say, look, I’m looking for an X triple net. So can you just kind of give us a basic rundown of what does that mean, like a triple at least?
Ok, so there’s different types of leases. There’s full service leases, there’s a triple net leases, there’s industrial growth leases, and then there’s some types leases of those. But quickly, a full service lease, pretty much you’ll find this in office buildings. They encompass everything. So the landlord will pay for the maintenance inside the suite of a light bulb goes out, they take care of it. Something wrong with the AC, they take care of it. And these are general terms. This is how it is most of the time and full service leases. But you will have to ask who pays for the electricity? I mean, it may be covered in the full services. It may not.
OK, then you have a triple net leases. What triple net lease or what? The triple in stand for are taxes, insurance and commentary maintenance. So in a sometimes we’ll find those in retail leases. Office buildings are starting to shift to triple net leases as well. But those are all expenses that you will have to pay. It’s in it’s in addition to your rent. So that is something you have to think about, think about and ask what type of lease of my getting into and then in an industrial growth lease.
So typically what you would call triple net, those expenses are included in your rate up to your base year so that there’s a whole long explanation for all those different three types. Yes, but quickly, that’s OK. Look, we don’t want to know we don’t want to dive in and know those, but I hear the triple net a lot. And I wish Mike was here because he knows a lot about commercial, too.
And I think you guys would have a great conversation. So we’re going to have to have you come back again sometime. But thank you for sharing that. So we’re going to put Jessica’s information in the chat and we’re also going to have that available in our resource guide. So if you guys have any commercial clients, please reach out to Jessica. She’s doing it a very long time and she’s going to take care of your clients. So we really appreciate you taking the time and being here with us today. And I can’t wait for you to come back.