Landlords – Who Has a Copy of Your Rent Roll?


I received a call last week from an acquaintance who knew that I am in the appraisal business. He owns a multi-tenant industrial building, and he told me a story that I thought some of you might be interested in.

He said that he re-financed the 90+% leased industrial building  last summer. The regional bank that did the loan had one of the National Multi-Service Firms (brokerage, leasing, management & valuation) do the appraisal. My friend gave the appraiser the typical information, including a detailed rent roll. Within six months of closing the loan, a month-to-month tenant, and another tenant whose lease expired in November, vacated their space. Both of the vacating tenants relocated to buildings managed and leased by the same National Multi-Service Firm that did the appraisal. Coincidence? Perhaps, but my friend (who now has a 71% leased building) doesn’t think so. He is convinced that leasing agents had access to the rent roll that was provided to the appraiser in confidence. He called the appraiser a “lead generator” for the leasing division, and has made his banker aware of his concerns.

So, I ask again….do you know who has a copy of your rent roll?

If you have had a similar experience, I would like to hear about it. E-mail me or call me at 803-772-8282 ext 110.

Michael Dodds, MAI, CCIM


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