Actual - Real Estate

Discover what every landlord should know about finding tenants and why picking the best person is not always as easy as it sounds.

The most important decision any landlord makes is deciding who can live in their property. Who will you, as the owner, allow to liv

According to USFDA, a combination product is one composed of any combination of a drug and device; biological product and device; drug and biological product

e in your investment? This decision is so vital to the profitability of any property investment business and affects the business on so many levels that it’s amazing that some landlord don’t have a formalised procedure to protect themselves from making bad decisi

; or drug, device, and biological product and fixed dose combination would include two or more combinations of drug.

Examples of combination products may in

n.

Let’s think about what we’re actually doing when we rent a property. Instead of thinking of the property as a monthly income generator think of it as a pile of cash. Cash you have tied up in the deposit and purchasing costs. Cash you hope to gain a regular in

lude drug-coated devices, drugs packaged with delivery devices in medical kits, and drugs and devices packaged separately but intended to be used together.

come from through renting and more cash that you’ll receive if you sell the property and realise your capital gains. (Assuming house prices have risen since you purchased). If you include in this the value you place on your time spend finding the property, buying

here is enormous increase in the number of combination products entering the market in the recent years. Combination products have proven advantages but fixe

and arranging the rental then we have a very serious investment on our hands indeed.

Now, imagine all that money in real, tangible terms, stacked up in a room in the house and then consider we hand over the keys to someone and say, “See you next year”. Now we c

d dose combinations are still in the process of convincing regulatory authority on their advantages over the single ingredient formulations.

Combination pro

n begin to see how important it is to select the right tenant. Of course, I’m being dramatic and we do have legal safe guards but I hope that by considering your investment in terms of hard cash (like a professional investor) then you’ll treat the question of occ

ucts have become life saving products for the pharmaceutical companies who doesn’t have many innovative molecules in their product pipeline and have been inc

upancy very seriously.

There’s more to it than just financials. Not only are we trusting the tenant to look after our investment but we’re also investing our free time with them. What do I mean? If we are managing the property ourselves and not using a letting a

easingly used in the product life cycle management. Even the companies having product patents are trying to extend their product life cycle through the combi

ent then we have made a serious commitment in time to look after that tenant. If you have a tenant who does not appreciate your property or does not treat it with care and respect then you run the risk of losing your evening and weekends in maintenance and manage

nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically

ment tasks. What about rent collection? An unreliable tenant who does not pay on time creates stress and worry. Legal protection lets us all sleep better at night but the practicalities of recouping money and legal costs are a headache we do not need and one that

and physically. They need to rightly judge the benefits of the combination products and they have to even look at the risks involved when combining the produ

s very avoidable.

Once we know how seriously we need to take the task of finding the correct tenant we can start looking for the very best people. In this case ‘best’ has two simple criteria. 1) They pay on time and in full 2) They look after the property as if

ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi

t were their own.

I’m going to discuss three tools we can use to help find good tenants. The first is a long and very comprehensive application form. I ask for as much detail as possible from the tenant. I need all their contact details, ID, proof of current add

ding difficulty in defining their combination products and facing various challenges from selecting a combination to marketing it.

Following aspects would a

ress such as telephone or electric bills, previous addresses and, perhaps most importantly, references from their employer, previous landlord (if they’re moving out of home I’ll ask for their parents’ contact details) and a character reference from a recognised m

dd to the challenges in developing combination products:

Which markets to tap where the combination products can do fairly well?
Which combination prod

mber of the community such as a Doctor or Teacher. Importantly, I always act on these references. I will check with whomever they have given to make sure the details are correct and they can vouch for the applicant.

Secondly, I ask for a larger deposit than the

cts are meaningful and rational?
Which therapeutic categories to select?
Which Combinations can address unmet needs of the patients?
Do combin

usual 4 weeks rent. Typically I ask for 6 weeks rent (UK law give the tenant an automatic option to sublet if the deposit is too excessive, say more than 8 weeks rent). Paying more upfront is usually a good sign that they are serious.

Finally, I have to feel com

tions increase the patient compliance?
What would be the developing cost?
How to tackle the risks encountered during combination product developmen

ortable about the people. If I can get along with them when the property is viewed and when we talk on the telephone and if I don’t have any intuitive alarm bells going off then I trust my own judgement.

At this point you might be wondering about a credit check?

t?

As combination products don't fit into the traditional categories of drugs, medical devices, or biological products, the USFDA is in the process of devel

Yes this is a great tool depending on the affluence of your potential tenants. Some of my properties are let to people on social security benefits, many of whom I’ve had to help set up a bank account even. In these cases a credit check would not be beneficial but

ping new procedures for reviewing their safety, efficacy and quality.

Professional from academic institutions, pharmaceutical industries, health care indust

for better off tenants it can be a worth while exercise.

Once we know how to approach the subject of finding great tenants we can consider why people make poor letting decisions. In my experience the worst decisions about tenants are made in pressure situations

y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products

An empty property is very damaging to the bottom line of a landlord. If a property is unoccupied it’s very tempting to let the first person who comes along have the tenancy. I know, I’ve made the mistake myself (several times I’m reluctant to admit). This situat

.

As there is an increasing trend of the combination products companies manufacturing such products should be able to tackle the problems involved in the de

ion is exacerbated if you find your property is not in demand. If you only get one phone call from your advert in the local paper then you’re putting pressure on yourself and your business.

Therefore, the best way to make a good decision is to have a lot of peop

elopment. They need to be wiser in analyzing the market trends and the regulatory requirements.

Companies that provide selfless information through particip

e to choose from. Creating a big list of possible tenants comes from good advertising with good descriptions of you property and its selling points, realistic pricing (even undercutting competition in a renter market) and building a solid reputation as a landlord

tion in industry events and feedback to regulatory authorities would be able to face the challenges and will be successful in developing combination products

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