MIKE REID

Associate Broker
mike@mptco.com
251-476-0808

Please join us as we welcome Mike Reid! We are so excited about having him on our team. With his experience, he will be a great addition.

Bio

Mike Reid is an Associate Broker at Merrill P. Thomas Co, Inc. He has 25 years of experience as a real estate agent, broker, and managing broker. Mike specializes in commercial and residential sales, leasing and property management. A graduate of the University of Alabama, Mike is a founder and primary member of the Mobile Business Group. He is a past president of the Commercial Real Estate Exchange Club in Mobile.  He currently serves on the local Mobile Advisory Board at The First, A National Banking Association. He is a member of the National Association of Realtors, Alabama Association of Realtors and the Mobile Area Association of Realtors. Mike holds real estate licenses in Alabama and Mississippi.

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In a gross lease, the landlord pays all the operating costs. These expenses can include, but aren’t limited to, property taxes, utilities, maintenance, etc. The landlord pays these expenses using the tenant’s rent to offset the costs. As a result, the base rent is typically relatively high, but is the only cost to the tenant.

Many landlords include some variable cost flexibility in the lease by adding “escalation clauses” that account for an increase of insurance or taxes. They can also include language that allows them to temporarily increase your rent based on variable costs.

The tenant pays all the operating costs. The base rent for a net lease is lower than a gross lease, but the tenant also pays fixed operating expenses such as property taxes, insurance, and common area maintenance (CAM) items.

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