Owning commercial property can be a great investment, but you need to make sure you can manage it properly. Successful marketing and leasing the property to the right tenants will ensure you have a continued positive cash flow on your investment. Here are some recommendations to help you take care of your commercial property and its management.
Hire a Property Management Service
When you own a commercial property, it may seem like a good idea for you to do the property management side of your ownership. However, as a property investor, you may not have the experience and knowledge to take care of your property management tasks.
Your commercial tenants need specific services handled appropriately, such as maintenance and repairs. Otherwise, they may vacate the property and leave your commercial space empty. This means you won't be getting rental income from a tenant and your property will sit vacant. Then, if you don't know how to market it for new tenants, your property will not be rented. As a property owner, it is your responsibility to make sure you get tenants and keep them happy so they keep regularly paying rent and you avoid loss of income.
A commercial property management service will have the time and experience to keep up with questions and concerns from your tenants. For example, if your commercial property has a plumbing clog in the mainline and needs it to be replaced, your commercial property manager can arrange for an immediate inspection and repair work to keep your commercial property functional. Your tenant won't be able to or want to remain in the property if it doesn't have working plumbing. Timely maintenance of the property makes for happy tenants that stay in their lease.
Use the Right Lease
One of the first parts of renting out a commercial property is to have a good lease contract. The contract you select and use as an agreement between you and your tenant should be beneficial to you and protect your interests, but it should also be fair to your tenant. If you choose a lease agreement that only benefits you, you will have a difficult if not impossible time trying to rent out your commercial property. Any interested tenants will back out of the lease opportunity when they read through your lease terms.
Consult with an attorney to help you draw up a fair and equally balanced lease agreement for your commercial property. However, if you hire a commercial property manager, they will have attractive lease contracts that you can use for your property with terms that favor both you and the tenant.Share