Becoming a commercial landlord can be a great experience as well as a very lucrative opportunity. However, your success and income will largely depend on whether you are able to attract and retain renters. The following are some tips to follow that can help you always present your best image to tenants.
Keep Up Appearances
The physical appearance of your property and office space sis a major factor in keeping space rented. Renters want a nicely-kept space that meets their needs and that their clients will want to visit. If your property is in poor shape and not appealing, tenants will not want to do business there because it will make it harder for them to hire the best talent and attract customers to their doors. Not maintaining the property can also put you at risk of legal liability if someone trips and falls on a cracked step or a dead tree falls on a car. Keep things maintained and looking nice and tenants will want to rent office space from you.
Part of keeping up appearances means making sure that it’s clean. If you are going to include janitorial work with your rent you want to make sure you hire professional help. Not only do you want to make sure that they do their work timely, but that you have reliable people there daily. When the janitorial staff becomes part of an office team they are known, seen, and security is tightened. When you work with an agency that sends a new person every week you can start having issues.
Communicate And Be Available
Responding quickly to the concerns and needs of your tenants is a critical part of being a good landlord. If a tenant has an issue, respond to their concerns and address the problem as quickly as possible. A leak from the roof can lead to illnesses, employees being sick, equipment being ruined and lots of money lost in damages. It’s better to handle important parts of the property than to have people feel they are renting an old rundown place.
It’s important to stay in close communication with your renters. For example, if you are going to have commercial roofing services perform work on the roof to fix that leak, give your tenants plenty of advance warning, ensure their needs are seen to and keep them informed throughout the process.
Have A Strong Lease Agreement
Potential renters will want to carefully read your lease agreement before agreeing to sign. To appease your tenants as well as protect yourself, you will want to have a strong lease agreement from the moment you start accepting applications to rent. Because a lease is a legally-binding document, it is always best to retain the services of a lawyer and have him or her assist you in drafting lease agreements. Having a fair lease agreement will establish a reputation as a quality landlord who cares about the experiences of tenants. With favorable lease agreements, tenants will be more inclined to rent from you long term.
Represent your image as a commercial landlord well by following these tips. With a little bit of extra vigilance, maintenance and exemplary customer service, you can keep your properties full of happy tenants and maintain a solid passive income.