How to Solve the Problems of Being a Commercial Property Owner
January 4 2020 - Owning a commercial rental property is not always as straightforward as it seems. There can be so many problems associated with it, including new leases, collecting the rent, knowing what the market rent is, and financing any new deals you may come across. It is so much simpler if you can find someone that can handle all property issues for you, and then you can have peace of mind that matters are being handled correctly.
Securing Your Interests
When you own commercial premises, it can be difficult to know how much you can expect to receive in rental fees, what your responsibilities are, and what the tenant is responsible for. There can be grey areas where some clarification is needed, and the best way to solve this and other associated problems is to use a company that is experienced in property services.
They will have the experience and knowledge to secure your interests and will be able to give you advice that is up to date with current legislation. They will ensure that any prospective tenants are vetted before agreement, lessening the risk of non-payment of any rent due.
Making the Most of Your Commercial Property
It could well be that some changes made to your property will make it more marketable, but sound technical advice should be sought as it is too easy to make a mistake. The advisors will also be able to help you with ideas and let you know what alterations will give the best return. At the end of the day, you own commercial rental property to make money, and good advice could make a difference to how much profit you earn.
Planning permission can be a lot of hassle too if you do not have the right people behind you. Using a company that offers all the services you need will make owning your property simpler and less of a burden.
The Nightmare of Service Charges
Service charges can be a huge problem if you own a multi-tenanted property. Who pays for what can cause disagreements and bad feelings, and they need to be handled in a way that satisfies all involved.
The lease should specify what services charges will need to be paid, and how often, but then sometimes a major repair could be needed in common areas, and this could cause a problem for your tenants. Resolving it can be awkward, but if you have the right service charge documents in place, the problem should disappear.
Saving You Money
The law regarding renting out property is complex for both landlords and tenants. Getting it wrong can be very costly in fines and penalties, and in severe cases can end in prosecution. It is far better to have professionals handle all property services for you, as what they cost will be far less than what you could face if something is not right and an accident occurs, or the tenant finds a legal way of not paying your rent.