There is only one reason to invest in a commercial property; it’s to get the best returns out of it! And why not, we all know the charges to buy and maintain a commercial space is always more than the residential ones. So, it’s clearly understood that even the returns from this property would (or should!) be great! And one best way to get good returns from your commercial property is to rent it out. You can actually earn a large sum while owning the property and this rent is a great profit for you!
Ø Some useful steps to take before renting out your property!
Renting your office or business centre is indeed a great decision. But remember to follow the below mentioned guidelines before you are finally ready to put your place in the market for renting out:
o Carry out a detailed market research— It’s very essential to study the real estate market before putting your property up for renting purposes. You should know the best rates you could get when any commercial property in your area is rented out. Accordingly, you can fix your own charges and expectations from your tenants for your commercial property.
o Repair the major damages — Is your office having a hanging window? Or your paint is really worn out? Or is your ceiling really damaged due to water leakages? Ensure to study all these huge foundation and construction issues and set a budget to repair the same. It’s mandatory if you desire a good tenant to rent your office place for a nice sum of money.
o Make the place look presentable — If your commercial place has everything intact, you don’t need to do much then. Just ensure the inside and outside of the office is clean and tidy. There shouldn’t be any mould on the walls, or spider webs hanging near the ceiling or dirty patches on the windows. It’s better if you pressure wash your exterior as well and hire the professionals for commercial window cleaning. Acorn Window Cleaning will do a fabulous job of tidying your windows to a fine shine with the help of their expert workmen and your office would look extremely inviting to all the potential tenants that come to view this place for renting.
o Hire a good broker and property manager — You can’t possibly go and attend each of the potential tenants that come to view and inspect the property. Neither can you get the tenants so easily? You will obviously require a property manager who’ll take this initiative to deal with the tenants and a broker to find the most suitable renters for you to choose from.
o Prepare your lease term — Whether it’s a commercial property or a residential one, you will have to list out your lease terms when renting it out. You can do the same with the help of your legal advisor who helps in jotting down these points for you. This can be later discussed in detail with your tenants when everything is fixed and finalized.
With the above-listed steps, you’ll be able to rent out your commercial property quickly and easily and even get the rents that you desire for your place. With everything done, now it’s the time to start counting your profits!