What You Need to Know When Renting Out a Commercial Property

If you have rented out a residential property in the past, you may feel equipped with adequate knowledge and experience to be able to handle doing the same with a commercial property. But as you can imagine, there is quite a bit more to it when it comes to dealing with the latter.

However, regardless of the property in question, you will want the process to go as easily and smoothly as possible. Having the right sources will help you find the perfect spot for your business. For instance, if you look for a commercial lease Queens based, you will find several options to choose from. These properties allow the flexibility to add/reduce space based on your current needs and even offer maintenance services. With that in mind, this short post will give you some tips to help you get started as a commercial property landlord.

Sort Out Insurance

When it comes to arranging insurance for the building, it is important that you let you provider know that the property will be leased to tenants as there may be an assumption that it will be occupied by the owner. When you speak with your provider, they will advise on the insurance policies that they recommend, which may include:

  •       Building Insurance
  •       Public Liability Insurance
  •       Landlord’s Liability Insurance
  •       Unoccupied Property Insurance

 Prepare the Space for Business Use

Before you put the property on the market, you want to make sure that space itself appeals to many different types of businesses. This means that you should keep the space as basic as possible and any décor neutral, allowing potential tenants to put their own stamp on it.

 Get Your Services Sorted

When you are a commercial landlord, you are responsible for the services that are provided in the building. So, before you go ahead and start advertising for tenants, you want to get in front of these things so that you have contracted services set up prior to anyone moving in. Services that you will need to consider will include:

  •       Fire system safety checks
  •       Lift engineers
  •       Business water suppliers
  •       Cleaners

 Advertise

Once you have the space sorted and ready for tenants, you are going to want to advertise that it is available for lease. Out with putting a For Lease sign on the property, there are various different methods you can use which include:

  •       Local online directories
  •       Press release
  •       Sponsoring charity
  •       Pay-per-click advertising
  •       Targeted mailers

Once you have secured tenants, it’s worthwhile noting that if there are any spaces within the building that aren’t being occupied, you could offer advertising space to the businesses. This can be an effective way to boost monthly income.

 

Get Help from Experts

If it all seems a little too much to take on yourself, don’t worry, by employing the help of a commercial property management company, they can take the stress out of any issues that arise when you are renting out commercial property. Visit https://ross-liddell.com/commercial-property-management for more information on how they can help.

As a property owner, you are going to want to know the best way to make money from your property and a commercial property management company will help you to find the most suitable tenants to make that happen.

 

I hope you found this short post helpful. Don’t forget to check out the most recent business posts that may be of interest.