When you are leasing a commercial property, whether it's a living space for a family or a massive warehouse for a business, you need to make sure your relationship with your tenants is as strong as possible. The best way to do that is to get the relationship off on the right foot by fully preparing the property for a new tenant's move-in date. The more you can do to make sure your site is fully set up, the better off all involved are likely to be for the life of the arrangement.
Those steps include the following considerations:
In certain situations, you may need to make alterations — potentially significant ones, in some cases — before the property is move-in ready for a particular tenant. Commercial Real Estate Training recommended making sure all involved understand what those changes will cost and who is responsible for paying for them, so that there's no confusion and the work can be completed.
In other cases, usually for business-focused properties, you may just have to make a few minor changes to the floor plan so the space meets your tenants' needs. Working together on what that new layout should look like will help ensure a smooth start.
As with anything else in property management, it's important for both parties to give the entire space a thorough going-over so that issues can be flagged and the general state of the building or unit is an area of agreement, according to Top Property Management Resources. You don't want to start off with your perception of the property being quite different from what your tenant believes.
When you're performing your inspections, it's also important to make sure that all safety measures are in good working order: fire alarms, sprinkler systems, carbon monoxide detectors and so on. It's also critical to check if all wall outlets are in working order. That way, you're reducing a lot of risk at the same time as you are ensuring peak functionality for your new tenant.
Your lease agreement is no doubt thorough and clearly delineates what you are responsible for throughout the contract's term. However, it may also include certain issues you need to take care of before the lease officially starts. Just put together a checklist and go through it point by point to make sure you hold up your end of the bargain.
When you identify potential issues with the building, it's important to repair them as soon as possible, The Balance Small Business says. However, you would also be wise to hire experts to tune up or otherwise maintain whatever equipment you have on site so that you know it will not only work well immediately, but continue to function for a while to come.
Finally, depending on the kind of property you are leasing out, there may be requirements from local, state or federal government agencies that you have to comply with. Now is the time to make sure that is taken care of.
Whenever you're thinking of buying or selling a commercial property, it's vital to have an expert by your side every step of the way. At Ray White Surfers Paradise, we can give you he guidance you need throughout the sales process, whether you're a buyer or seller, and help you find the best possible outcome. Get in touch with us today to learn more about how we can help.