As a commercial property owner there are lots of responsibilities which must be taken care of. If you’re new to the commercial property market then the advice below will be pretty useful to make sure that you don’t forget about any of the key duties and responsibilities you’re tasked with.
Here’s some important property management advice for those with commercial property to take note of:
Duty of Care
Although owning commercial property is much less hands on than owning and managing a residential property, as the owner of commercial property you have a duty of care to your tenants. Within this duty of care are a lot of the same responsibilities as residential property owners such as the general maintenance of the property, making sure there is adequate lighting, heating and access to clean water, so make time to be available to resolve any major issues.
Choose Wisely
Commercial property tenants tend to stay much longer than residential so there’s much less general maintenance to keep up with, in theory making it less stressful. It helps if you pick tenants with a good track record who have a plan to stay in your building for a number of years.
When choosing your next commercial property to purchase it’s vital that you choose wisely as properties which have been on the market for a while can be really deceiving and although structurally sound, they can have a lot of hidden issues.
Landlord and Tenant Law
Making a mistake when it comes to landlord and tenant law can be costly but the law is a complicated field. One of the best ways to ensure that you comply with all the important rules and regulations is by using the services of a firm like GVA Worldwide to oversee ensuring that all contracted obligations are complied with. They also deal with the day to day running of your commercial property with things like collecting rent and managing arrears.
Security and Maintenance
Most of the day to day running of commercial property management is outsourced to other businesses, unless you have endless time to pop in to your property every single day. Things like security of the premises and general business maintenance are your responsibility, but the company who are renting your building are responsible for their own internal security should they want there to be on site security and general maintenance.
Takeaway
Commercial property management can be stressful but very rewarding and hugely profitable by following this advice you can make a success of it.
