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Leasing Out Your Commercial Property and Getting the Maximum Rent
It is important to maximize your ROI for long-term success in commercial real estate. Here are the top strategies for earning the maximum rental rates.
Originally published by Bucknell University. Reposted with permission.
Every commercial property owner desires to get maximum rent out of their property. There are simple tips that you can use to ensure that you keep your property worth the set amount. This is what will attract the customers to your property.
Still, there are numerous ways to make extra money. The trick lies in convincing the potential clients that the property is better than that of the other competitors. Here are tips on leasing out your commercial property and getting the maximum rent.
Keep the property in good condition
Potential clients will first examine the property’s condition before agreeing to pay the set rent. Keeping your property in good condition gives you high bargaining power. Even though taking care of your property is costly, it pays off in the long run. This may include changing the air filter frequently and replacing the old flooring and appliances with new ones.
It’s these improvements that make it possible to raise the rent. Technology should be highly considered when dealing with fully-serviced offices. You can equip it with an affordable visitor sign in software application to provide efficient sign inexperience. According to Greetly, keeping track of visitors can get complicated, but can be easy if you use the right software service. It offers a cloud-based visitor management system to help you stay more productive.
Research rent prices and stay updated
You need to keep researching the current rent rates and update the prices as per the results. Prices of items worldwide are rising, and rent rates are no exception. Your rent should make sense in the rental market.
Take advantage of the peak seasons like the summer months. This is when the prices of renting units skyrocket due to the rising demands. Whenever you increase the property’s value by adding additional appliances, you should make sure that you increase the price of the rent too.
Stick to the written agreements
Even if you are charging the maximum amount, it will be a waste of time if the tenants are not following the written agreement. Sticking to the rental agreement helps you avoid expensive legal battles. Ensure that you communicate your guidelines and legally establish each party’s rights and obligations.
You should avoid oral agreements at all costs. Sometimes it becomes a person’s word against another. Customizing the written agreement will ensure that it’s accurate to your situation. Without this, you might cover the costs you expected the tenant to cover. So, ensure that you get the total amount of rent as per the agreed deadline without unnecessary delays.
Treat your rental property like business
Your rental property is your business, and you should protect it. Keep digital copies of everything. This includes the deals with the tenants and all the state laws. It will be best if you professionally deal with the tenants. That means you should answer calls, emails and maintenance costs on time.
This is a way of maintaining the quality of the services and the state of the property. As a result, the property’s value will keep increasing. If you treat the rental property like a business, you will maximize every opportunity to make a profit.
Ensuring that every unit is occupied is quite challenging for most landlords. Vacancies reduce the amount of rent you should have received from the units that are not occupied. To avoid this, you can utilize online tools in marketing your property to the target customers.
Social media is one of the best platforms you can make maximum use of. You don’t need to pay anything if you are popular enough to get enough attention. All you need is a smartphone and a good internet connection.