Buying commercial property is a great investment, but it still requires work after the sale is complete. When you purchase a rental property you become a landlord whether you hire a property manager or take care of your renters on your own. You can easily just worry about the bottom line when the mortgage bill arrives, but an excellent landlord does more than collect the rent.
Writing a lease that protects both parties entering an agreement is nice, but an excellent landlord takes the time to review the lease with their tenant to make sure the terms are understood. Leases often include complicated legal language. Highlighting the responsibilities of each party will help ensure there aren’t surprises down the road when the building needs a repair or a tenant requests something outside of the scope of the lease.
Taking the time to make sure both parties understand the full scope of the lease is a great step towards earning the trust of your tenants.
Every building will require repairs. Whether from normal wear and tear or age, a landlord is responsible for many of the repairs on buildings they own. An excellent landlord is responsive to their tenants and seeks to take care of repairs as quickly as possible. This may mean that you call a professional repair service to respond when the task is not something you are able to handle yourself.
Responsiveness also includes answering emails, texts or phone calls within a pre-established amount of time. It’s reasonable to set a 24-hour response time for non-emergency communications especially when you oversee several buildings, but you don’t want to leave your tenant wondering if they will hear from you when they need help. The last thing you want to do is earn the reputation of being a landlord that is impossible to contact when needed. This will deter good tenants from renting your space in the future.
Taking a strategic approach to find the right tenants for your commercial property can create great landlord-tenant relationships that last for years. It’s important for you to understand the area surrounding your building. Market your space to potential businesses that will be welcomed in and thrive in the community. Tenants with lucrative businesses and community support are likely to stay longer and plant roots in the community.
As part of the Ullian Realty Process we are committed to helping you develop a strategic plan for your property, market it towards potential tenants that fit the plan, and review applications to help set you up to be a successful landlord.
With over 50 years of combined experience we understand what it takes to be an excellent landlord in Brevard County, FL. We are committed to our clients well after the sale is complete on a commercial property. Give us a call or send an email to schedule an appointment to learn more about The Ullian Realty Process and our current listings.
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