If you have never rented out your commercial property, then utilizing the help of a commercial litigation lawyer can be highly beneficial. After all, you own a commercial space because you want to make money from it. But being new to leasing your property can often result in an undelightful experience.
When you rent out your commercial property, your intent is to maximize your return on investment. The process can be complex, but it isn’t when you do your homework well. Before renting out your commercial property, here are five important things you must do.
Before you consider renting out your commercial property, ask yourself certain questions. Is the space ready to be rented? Who is your ideal tenant? How long will the lease be? Should you perform a background check on your prospective tenants? Should the lease be renewed? What kind of agreement is right for your property? Asking yourself such questions can help you figure out some of the basic details.
Do market research
Without market research, it isn’t possible to set the right rate for your space. An underpriced space won’t make you any profit, and an overpriced space won’t bring in tenants.
Therefore, setting the right rate is extremely essential. Market research also helps you figure out the vacancy rate for commercial spaces in your region. Since not all properties have the same vacancy rate, market research helps you determine the most realistic rent for your property.
Set lease terms
This is an area that a commercial litigation lawyer can help you with. You have to decide on the terms of the lease and make a legal-binding document to be signed by you and your tenant.
The purpose of this document is to keep a record of the terms of the lease agreed by both parties. There cannot be any alterations in future once the document has been signed by both parties. A lawyer can help you with setting the terms of the lease.
There are other people too who you must consult when preparing the lease. If you have a mortgage on the property, you have to consult your financier. If any work on the space is required, you have to consult an architect. A property agent can also be consulted to make sure the terms you have set are correct.
Beautify the space
A good-looking space always attracts tenants more easily, so you must keep your property in top condition. Not only do you have to keep it well maintained, but also increase its appeal by adding beautifying elements and other decorations. Get a professional photographer to take pictures of the place to go with the listing.
Get the right tenants
Do not be hasty in finding tenants. Getting the wrong tenants can make your life a nightmare, robbing you of peace of mind and also money. Instead of trying to get your space rented out as soon as possible, look for the right tenants, and don’t forget to do a thorough background check.
A hardworking and prudent commercial litigation lawyer can help you go through the whole process without a hitch. Make sure to get expert advice before renting out your commercial space. This is not a guessing game. You want to make the right decision because the wrong decision can be costly. Call a commercial litigation lawyer in case you suspect a problem.