A good commercial property investor and owner knows that in order to keep earning from assets, tenants must be kept happy. Besides, with nobody interested to lease, it’s impossible to get a rent let alone a profit that screams ‘financial freedom’. So what’s the secret then? How do landlords and investors keep their tenants and do away with rent vacations for their commercial property? Well, here are a few tips how.
- Keep things clear early on. – All rules and terms of the rental must be clear between both parties and signed to a contract. Doing so safeguards the rights of both parties and makes the responsibilities of each one crystal clear.
- Prepare the unit. – Interested tenants will always want to visit and inspect before they commit. Be sure to always have the space ready in case someone decides to pay a visit.
- Be at the top of repairs. – Repair responsibilities should be established early on. Also, it is a must to always be on call to ensure that any needed emergencies are solved whenever they decide to pop up. Tenants would absolutely hate it to have to call again and again just to get, say a broken pipe, fixed.
- Always be available. – If you can’t do everything on your own, hire a property, manager instead. Someone has to be on call and available for any inquiries and concerns. In the same manner, it would be beneficial to call or visit tenants at least once a month just to check on their concerns.
- Offer incentives. – To encourage your tenants to stay with you for long, you can establish a rewards program of sorts. For example, a discount may be given if rental dues are paid in advance or a commission is given to those that can refer a new and qualified tenant.
- Keep rental prices reasonable. – Depending on several factors like location, space, foot traffic and the like, the cost of every rental unit will differ. However, the secret to ensuring that one profits without being too expensive lies in reasonability. If the costs to renting your commercial property, or part of it, is too high then the tendency is clients are sure to look somewhere else. However, if they are reasonable enough, they become more competitive. Putting a price tag can be difficult here so if you don’t have any experience, it’s best to consult an expert about it.