If you are in the fortunate position of having a solid and steady tenant leasing your commercial property, then congratulations – no doubt you will want to hold onto them.
When you are investing in commercial property, tenant retention is the name of the game – and without it, a landlord is usually faced with an immediate loss of revenue. A good rapport between a reputable agent and your tenant might be the key to keeping them in place, and this relationship hinges on open communication. If the relationship is poor, then this can often affect the relationship that you have with your tenant.
Finding a property manager that is willing to work with you from the very beginning is crucial. Do some research beforehand, and make sure you’re prepared for your first meeting. Don’t be afraid to ask the ‘tough’ questions either – for example, what area does the agent specialise in? You’ll want them to have a strong background in the commercial sector. What experience do they have in commercial real estate? How many clients do they currently have on their books? Too many clients can often mean there is less time for you and your tenant.
In order for your tenant to want to renew their lease, it is imperative they feel comfortable approaching the property manager you’ve chosen with any issues. Is the property manager responding to their queries in a timely manner? Are they being taken seriously? These are some of the areas that can make or break a relationship, and a potential lease renewal.
What are the advantages of hiring commercial agents in Perth? There are many. Firstly, their market knowledge is invaluable. Part of an agent’s job is to monitor rental rates so they know exactly how much should be charged. They are also knowledgeable when it comes to real estate legislation. It is imperative that your property is compliant and up-to-code; they can help with this too. Rent collection, advertising, property inspections and maintenance are all services a good commercial agent will manage professionally and efficiently.
When it comes to property investment, a vacant dwelling is sometimes inevitable. However, having a good agent in place can minimise those vacancy times. A commercial building that remains vacant for a given period results in an escalating loss of revenue. Revenue is often utilised to cover associated ‘holding’ costs, including mortgage repayments, tenancy advertising and leasing fees. Employing commercial property experts that work hard for you will ensure a higher rate of tenant retention.
Whether you are leasing out an office, shop or warehouse space, retaining a reliable commercial tenant for the long-term should be your number one objective. A good commercial property agent can help you reach that goal. For more information about how Altegra Property Group can help you with commercial real estate from Mandurah to Perth to Joondalup, call one of our consultants today on 9221 1966.