Tips for managing your commercial property investment
Updated: April 27, 2023
- Build a rapport with your tenant
- Inspect your building periodically
- Issue rent invoices ahead of the due date
- Take quick action if payments are late; having consulted with the tenant first about the payment delay
- Respond to tenant queries as quickly as possible
- Diarise lease events, break clauses, decoration cycles
- Organise building insurance on time and competitively using a broker
- If you employ contractors make sure they have relevant insurances (public liability and employers) before instructing works
- If there is a service charge make sure interest accrues to the benefit of the fund, thereby reducing tenant bills
- Prepare a service charge budget and organise year end accounts in a timely fashion. Be transparent
Finally, if this is not for you then our Property Management team would be delighted to help.
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