Great Management Advice for Commercial Property Landlords in Perth
It’s great to be the boss, and a landlord at that. Yet with the perks of commercial property
investment in a major city like Perth come certain responsibilities that you, as the landlord, need to fulfil. You also have tasks such as tenant screening, rent collection, maintenance, and so much more to accomplish.
Fortunately, you don’t have to do it all on your own. With the right strategy, you can meet all your obligations as a landlord without giving up your day job. Here are some helpful management tips to consider.
Keep Your Distance
If you are investing in commercial real estate in Perth as a secondary income source, it could be increasingly hard to manage your properties as your list of tenants grows. On top of your career, your family, and your other responsibilities, being a landlord can be stressful. Keeping your distance by letting somebody else do your duties for you, like a property manager
from commercial real estate companies such as Brett Halvorson & Associates, can really come in handy. That way, you will only have to show up at key occasions.
Run a Legitimate Business
Managing real estate properties entails a lot of legal complexities, most of which have to do with the lease. Make sure that the terms of the rent rate, maintenance, costs, address, and rights for renewal are all clearly outlined. This way, the duties and responsibilities of both parties are more clearly identified. Likewise, you can be more certain that you are legally compliant.
Find Good Tenants
Like others in the commercial property business, you cannot afford to approve a prospective tenant right off the bat. A thorough screening process helps you ensure that your property does not fall into the wrong hands. Your property manager can help you find reliable and trustworthy tenants that are able to stay for long periods of time.
Set the Price and Collect Rent
Implementing reasonable rent is how you attract tenants. Part of a standard property management service is determining the most appropriate monthly rate for each unit you may have up for lease, depending on its size, location, and other factors. A property manager can also collect the rent for you and make sure that the full amount is paid on the specified date.
5 things to remember as a commercial landlord, www.realcommercial.com.au
DIY Landlord: Your Guide To Managing Your Rental, www.YourInvestmentPropertyMag.com