Residential or commercial, the challenge to any rental property owner is to keep the cash flowing in. Yet, vacancies are a fact of life. So how can you get tenants to stay.
Keep Things Clear
One major dispute between tenant and landlord are misunderstandings with the lease. Tenants of a commercial property are there to conduct business and earn a profit. If the conditions onerous they are likely to leave and look for a different place to rent. Right at the beginning of your relationship, be absolutely clear with the lease contracts so that both sides know exactly what their responsibilities are.
Provide the Best You Can
It helps when your commercial building has all the necessary bells and whistles. You may not have the best location around, but that shouldn’t stop you from making your property look its best. Typical commercial leases require the tenant to handle repairs. Provide your tenants with the details of the service provider for the air conditioning, wiring and plumbing.
This way, should they need something fixed or adjusted, they can be sure of quality service — and you can be sure that the technician is a licensed one! Stick to service providers within Sandy City such as utahheatingandcooling.com if your property is there so your tenants get a prompt and speedy response to their service request.
Keep Your Rates Competitive
One reason properties remain vacant is that the asking rate is too high. Too low and you can end up losing money. Finding the right amount is essential to keeping the property leased. You can look around to other comparable properties to find out how much their rent is and match yours to the general area. Consulting a real estate agent and using their experience is also a great idea.
A Win-Win Proposal
Triple net leases can prove beneficial to you and your tenant. This way, you don’t have to worry about paying taxes and maintenance and your tenant can enjoy a relatively lower lease rate. In this way, you get to secure occupancy for a longer period and not have to worry about much else beyond the timely payment of rent.