Hannah Thomas
Renting a commercial property can be very lucrative for you. Of course, it isn’t as simple as you may think. It could take you a lot of time (and sometimes money) before you finally rent it for a good price. In other words, you need to take certain steps first to rent it really fast and at a really good price.
1. Research the market
Before you make your offer, learn everything you can about the Australian commercial real estate market. You need to identify the market rates for your type of commercial property. You also need to know the average vacancy rate of commercial properties in the same area. In other words, a warehouse and an office building won’t have the same rates, nor will two office buildings have the same rate if they are in different areas of the city.
2. Modern appliances
Most of the commercial properties will also have appliances like air conditioners and a kitchen. They also need to be up-to-date if you’re planning to rent the property quickly. Stainless steel appliances and enough storage in the kitchen will mean a lot. Air conditioners and good lighting are what is today considered as an essential part of any real estate. Don’t underestimate the importance of these things and what they mean to potential tenants.
3. Identify the right rate
Once you know the rates of similar real estate properties in your area, you need to make sure to set the right price. You could lose money and time if you overprice it and also if you underprice it. That’s why the safest bet is to talk to other owners of similar commercial properties in your area to get a clearer picture. You can also ask about their leases. Sometimes the tenant pays for all the expenses while in some cases the expenses are covered by the rent. You can also inform yourself about the length of the agreement. Maybe tenants prefer agreement longer than a year or two.
4. Make the space attractive
An attractive commercial property is far easier to rent. Tenants enjoy using a property that looks good outside and inside. If you think there is room for improvement inside the property, you can offer an allowance to the tenants so they can make the improvements themselves according to their tastes. A safer option is to consult commercial painters from Sydney if you want to change the interior in the best possible way. It’s a smarter solution to have a freshly renovated interior if the tenants want to make a long-term commitment.
5. Curb appeal
The first impression is always important and that refers to commercial property, too. Some potential tenants will first simply drive by the property and if they don’t like what they see from the outside, they won’t bother looking at the interior. If there is a garden belonging to your property, it needs to be well-maintained when you take pictures to advertise it. Maintain it regularly so that it always looks the best way possible.
6. Regular repairs and maintenance
Taking regular care of your commercial property is important to maintain a good price and high value. Be sure to promise the potential tenants immediate repairs in case they need it on the property. And stick to your promise. It will ensure a longer commitment from the tenants. Also, check and maintain the property even if it’s not rented. You don’t want an unexpected potential tenant to lose interest when they see broken windows or malfunctioning air conditioning.
Final words
Owning a commercial property is a prospective investment. The important thing is to play your cards right so that you get the maximum out of it.
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