The number of UK renters has doubled during the past 20 years, a statistic that means the buy to let market remains one of the most profitable sectors to do business in. Renting also unlocks several benefits for tenants, with those not in a position to buy their own properties able to set up home. Renting property is often the best option for businesses too. With companies not needing to commit to property ownership to realise the benefits of operating from a business premises.
Here at Rory Mack Associates, we work with both landlords and tenants to ensure everyone wins. Our property management services are second to none, and with our professionals here to maintain great landlord-tenant relationships, those looking to make the most of commercial property can do just that. With this in mind, we’re here to share our top tips for landlords and tenants.
Want to rent a commercial property?
Whether you’d like to downsize your commercial premises or find a commercial property to expand your business into another sector or area, we can help. As one of Staffordshire, Cheshire and Shropshire’s leading property management services, we can assist you at every stage, and it all begins before you embark on your commercial property search.
To ensure a smooth transaction, start by checking your finances. You’ll need to determine how much you can afford to pay for your commercial property lease. Now list all the things that you’ll need from your commercial premises. Do you need parking for staff and customers? Will you require a furnished or unfurnished premises? What about local broadband speed, storage and transport links?
By listing your non-negotiables, we can help you to find your perfect commercial property. Our experts guide you through the process to not only pinpoint suitable properties but identify the right location for your new premises.
The property viewing stage should also be handled with care. At every viewing, note the property’s condition, safety and security. Ask the agent, landlord or the property management services provider the landlord is using as many questions as you need to to ensure you’re making the right choice for your requirements. You may even get the opportunity to talk to the current tenant. Discuss their experience operating from the property and why they’re moving on.
Once you’ve found the commercial property you’ve been searching for, review the contract and associated fees, and do so with your rights at the forefront of your mind. Before move in day, the property management services provider or agent should also devise a professional inventory to record the contents and condition of the property.
Looking to become a landlord or expand your portfolio?
Renting commercial property is extremely lucrative but as a landlord, it is important to fulfil your legal obligations to ensure any tenancy is a successful one. Depending on the requirements of your local council, you may need to apply for and obtain a landlord licence. In addition to this, you should purchase the right landlord insurance, preferably to cover you for loss of rent, legal expenses, damage and liabilities.
Completing tenant checks - such as referencing at the application stage and the legally required Right to Rent checks - will ensure you only accept tenants that are reliable and responsible. Our property management services can handle this for you, whether you’re looking to lease a commercial or residential property.
Protecting your tenant’s deposit is another must. You can do this via government accredited schemes - like the Deposit Protection Service (DPS), MyDeposits or the Tenancy Deposit Scheme (TDS) - up to 30 days after your tenant provides the funds.
Our property management services look after your best interests and the tenant’s at every part of the letting process. We help you to uphold all aspects of landlord compliance, including various safety checks, e.g. gas safety, electrical safety and legionella risk assessment. As a landlord, you must also provide a valid Energy Performance Certificate or EPC to ensure that your property’s energy performance is disclosed to potential tenants.
Whilst it’s not a legal requirement to use a tenancy agreement, our property management specialists certainly recommend it. A tenancy agreement provides security for you, your property and your tenant. As part of our property management services, we will devise a Shorthold Tenancy Agreement that’s legally binding.
Once your tenant has moved in, our property management services don’t end there. With your permission, we carry out regular property inspections to make sure your tenant is upholding their end of the agreement. Our property management services also include the organisation of reactive and planned maintenance, and the delivery of strategic property investment advice so you have all you need to make being a landlord work for you and your commercial or residential property portfolio.
Want to find out more about our property management services or need assistance sourcing the right commercial property let for you, contact us today.