Commercial landlord problems can be a real headache. If you’re a business owner who rents commercial property, then you know that things can go wrong sometimes. When they do, it’s important to know what to do to protect yourself and your business. In this blog post, we will discuss some of the most common commercial landlord problems and how to deal with them. Keep reading for more information!
Business Decline If the property is not being leased, you should market it aggressively. Place free rent ads and market them to potential tenants. If this doesn’t work, you may have to consider selling the property or vacating it all together as with commercial property paying rent can be a lengthy and costly process. Another great way to market your property is to list it on a commercial real estate advertising site.
Empty units are a common problem for commercial landlords. There are a few things you can do to remedy this situation:
● Raise the rent price. This may seem like an obvious solution, but sometimes landlords are hesitant to do this in case they scare away potential tenants. However, if the property is in good condition and you are having trouble renting it out, then you should consider raising the rent price to a more competitive level.
● Lower the number of units available for rent. Sometimes landlords make their properties too large which can dissuade potential tenants from moving in. Consider lowering the number of units available for rent to make it more attractive.
● Fix up the property. If your property is in bad condition, then you should consider fixing it up before trying to rent it out again. This will make it more appealing to potential tenants and could help you find a tenant faster.
Negotiate the lease
If you are struggling to fill up the units, you can also try to renegotiate the lease agreement. Some people may worry about what will happen if their business suffers a downturn and they are unable to continue paying the lease. Fortunately, this is an issue that can be avoided with some planning ahead of time! It’s important for businesses looking at leases as investment opportunities because it could save them from having too many assets tied up in one place without generating a return on those funds (which would then reduce revenue).
Also, ensure that you are in compliance with all of the terms stated in your agreement. If not, then speak to an attorney about how best to remedy it!
Make necessary repairs and keep the property well-maintained
One of the easiest ways to increase your rent and occupancy rate is to make necessary repairs and keep the property well-maintained. This will show potential tenants that you are serious about your business and that you take pride in your property. One of your priorities as a commercial landlord is to build out your power team, this ensures that if you have an emergency you have someone on standpoint that wont rip you off.
Evict a Tenant
If all else fails, you may have to resort to evicting a tenant. However, this should be a last resort as it can be costly and time-consuming. The process will depend on your state’s laws, but in general, you must follow certain steps:
Notify the tenant of why they are being evicted (i.e., non-payment) via certified mail or hand delivery with proof receipt; give them at least 30 days notice if possible file an eviction lawsuit against them in court; a judge will decide whether to grant or deny it based on whether they feel there was just cause. If granted, law enforcement can then enforce the order by removing possessions from premises and changing locks so that no one else enters until after all debts owed have been paid off (e.g., rent).
Document everything – take pictures of the property, keep records of repairs and maintenance, etc.
It is crucial as a commercial landlord that you have rent tracking software, this will allow you to keep track of your tenants and their payments. Make sure to have your spreadsheets in order and up to date. This will help you in the long run and make your life much easier when it comes to filing taxes and calculating profitability.
By taking photos and being proactive in general, you can avoid most commercial landlord problems. If you do encounter any issues, however, make sure to address them as soon as possible! If you don’t have time to be hands-on with keeping track of your property then hire a quality management company that will ensure everything runs smoothly.
If you are struggling with upkeep costs on the property it is important to sit down and really analyse all your unnecessary expenses, you will be surprised how much money you can save just by cutting out the frivolous spending.
Communicate with your tenants
If you want to prevent tenant issues, it’s important to communicate with them effectively. This means being clear about what is expected of them and what the consequences will be if they don’t comply. It’s also important to be responsive to their needs and address any concerns they may have as soon as possible.
As a landlord, you may find yourself in a situation where a tenant needs to sublet their unit. This can be an issue for both parties if you find out that your tenant is subletting without your permission. To avoid this, put a clause in your lease that prohibits subletting without written consent from the landlord. If they ignore this clause then they could be facing eviction or a lawsuit filed against them.
As a commercial landlord, you may be struggling with many different issues that are often not your fault. Still, it is important to know how to handle these problems effectively in order to maintain your property and help out the tenants who rent space from you. You can do this by following some of these best practices for landlords listed above. If any of these ideas seem unfamiliar or difficult for you, feel free to reach out; we’re always happy to answer questions!
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