Owning commercial
space can be an exciting and rewarding business
venture, but leasing it out isn’t exactly a walk in the park.
For one, you should know how to deal with your prospective tenants
and settle all the legal aspects of your lease contracts if you want
to be successful in your venture. Here are some tips you should try
out.
Screen Your
Investors
Make sure to do a
background check on anyone you want to lease out space to. Confirm
their reliability in delivering payment and their plan to use your
space. Haphazardly getting tenants or investors without checking
their credentials first could end up in disaster quite quickly. Opt
to streamline things through a written application.
Get Everything
in Writing
Prepare a
contract for your investors to sign and make sure to keep it as
comprehensive as you can. This should include payment terms, building
use, and limitations. You should also consider including details like
entry provisions, as well as maintenance or repairs.
Success or Failure Rate
Unless you’re
restricting your choice of investors or tenants in one type of
business, you might want to check which businesses gets to rent space
in your building. Consider the various rates of failures of
establishments in your area and opt for those that are relatively
more successful.
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