What to Know About Renting Out a Commercial Space for Lease

What to Know About Renting Out a Commercial Space for Lease

The available office space for lease in the US is at a record high.

Having a commercial space for lease in Layton doesn't guarantee you'll find the right business to occupy it. More vacancies mean more competition between property owners to find good renters.

In today's post, we'll tell you everything you need to know about renting a commercial property. From marketing to maintenance, it all matters, so keep reading and we'll make life as a commercial landlord more manageable.

Marketing Your Property

Marketing your commercial property is how you're going to find the best Layton-based businesses to occupy your space. If you don't invest in a strong marketing campaign, you'll run the risk of having longer vacancies. This will just cost you money in the end.

An effective marketing approach will ensure you get quality lessees. Successful businesses can breathe new life into your property and the surrounding area. Ultimately, it increases the property value should you ever decide to sell.

Managing Your Tenants

Tenant management is the most important aspect of being a commercial property owner. You'll need to be available to address concerns and enforce the terms of your rental agreement.

It's important to develop a strong professional relationship with your tenants. Be prompt when responding to issues and make it easy for them to pay rent each month. The better your tenant management practices are, the more long-term tenants you'll have.

Maintaining the Property

Property maintenance in commercial spaces can be difficult because it's constant. Routine maintenance ensures the building is always in good repair. Regular tasks include cleaning up common areas, snow removal, and landscaping.

You'll also need to coordinate with local vendors for repairs and maintenance you can't do yourself. With commercial spaces, you'll need to ensure the building complies with health and safety regulations as well.

Staying on top of maintenance benefits everyone. It keeps your tenants safe and happy while maintaining the value of your commercial property. If you fall behind on maintenance, consider hiring a commercial property manager.

Looking After Finances

Successful commercial rentals have well-maintained financial records. You'll have to prepare financial reports, create a budget for the property, and deal with rental property taxes.

Staying diligent with your financial records will help to keep your commercial space profitable. Failing to do so will make it tough to handle in a competitive marketplace. If you can't manage the money yourself, hire someone who is experienced in commercial property accounting.

PMI Can Help with Your Commercial Space for Lease

Having a commercial space for lease can be lucrative if you take care of everything we've discussed here. It can also be overwhelming, especially when you have multiple units for rent. If you're falling behind, consider hiring a commercial property management company.

PMI Home Team is a top residential and commercial property manager based in Layton, Utah. We specialize in everything we've discussed here and more. Contact us today to learn about our wide-ranging commercial property services and how we can help you run your property.