5 Commercial Landlord Tips for a Successful Tenancy

An awkward tenant can make a commercial landlord’s life a living hell, which is why it is important you find the best occupants for your commercial property. To help you live a stress-free life as a landlord, read our top 5 tips to the perfect tenancy:

1. Regular Inspections
Your property could be suffering serious problems, even if a tenant hasn’t reported a problem. The occupant might too busy to inform you about an issue, either because they’re too preoccupied with work to notice or never seem to have time to tell you about the problem. It’s therefore essential a commercial landlord requests an inspection.
Try to visit the property every six months to see if the building requires any work on the exterior or interior. There could also be problems a tenant has failed to notice, such as overflowing from the gutters or a plumbing issue.

2. Vet a Tenant
You will want to ensure your tenant is who they say they are, which is why you should follow-up on their references, contact their previous commercial landlord, if they have one, and run a credit check. You should also ask the tenant questions, such as how long they intend to rent the office space, how many workers they will hire and what is the purpose of their company.

3. Consult an Experienced Professional
It can sometimes be hard to find the right occupants for a property, which is why it can be worthwhile approaching an experienced professional, such as London commercial property agents. With effective marketing materials, brochures and striking photographs of your space, they can quickly fill up your property so you don’t have to waste money on next month’s mortgage.

4. Landlord Insurance
Every landlord should have an insurance policy, which should also include public liability cover – so you are covered should a tenant or their staff suffer an accident or injury in your property. This will also prevent you from paying the price for a fire, break-in or natural disaster.
If you are worried a tenant might one day refuse to pay their rent, you should consider taking out rent guarantee insurance, so you won’t have to foot the bill if they move out unexpectedly. However, a tenant must pass a credit check for you to be eligible for the insurance.

5. A Boiler Service
Commercial landlords have a legal obligation to provide their tenants with hot water, so you can trust both your occupants and their staff won’t be happy if a boiler breaks down – and you will not be pleased when you are forced to pay a significant amount of money to replace the system. Regular maintenance can therefore prevent a problem from arising, so your tenants will always have plenty of hot water.

Once you have found the right person for your property, try to remain on good terms with a tenant, assuring them you’re just a phone call away whilst providing them with privacy. You will therefore seem friendly and approachable, so they will be more willing to inform you about any problems, care for the office space and will pay their rent on schedule.