Retail properties usually provide investors with the greatest returns on their investments. This is because they are usually located in prime locations. Premium rental rates are usually charged on these properties because tenants are supposed to use them to make money. If you own retail property, it is important you find a reliable property manager who understands not just your needs, as the landlord, but also the needs of your tenants and the public in general. Since retail properties normally host the public, they must be up to code, especially as far as safety is concerned. They must have washrooms, fire detection and suppression systems, a well maintained air conditioning system, ramp for clients who are on wheelchairs and ample parking space for clients. Retail property management companies can help property investors to take care of every aspect of their property, including:
i) Finding Suitable Tenants
The only way a rental property can make money is if every unit is occupied by tenants who are able to pay rent on time. The beauty of working with experienced retail property managers is that they have efficient marketing channels as well as a large network of real estate agents, so they can easily find tenants. After getting tenancy applications, these managers usually vet the applicants to identify the best tenant.
ii) Drafting Lease Agreements
Tenancy agreements usually state the rights and duties of the tenant as well as those of the landlord/manager. These agreements also state when rent is due as well as the agreed amount to be paid. The agreement must also state the deposit to be paid by the tenant as well as how the refund of the deposit will be made. Once the lease/tenancy agreement has been drafted and signed by both parties, the tenant can move in.
iii) Rent Collection
This is the most important service as it ensures that the landlord enjoys a reliable source of income. Rent can be paid in cash, by cheque or bank transfer among other options.
iv) Evicting defaulting Tenants
While most people normally strive to pay rent on time, there are others who are always late. There are also those who may fail to pay rent for a given month. Rent defaulters must be evicted, but the laws of the land must be followed. For instance, the property manager must notify the tenant of their default and impending eviction. If the tenant fails to make up for the default in time, they will be evicted.
v) Maintaining the Property and Settling Disputes
Property managers normally settle disputes between tenants. They also carry out repairs and maintain the property to ensure it does not depreciate.
