The commercial real estate market size in the US is one of the biggest markets in the world. Its value is estimated to be at $900 billion in 2021. This is why many entrepreneurs plan to enter this market, with thousands investing in real estate, especially in commercial properties. If it is your first time being a landlord and you are planning to lease commercial property for the first time, there are some things you should do before renting it out to potential clients. Here are things you need to do before leasing your very first commercial properties.
Get it Inspected
You should do this way before you buy a commercial property. Many real estate agents are likely to do this for you before you buy the property they are selling, but that doesn’t mean you should do it yourself. You should do important assessments for the electrical grid, foundation of the structure, and the property’s sewage. If you haven’t done any of these things yet, you should do it before putting it on lease.
Many clients ask for certifications nowadays, so getting one is essential. The good part about this is that it’s not all that expensive. Doing an assessment for certifications will cost you less than $100. Getting these certifications can also help you sell the property, so do it when you can.
Hire a Pest Control Service
Many commercial properties that are sold in the market are highly vulnerable to pest infestations. If the real estate agent that sold you the property hasn’t hired a pest control service before selling the property to you, you should consider hiring one before putting it up in the market.
This is almost an essential service for every landowner. This means that you should set up a good relationship with a local pest control company because you’ll be calling them regularly for as long as your property stands. They can get rid of pest infestations and even prevent them from returning.
Furthermore, they can keep your property safe from damage and further maintenance expenses. For example, insects alone cost the US $4 billion in damages annually. Pest control services help reduce future expenses you might have from these invasive creatures.
Find More Than One Client
As a first-time landlord, your first client might look attractive, considering the money they are willing to pay for your property. However, you should always consider looking for other clients out there. Your first client is most likely to give you the lowest price in the market, especially if they knew it was your first time. Do your research and have other clients ready if your first client doesn’t work out.
Currently, there is a huge market for online real estate sales, and you can certainly look for your clients there. Set up a profile, post your commercial property, and wait for clients to message you. It doesn’t take that long to find a client looking to set up their business, especially if you have a good online presence.
Hire Sanitization Services
Many landlords occasionally hire cleaning services for their properties. Sometimes this is in agreement with clients who are renting their property. However, because of the pandemic, many properties are required to be sanitized.
Before leasing your first property, make sure that the entire place is sanitized. You can do this yourself by following these guidelines. However, subsequent sanitizations will be a problem as they will take a lot of your time. This is where you should consider talking with your clients regarding who will pay for sanitization services. There are many ways you can go about this.
An example would be they can either pay for it or you half the cost. If they fully pay for these services, you can decrease their rent. This is flexible negotiation that you can do with your clients.
Hire a Property Manager
Ultimately, if you’re planning to grow your properties, you’ll need someone to manage them. This is when you should consider hiring a property manager. These managers will handle all the day-to-day problems you might have in your properties, reducing the stress you might have from managing all of these properties. They are essential for expansion. They are also essential in paying bills, doing maintenance, and checking in with your clients.
These are all essential things you should do before leasing your very first property to a client. If you don’t do these things, there is a huge chance that you will receive complaints from your first few clients. So set these things up whenever you can so you can have a successful first year leasing your commercial properties.
