Thinking of dealing directly with a property that you own? Before getting started, do not underestimate the constraints. Discover our tips to deal with the most frequent problems.
#1 Check Your Property First
You will first have to make sure that you rent decent accommodation that meets the requirements of the occupier. This is especially needed if your property has been rented for many years without having undergone any significant maintenance. After that, see if it meets the regulatory requirements. Like living rooms should at least have space 9 m2 and ceiling height at least equal to 2.20 meters. Moreover, the accommodation must not present any” manifest risk “to health and the physical security of the occupants.
Above all, it must include the essential comfort elements: heating, sink, kitchen area, electrical and sanitary installations. And, besides, the property must be more energy-efficient, have sufficient airtightness, and, must have adequate ventilation. Therefore, depending on the state of your accommodation, plan to carry out work before putting it on the market. This is the first and foremost requirement of commercial property management.
#2 Prepare Yourself Well
The standard lease is the centerpiece commercial property management, but it is not enough. You will have to carry out several diagnostics before the rental. For example, do not forget to have your accommodation measured: the lessor must now communicate the living area in the advertisement and the lease. It is something not to be overlooked as a difference of more than 5% would allow the tenant to request a reduction in rent.
In the rental file, also remember to inform the future tenant about the “conditions of access to information and communication technologies”. Concretely, it is a question of describing the reception of television, and connection to the Internet (telephone and TV sockets, cable, fiber, satellite dish, etc.). Finally, make a copy of the regulations concerning the use of the private and shared parts; and specifying the share relating to the rented lot in each of the expense categories. You will then be ready to advertise and rent your property.
#3 Invest In The Right Tools
To make a success of your rental, you will have to be up to date with the legislation and keep yourself informed of new developments. Indeed, the standard lease facilitates the work of owners, but it remains evolving. The list of mandatory diagnoses before renting out is growing, the concept of decent housing is strengthening, are just a few examples.
Also, equip yourself with the right tools. And when it comes to tools, what can be more efficient than commercial property management software? It saves you a lot of time that you spend maintaining the record manually. These online management platforms offer invaluable help. Some of them are free and give access to essential services: rental management space, document storage, up-to-date printed documents (lease, inventory, a notice of deadline, deposit, etc.).
Others offer a fully paid service and offer you a full range of services to edit your pre-filled personalized documents in a few clicks, following the legislation in force. They also manage the sending of the due notice to the tenant and edit the receipt at the time of payment. The indexation of the rent is calculated online, like the distribution of charges and their annual adjustment.
So, these are the three expert tips on commercial property management. Subscribe our property management blogs for more such posts.