It is more often than not a very profitable and rewarding experience to manage a property on your own. It can be difficult for someone with no experience in the rental industry to manage a rental property. Take the time to learn the ropes if you find yourself in this situation.
The first step for an inexperienced property manager would be to learn the responsibilities of the landlord, especially what they must know before lease renewal.
Landlords and tenants have rights and obligations under the Retail Act, and it is important to be aware of what constitutes a retail asset and whether the Act applies.
Monitoring market forces for similar assets is crucial before lease renewal. The team at Retailspace Property are here to help guide you through this process.
Markets can rise and fall and it’s important to stay abreast of change happening in a dynamic property industry.
Replacing a tenant who vacates can be costly, including lost rent while a replacement is found. It is important to be aware of all costs including any incentives required to attract a replacement tenant, and other costs such as agent leasing and marketing costs, legal fees, and sometimes, the landlord’s works as part of the tenant’s fit out.
An understanding of your tenants key measurables and their ability to succeed in a competitive retail environment, allows you to manage the risk.
Are your tenant guarantees, whether they’re personal and/or bank guarantees in place? This is paramount before lease renewals. Retailspace Property is here to help make that process easier.
A modern and relevant fitout is essential for the tenant to retain and capture new customers.
Download our free guide to ‘7 Things Self-Managed Retail Landlords Must Know Before Lease Renewal’.
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Interested to learn more about how the Retail Space Property Team can help increase your property returns and help you understand what you need to know as a self-managed landlord? Get in touch with our team