Landlords and tenants have rights and obligations under the Retail Act, and it is important to be aware of what constitutes an asset and whether the Act applies.
Are you self-managing your property?
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.
Monitoring your market forces for similar assets is crucial before lease renewal. The team at Retail Space 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. Any incentive required to attract a replacement tenant, and other costs such as agent leasing and marketing costs, legal fees, and sometimes, the landlord’s work as part of the tenant’s fit out.
The success of the retail business being carried out in the premises is vital to the tenant, and their ability to pay rent over the lease term. Understanding the tenants’ key measurables, including their forecast sales, costs of goods sold, and rent to sales ratio, will allow the landlord to understand their KPI’s and their ability to succeed in a competitive retail environment.
Are you tenant guarantees, whether they’re personal and/or bank guarantees in place? This is paramount before lease renewals. Retail Space 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.
Find out the 7 Things Self-Managed Retail Landlords Must Know Before Lease Renewal
Download our free guide to ‘7 Things Self-Managed Retail Landlords Must Know Before Lease Renewal’.
Want to find out more?
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