One of the most popular segments of the real estate market in any country is a commercial real estate. Thousands of square meters are constantly leased and purchased by business owners, and investors are looking for the most profitable options for investing money. The concept of commercial real estate is related to office premises, shops and other retail spaces need for production and storage facilities, etc.
The efficiency, business development, and the attitude of customers and office workers largely depend on the choice of commercial property for rent. This means renting commercial objects need a careful and right approach for their choice. With the right approach and understanding of all the subtleties of renting property, every businessman can cope with the issues of finding non-residential premises. However, here are the following details to find a good commercial rental property:
Table Of Content
● Location of the Property
● Choose a Real Estate Agency
● Focus on Loading & Unloading Areas
● Evaluate Electrical Power & Check Ventilation System
● Carefully Read the Terms of the Contract
● Determine the Cost of the Rent
● Check Property Documents
Location of the Property
Anyone who is involved in commercial real estate, the main thing should consider the location of the property. In addition, each commercial object should have unique characteristics that depend on the business of its tenants. So, it is advisable to have an office centre in the middle of the city and have visibility from different points with easy access of transportation and parking.
Choose a Real Estate Agency
If you decide to work through an intermediary, then it would be best to choose a real estate agency first. Many real estate agencies are available on the internet and offer wide services to their customers. So, study the offered services of the companies in the internet, ask colleagues and acquaintances to verify the experience of these companies in the market. Many real estate agents work with reliable professional companies to cater to their best services. Therefore, while choosing the company, pay attention to experience in the commercial real estate market, reputation, and the presence of an extensive database.
Focus on Loading & Unloading Areas
A convenient area for loading and unloading goods is another key point for owners of cafes, restaurants, canteens and shops. It is important that the site on which the loading and unloading operations will be carried out does not go out into the courtyard of a residential building or on the roadway. You will interfere with residents or motorists; you are tormented by complaints.
Evaluate Electrical Power & Check Ventilation System
The issue of the full-fledged power supply is especially relevant for tenants whose business is connected with the use of energy-intensive equipment like refrigerators, electric furnaces, machine tools, etc. Make sure that the electrical cables in the room are sufficiently capacious to ensure the needs of the enterprise in full. Additionally, pay attention to the ventilation system. The lack of powerful and autonomous ventilation in the building is a real obstacle to the normal operation of a cafe, restaurant, grocery store.
Carefully Read the Terms of the Contract
Before putting your signature on the lease agreement, carefully read the terms on which you conclude a deal. The contract must be the following items:
- Cost and method of payment;
- If the premises are rented with equipment, then an inventory of the property must be compiled;
- Responsibility of the parties for breach of contract;
- Terms of termination.
The cost of utilities, garbage collection, maintenance of a fire alarm system, plumbing communications, electrical wiring is usually borne by the tenant. So, discuss with the landlord in advance about the issue of property insurance, and also decide who will pay the damages in case of unforeseen situations.
Determine the Cost of the Rent
To find out the best rental price, take a personal review of the databases of your city and determine the approximate price range for the rental of similar premises. In addition, offer or delegate this task to a realtor. By the way, in addition to real estate agencies, brokering services are provided by private brokers. They usually charge 25-50% less for their work than companies. However, private professionals working with non-residential real estate even in large cities.
Check Property Documents
It is imperative to check the title documents of the owner like the contract of sale and an extract from the State Register of ownership. Make sure the property really belongs to the owner who gives it to you? In addition, it is also important to determine that the premises are not pledged, not arrested for debts, and have no other encumbrances. On the other hand, realtors know all the subtleties of documents. So, Choose the one you need and use free or paid support of lawyers and attorneys. You can ask your questions and prepare the full legal documents with the help of them.
Rental of commercial real estate is a profitable business and often necessary for owners of real estate or business. In such operations, it is advisable to seek help from professional intermediaries. They will save you time and help you find the most profitable options.
James Burton is a Manager cum writer associated with Savvy Training Rooms. He is working for Savvy Training Room from last 7 years. He provides Conference Rooms, Meeting Rooms, Seminar Room, and Classrooms for rent in Singapore. He also loves to write blogs about real estate.