Year by year, the market for the provision of services is constantly growing. Every self-respecting company has at least one room where it operates. And if the firm is also quite large, then without a few production and storage facilities is certainly not enough. As you know that, at some stage of business development for conducting conferences, meetings, and storing equipment, there are requirements for buying property to get the profit.
Therefore, you need to carefully approach the parameters and functional characteristics of the premises for renting commercial property. To start an entrepreneurial activity, you have to check whether the object will fully comply with the goals of your business or not. But, how correctly you can implement this strategy? So, let’s have a look at the following points:
Determination of Rental Value
The first step is to review and evaluate the largest number of available offers on the market. The larger the sample, the more accurate the average rental price for commercial premises. So, to find out the best rental price, personally review the databases of your city and determine the approximate price range for the rental of similar premises. Second, delegate this task to a broker. The cost of renting commercial real estate are arranged according to the number of factors like:
- Location of the building/room;
- Infrastructure (the presence in the vicinity of cafes, free parking, security of the building);
- Building class;
- Quality and level of repair;
- Layout functionality;
- Various features of communications (uninterrupted power, the Internet, the presence of bathrooms, etc.);
- Other bonuses that can potentially improve the productivity of tenants (Wi-Fi router, coffee machine, comfortable furniture).
After analyzing the prices on the market, you can easily determine the value of the rental property.
The choice of area matters a lot when renting a property for business purposes When acquiring premises for themselves, a large role is played by the favorable atmosphere in the area, its ecology, provision of infrastructure, and a homogeneous social environment. While selecting the room for rent, the main factor is transport accessibility. It is better to choose a room that easy to access all the employees or guest who is coming to join any business meeting or conferences. Usually, the apartment for rent is chosen near the metro station, bus stand, or railway satiation. And the safest option is outside of the city if the business is locally based.
Carefully Read The Terms of Contract
Before you set your autograph on the lease agreement, carefully read the terms on which you conclude a deal. The contract must be the following items:
- Rental terms, cost and method of payment;
- If the premises are rented with equipment, an inventory of the property must be compiled;
- The responsibility of the parties for breach of contract;
- Terms of termination.
The cost of utilities, garbage collection, maintenance of a fire alarm system, consumption of water, electricity, gas, etc. However, the landlord pays for major repairs including the replacement of plumbing communications and electrical wiring when they fail. In the case of destruction of the structures of windows, doors, floors, and so on, the cost of repairing them is borne by the tenant. So, before you sign a contract of employment, cross out of it all unnecessary and add what you see fit.
Hire Professional Agents
Such work must be performed by professional realtors. The rental market due to very fast payments attracts quite a few people who want to make a profit. Professional real estate agents, private loan brokers, all kinds of news agencies and so on work in this market. It would seem that the services of real estate agents are expensive, but they will guide and find the appropriate property according to your requirements.
So, it is better to hire an agent who has knowledge, vast experience, various connections with property dealers, and patience. Once you made an independent attempt to find at least one apartment through the broker with acceptable conditions, you will easily rent a property for your business. Remember that a real estate agent is just an intermediary and a witness to your relationship with a transaction partner.
Do the Indoor Inspection of The Premises
Make the inspection of the renting property by yourself. The presence of serviceable ventilation systems is the most important item. The lack of powerful and autonomous ventilation in the building is a real obstacle to the normal operation of a cafe, restaurant, grocery store. So, check the indoors property of the rented building properly like:
- The layout of the Infrastructure;
- Ventilation systems;
- Availability of space;
- And the size of the room;
The issue of full power supply is especially relevant for tenants whose business is connected with the use of energy-intensive equipment – refrigerators, electric furnaces, machine tools, etc. Make sure that the electrical cables in the room were sufficiently capacious to ensure the needs of the enterprise in full.
Make The Right Decision
The colour of the walls in the room, the number of maximum connections to the telephone network or the Internet, as well as a discussion of all the other features will help get the tenant’s location and incline him to rent this particular property. This will guide you to make the right choice.
So, try to do everything slowly, as the excitement is sometimes created specifically for you to make serious mistakes while making decisions. Do not react to the pressure otherwise, you will lose all the money so be attentive always. Highly qualified professional realtors will always be treated with understanding and great respect for your responsible approach when deciding on such a complex issue related to real estate.
Finally, the above-mentioned points will help you to make a wise decision on the rental property. As you see, the 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 time and help you find the most profitable options.
James Burton is a professional trader and a part-time blogger. He is working for Savvy Training Room from last 7 years. He provides Conference Rooms, Classrooms, Meeting Rooms, and Seminar Room for Rent in Singapore. He also loves to write blogs about real estate.
Also Read: Is real estate better than the stock market?