What Do Commercial Letting Agents Do?
Find out how retaining the services of a commercial letting agent will take most of the stress out of owning rental properties.
Owning commercial real estate is a rewarding way to invest in property. However, if you are thinking of buying a commercial property to rent or lease out, you should consider retaining the services of a commercial letting agent.
In this article, we will cover off some of the reasons how a letting agent can help you to manage your property portfolio and take on some of the workload involved with letting and managing commercial properties.
They Will Handle Your Property’s Day-to-Day Operations
When you first take on a commercial property, it’s easy to think that you’ll be able to manage the day-to-day operations yourself. But this can be a very time-consuming job, especially if you own multiple rental properties or work full time and own properties as a secondary income.
That’s where your letting agent comes in. They can take over the running of you property and ensure that things run smoothly for both you, the owner, and your tenants. This will involve such things as the following:
- Infrastructure Management: Your agent will be in charge of ensuring that your property’s infrastructure - water supply, electricity, rubbish collection and maintenance - is running smoothly and step in to remedy any problems.
- Rent Collection: The agent will collect the rent from your tenant or tenants and forward the money to your bank account at a predetermined time each month. They will also handle paying any bills associated with your property.
- Problem-solving and Conflict Resolution: When things go wrong, they will be on hand to step in and take care of any problems relating to your property. This could include liaising with neighbours, organising repairs or maintenance, and resolving any conflicts that may occur without having to bother you with the details.
They Know Where to Source Trustworthy Sub-contractors.
When a pipe bursts or the lights go out in the middle of the night, you don’t want to be the person that your tenant calls first. This is especially true if you own multiple properties, have many different tenants or just need a good night’s sleep because you have go to work in the morning.
Your commercial letting agent will take on the role of the go-to person thta your tenants will contact whenever they have a problem in your rental property. And if repairs are required, your agent can organise everything from start to finish, including:
- Contacting reputable sub-contractors.
- Evaluating quotes and selecting the appropriate price.
- Overseeing the work and ensuring it is a quality job.
- Looking after any paperwork or permits the job requires.
- Paying the bills when the job is done.
They Can Vet Your Incoming Tenants.
A vital part of managing a commercial property, whether it is large or small, is ensuring that your tenants are suitable. A commercial letting agent has access to a range of tools that can be employed to vet your potential tenants. These include:
- Verifying their previous address. This can be done via an electoral roll or by asking the tenant to supply proof of a previous address with bank account statements or utility bills.
- Conducting an affordability check. This involves contacting the tenant’s employer to find out if they earn enough to afford the rental.
- Evaluating their references. This is probably the most vital check that your property agent can do on your behalf. Tenants with good references are what you are looking for and your agent will be an expert at sorting out the best references and checking up on them.
A Property Manager can Keep an Eye on Your Property.
Whatever your rental property is, a commercial letting agent will take the guesswork out of owning and managing your asset. Your letting agent will take the stress out of owning commercial property and will help you to form and maintain a successful relationship with you tenants. Because after all, a happy tenant is most likely to stay.