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Otherwise, you can get caught up in a contract that could slow down or impede your business growth altogether. Here’s what you should know about business rentals and commercial landlords:

Commercial Leases are not Standardized

Unlike residential leases, the rules and guidelines governing business rentals are not based on a standard agreement. Commercial landlords may have a different take on it, based on their needs. So when you get a hand on the contract, check and double-check before you sign, or be sorry.

Commercial Leases are Binding and Costly

A business rental is a long-term lease, binding and costly. With a good stash of cash at stake, you must be 200% sure about it. Carefully examine the contract and seek enlightenment on parts you do not understand. Understanding everything written on the contract is crucial because you cannot break away from it quickly. It is also wise to get commercial property insurance for your brick-and-mortar structure. It will help provide extensive financial coverage for the contents of your workspace, including upgrades, so you will have a buffer if any unfortunate event happens.

You can negotiate with your landlord regarding the terms to match your business needs

The fact that commercial leases do not follow a standard form may be beneficial to you because it also means you can negotiate about special considerations or agreement features in your favor. In most cases, commercial landlords are willing to extend offers, providing more flexibility to their prospects.

Property Leases: Tips and Guidelines

It is very important that you understand from the get-go how different commercial and residential leases are. You have to carefully research and investigate if the terms of the leasing contract are suitable for your business and instrumental to navigating its growth. Here are some tips you can use as a guide:

• Be patient and take your time. A business rental does not come by fast. Choosing your location and your leasing contract can make or break your business. Therefore, you should put in your best effort to find the property most suitable for your needs.
• Engage an experienced real estate executive. Nothing could equate the expertise of an agent to navigate offers and lift the stress of negotiations off your shoulders.
• Negotiate. Take advantage of the negotiability and flexibility features of commercial leases. And no matter how much you want the property, be ready to walk away if it does not seem fit. There are countless properties available for rent. It is not impossible to get everything you want in one.
• Understand the terms. Read the contract carefully and ensure you understand the details completely.
• Consult a lawyer before affixing your signature. You cannot underestimate how professional guidance could enlighten your path along the way. Include it into the deal to be safe from a costly mistake.

A business rental could take a big chunk of your budget. Investigate the terms of every leasing contract that lands on your desk until you find one that fits your business.

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When you’re a landlord, you might do everything you can to go about adding value to your multi-family home and making it a lucrative investment. However, at the end of the day, you also have to have quality tenants in order to get a positive return on your investment.

The following are tips for attracting tenants in general and high-quality renters.

Know the Features They’re Looking For

If you’re spending your time and money on projects to add value to your multi-family property, make sure that’s what you’re actually achieving. You want any investment you’re making to be geared not only to attracting good-quality tenants but also to increasing your ROI. For example, depending on the type of property, maybe you create a fenced-in backyard, which is good to appeal to families and pet owners.

Renters appreciate nice appliances and countertops and a sense of safety and security. As far as safety and security, many of the updates you could make for this are relatively inexpensive and easy to implement but can go a long way in the eyes of potential renters. For example, alarm systems and security cameras are simple to install and use.

Storage and walk-in closets are also attractive features, as are smart home features. When you have great features, not only can you keep your units filled, but you can reduce your overall turnover.

If you’re in a higher-income market, you especially want to constantly think about how you can increase the value of your property in the eyes of potential tenants. If you aren’t sure how to do that, take a look around the area and see what other landlords are doing.

Create a Compelling Listing

It sounds simple, but so many landlords fail to understand the importance of creating a visually compelling listing for their rental. More than 90% of tenants go online to find their homes, which is the first step to attracting tenants.

You want to be clear and concise in your description and provide details. Make it easy for people to contact you and get professional photos. Professional photos can make a world of difference in attracting tenants, especially high-quality ones.

Professional photography doesn’t have to break the bank, and the money you put it into will pay off.

Know What You Want in a Tenant

When it comes to marketing in business, you’ll often hear the advice that you should create audience personas. These are profiles of the customers you have in mind. The concept here is that when you create personas, you will be able to speak to the people you’re targeting more effectively.

Do the same if you’re a landlord. 

Create tenant personas that will help you know what will most appeal to your audience and the channels where you reach them most effectively.

Across the board, regardless of where your property is located or its features, a good tenant is going to be someone who pays on time, is responsible, and has the potential to rent from you long-term.

Consider the neighborhood where your rental is and what features the community has that might appeal to certain types of renters. Location is crucial to most renters, so as you’re creating listings and showing your property, keep this in mind. Many desirable renters, such as professionals and families, will forego some of the interior features of a property that they might otherwise prefer to be in a good neighborhood with many amenities.

Think About Timing When You Show the Property

When you have a rental property, you want to understand its best features as you write listings and market it and when you schedule to show potential tenants the property. If there’s a certain time of day when the light is beautiful, for example, then base your showings around that whenever possible.

Screen Applicants

Finally, even if your biggest goal is to fill a unit, you always need to screen applicants. Have a set procedure you follow for every single applicant. Your screening should include the basics of credit and employment history, a background check, and personal references. Beyond that, you might also want a letter of recommendation from a previous landlord.

To protect yourself financially, you need to have a thorough picture of who you’re renting to, and you need to verify they can afford the rent each month.