A Hassle-Free Way To Manage A Commercial Property
Many landlords often have their investment plans go to ruin when they run into problematic tenants. By carefully vetting each tenant and using a speciality service to resolve rent arrears, you can avoid such problems.
Buying a to-let commercial property is an incredible way to build wealth. When all goes well, you have a steady rental income from the property. By keeping the property in decent shape, you can keep the occupancy levels high. While most tenants are decent and trustworthy, you’re likely to run into a few bad apples.
Problem tenants can prove to be a nightmare that threatens your investment, notes a commercial recovery expert. With proper handling, such as using a certified bailiff service, you can keep such tenants from ruining your income. Here are some credible ways to safeguard your interests.
Vet Your Tenants Thoroughly
You are better off with a half full property instead of taking on any tenant who turns up at your doorstep without carrying out a background check. For the best results, you should require a prospect to furnish you with at least three months of bank statements. That way, you can be sure of their financial health and avoid struggling tenants.
Again, you should require them to provide you with reference from the previous landlord and follow up to ensure that the references are genuine. If this sounds like too much work, there specialist services that can handle it for you at a small fee.
Never Take Matters Into Your Hands
If you’re unfortunate to run into a problem tenant despite your careful vetting process, you should avoid antagonising them. Despite residing in your building, the tenant can sue you for trespassing should you force your way into their offices. Instead, you should abide by the Commercial Rent Arrears Recovery process.
You should engage a certified bailiff service to issue a seven-day notice to have the tenant clear the arrear. If they fail to comply, only then can the enforcement agent seize a good equivalent to the rent owed by the tenant. That way, you can avoid incurring legal trouble and the hefty costs that could accompany such as process.
With proper management, commercial properties can help you build great wealth. However, you need to make every effort to avoid letting out space to problematic tenants as they can mess with your investment.