Owning a commercial property and renting it to business owners can be a great deal less stressful than owning residential properties and renting out to ordinary people. Most business owners are fairly responsible and are not nearly as likely to fall behind on their rent. One of the most important details when it comes to commercial property management in Chicago is that you want to make sure that you have a really good contract. The more detailed the rental agreement is, the better the relationship between you and the business owner is going to be.
Information that needs to be mentioned in the contract includes:
• How much the rent is.
• The exact day of the month the rent is due.
• Who is responsible for property maintenance.
• Who is going to care for the landscaping and outdoor care on the property
• What type of business will be run out of the property.
• Make sure the business owner realizes that they are responsible for having liability insurance. This is very important; you don’t want someone to get hurt while on the property and then try to sue you. The safety of the customer’s needs to fall on the business owners’ shoulders, not yours.
• The minimum amount of time that the business owner is going to be using the property.
If you own a commercial property, you are going to want to check in from time to time. This doesn’t just simply mean driving past it. You’ll want to go inside and check to make sure that your property is being properly cared for and that there are no signs that your contract with the business owner is being violated. Whenever possible, try to exchange a few words with the owner who is leasing the property from you. Not only will this help you address any issues and concerns that either of you might have, but it will also remind the business owner that you are keeping up on things.
If you find that you don’t have the time to take care of the commercial property management on your own, you should instead hire a person who will be able to handle the demands of for you. Hiring a person to do this only makes sense if you have enough commercial or if you don’t live close to the property.
If neither of these two things applies to you, you are going to want to manage the property on your own. When it comes to commercial property management there are many things you should know if you are going to manage the property successfully.
If you are looking for the professional property management company in Chicago, visit Frontline Real Estate Partners.