5 Rules to Live by When Renting Property
For a business, renting premises is a great move. It gives you flexibility and opportunity to be based in great a great building in the right location.
With like-minded neighbours and businesses, the opportunities for collaborative working and networking are second-to-none.
1 Get Your Background Checks and Supporting Documents in Order
Business property landlords have the same concerns renting out a property as one renting out domestic properties: are you who you say you are and can you afford the rent and service charges?
This means landlord performing credit checks, seeking references and so on. If you are a start-up, you may not have references or much of a credit history to talk of. Clearly, being open and honest with prospective landlords is important.
2 Pay Attention to the Contract When Renting Property
It is the contract that underpins what can and can’t do in a rental property, what happens when you are late paying the rent, the details of the service charge, your responsibilities and those of the landlord.
Always read the contract before you sign. You don’t want to find you must give six months’ notice to leave when you have already taken on bigger premises…
Just like buying a property, there is room for negotiation with most business landlords.
However, before you start haggling on the monthly rent payment, think wider. Landlords only make money on rented properties and thus, rather than trying to beat down the rent each month, consider what else you could get for your money.
If the unit needs decorating, will the landlord do that before you move in or can you have reduced rent for a few months? You get the idea…
4 Make Decisions with Your Head, Not Your Heart
You need the right property, in the right place and at the right price when looking at renting property. For example, the smaller property that is cute and quaint but a mile from the city centre will not as beneficial to your business if it is the city centre you need to be in.
5 Look for Great People and Great Opportunities
There are many business landlords out there, all professing to offer the best properties and rental opportunities.
But, do their tenants hang around for long? If they don’t, it may be indicative of a bigger problem.
There are fantastic opportunities at RTC Business Park to expand your business and find the right rental commercial property!