Collect the rent and ……… well, that’s it really isn’t it? And for commercial property it’s so easy, they pay quarterly upfront!
That is probably the common perception of property management. When things go well, great. However, with leases running to 35, 40, 50 pages or more, there’s lots to consider!
Mistakes and omissions can prove very expensive. The lease may say the tenant should do something, but are they doing it? If not, they need to be organised to honour their responsibilities. A landlord may have obligations too, so it’s important that they do their bit too.
The financial figures involved with a modern day commercial property are not insignificant at any level, and with good returns usually comes with some element of risk, or commercial judgement.
The walls of lawyers’ Boardrooms are lined with thick tomes containing details of lengthy, complex cases, and landlord and tenant disputes will undoubtedly cover a significant percentage of those pages. There is so much to consider and so much to argue about.
So, like many things in life, it is best to get the right advice, do the job properly and approach a significant investment project professionally. Take advice.
That’s the technical bit, but there are numerous other skills required to deal with in property management. The landlord and tenant relationship is by its nature long term, and whist there is a mutual benefit for the relationship to be successful, there are conflicting views. People and personalities are the real challenge. Divorce is generally not an option, and working things through can be a huge challenge, with very significant implications and consequences. It can be extremely time consuming and costly
Don’t try to save a little for something which could end up you costing a lot. Look at value rather than cost. Take advice.
Kevin Underwood 01271 324251 firstname.lastname@example.org
Commercial Property Management