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When thinking about profitable and long-term business solutions, commercial space renting is a good choice. Of course, as with any asset, it might require to face a variety of challenges and responsibilities.
However, you could reduce your problems to a minimum! The first place to start is to successfully lease them on terms that are favourable to you. Here are the key factors that are essential to make this process easier.
4 Steps to Successfully Rent Commercial Space
1. Preparation of Premises for Rent
Hire professional technicians to check that all the utilities (from electricity and plumbing to heating and ventilation) are working properly. Ensure that the premises are clean and usable for tenants. But you can go even further.
For example, if it is a factory premises, you can add the necessary equipment; if it is an office premises, it must meet the requirements.
2. Assess the Advantages of the Premises
Long before you start looking for tenants, assess the advantages of your premises. Think in detail – why are they unique and amazing for potential tenants? It can be such advantages, as favourable location, such as a city centre with beautiful views. Or maybe it has easy access to the suburbs or well-developed infrastructure.
Or the premises are based on the historically valued building. Answers to those or similar questions will be very important when you start to promote your property and want to feel 100% sure about the value you are delivering.
3. Set a Competitive Rental Price
Again, consider the size, location and advantages of your premises. After that do detailed research on the market – how are similar premises valued? Don’t be afraid to offer a higher price at the beginning – you can always reduce it! But, of course, set the lowest limit that will still be good for you.
And don’t forget that investing in creating an attractive advert that professionally conveys the advantages of your premises and justifies the price is always a good choice.
4. Draw up a rental agreement
A good and reliable lease agreement is a must. It should specify the duration of the lease, the monthly price, service charges, responsibility for maintenance and other terms. It might be preferable to include the possibility to adjust the rent also.
In this case, we advise you to consult a russian solicitor who will help you to draw up a lease agreement on the most favourable terms for you.