Owning commercial real estate in Florida may help you diversify your portfolio while generating income. Of course, that’s only true if you can find tenants willing to occupy your buildings. To accomplish that goal, you’ll need to know what it means to be a good landlord.
Treat your tenants well
It’s important to be responsive to the needs of whoever occupies your building. As paying customers, they deserve someone who takes building maintenance and other issues seriously. You may also earn a tenant’s respect by incorporating flexibility into the lease agreement. Finally, you may make it easier to find quality tenants by taking time to talk to potential renters before signing a lease to determine if your building is a good fit for their needs and budget.
After a tenant moves in, that person or entity will likely be responsible for building maintenance and compliance with building codes. However, before that happening, you’re the one who is responsible for taking care of vacant commercial real estate. Therefore, ensure any obvious electrical, pest or other issues are remedied promptly. In addition to making your space more appealing to tenants, a properly cared-for building may fetch a higher base rent.
Attracting quality tenants to your location may help you maximize the return on investment on your property. In addition to a predictable stream of rental income, your tenants may also improve your building or at least avoid allowing it to go into disrepair. Having a solid lease in place may minimize the risk of disputes that may cause tenants to leave or take potentially costly legal action against you.