Commercial landlords; why charging the correct rent is key to achieving your yields
Charging the correct rent is key to avoiding void terms, eliminating unwanted expenditure and achieving the correct yields for your investment. Hence, it is key that you instruct the right company to act for you in achieving those aims
Charging the correct rent is key to avoiding void terms, eliminating unwanted expenditure and achieving the correct yields for your investment.
Hence, it is key that you instruct the right company to act for you in achieving those aims
Setting the rent at the correct level to attract interest
Analyze the market for what is available that may be similar to your commercial property to gain an overall idea of the prices that are being achieved.
Talk to a local commercial agent that deals with property like yours to gauge an idea of the price per sq foot they may be able to achieve for you and the likely lease terms
You would be surprised to hear that lots of our commercial clients are unaware of what is and what is not popular in the current commercial market, thus trying to ultimately rent out units that are perhaps too big with little demand, when making the unit/s smaller could make them more rentable & ultimately achieve a higher price per square foot
Here is a list of our current stock of property on RIGHTMOVE COMMERCIAL SITE to give an idea of the range of units that we deal with and rough price per square foot figures
Make sure you are dealing with an agent that uses multiple platforms to advertise and show your property, the days of erecting a board and hoping the phone will ring are very much gone now i am afraid.
Allen residential are one of the only local companies to pay to subscribe to the Rightmove commercial listings site, however they also operate a commercial database with over 1000 registered clients, most of whom are existing clients of ours seeking commercial opportunities meaning that the chances are we already have a tenant for your property.
COVID AND IMPACT ON BUSINESS
Business has changed, or rather the way that people now do business has changed.
Increasingly staff members are working from home negating the need for big offices / premises in the centre of city centres. However, this in turn has seen a real surge in demand for the smaller type of unit or circa 1000 square feet and is certainly our growth area currently in the local commercial market.
Choosing the correct agent to market your commercial property
Take a look around and see who is doing the business in the area on the commercial front, they will ultimately be able to give you the best pricing advice.
Remember a high quoted asking price may seem good, but a void period of even just a month completely wipes out that yield and comes at a cost. Not only in yield but in void fees payable in standing charge for electricity and also back to the local council for having a unit left empty
The proof is in the pudding, Allen Residential are the current market leader in not only the residential lettings sector, but also the commercial sector, if you are looking to market and rent or sell your commercial property then we are keen to talk to you.
Allen Residential is an owner operated truly independent estate agency, we are pro active and hungry to gain your business.
Data provided 6th December 2022 via Rightmove.co.uk
Time to take action
Ready to get your commercial unit on the market?
Then contact James Allen directly on 07773 412300 or email james :- james@allen-residential.co.uk
