Commercial Property Management FAQs

Answers to the most frequently asked questions received by commercial property owners

Do you look after commercial and industrial property?

Leah Jay Commercial can manage commercial; retail shops and offices property and industrial; factories and warehouses.

Why should I have my commercial and industrial property managed by a property manager?

Property management involves:

  • Advising on acceptable lease structures so that your investment not only retains its value but also has growth built in wherever possible
  • Negotiating lease terms with the tenant to obtain results that ensure that the value of your property is enhanced by the lease and not restricted or worse – devalued
  • Dealing with your tenant in an expert, professional manner regarding queries and problems that inevitably arise from time to time with the property and/or tenancy – these negotiations should only be handled by professionals to achieve the best outcome
  • Ensuring the property is maintained
  • Advising the owners on rental and sale values and generally keeping them informed of market trends
  • Collection of rent.

What kind of insurance do I need for a commercial building?

For a commercial property only the structure needs insurance, not the contents. You’ll also need liability insurance in case someone is injured on your property. Rent interruption insurance is sometimes desirable. Such insurance reimburses you for lost rent in the event your building is damaged by a fire, storm, tornado or similar disaster.

What happens if a tenant stops paying rent?

We have set procedures to ensure a regular payments are made and notify the landlord of any issues with rent arrears before they become a problem. When a tenant falls behind in their rental payments they are issued with an arrears notice initially advising them that they are behind and with a request that they rectify the problem. If this is not done within the stipulated time period then a notice to remedy breach is issued. Further non-payment of rent will result in legal action or a lock out on the instruction of the landlord.

How do tenants pay their rent?

Tenants have several options to pay their rent, leaving no excuse for late payments.

By cheque or money order, via internet banking through their chosen financial institution or via DEFT.

When does the rent money get paid into my account?

On the 10th and 25th of each month, unless those dates fall on a public holiday or weekend and then it will be for following working day all monies held will be paid, unless instructed by the landlord. A Statement is issued at the same time outlining the debits and credits for that month.

How often are inspections performed?

Regular inspections are performed every six months, or at other times when required. A detailed inspection report is given to the landlord.

   

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