There are a growing number of small businesses in Savannah, outpacing the growth of big businesses in the area.
For commercial property owners, this is fantastic news. It means you can always find tenants for your commercial rental unit, bringing in more income and lowering vacancy rates. At the same time, however, it raises the risk of allowing a poor tenant into your unit.
To mitigate that risk, you should always take lease enforcement seriously. In today's post, we'll tell you some lease enforcement best practices for commercial property managers. Keep reading and you'll be able to protect your property with your lease agreement.
Create a Detailed Lease Agreement
With commercial tenants, like with residential ones, lease compliance is all about clarity. The more concrete and detailed your lease agreement is, the easier it'll be to point to violations on the part of your commercial tenants.
Your tenants should know exactly what to do about rent collection, property maintenance, and any other specific rules you have. This legally binding document is the key to preserving landlord and tenant rights and relations.
Screen Your Commercial Tenants
To have greater lease compliance, you need to have a respectful tenant. Fill your units with flourishing, reputable businesses and you won't have to worry as much about lease violations.
Commercial tenant screening involves looking at a business' history. You want to know that the business is established and owned by responsible entities. Look at business plans, perform credit checks on the business and its leaders, and check their references from past landlords.
Perform Regular Property Inspections
Finding a great tenant is important, but you still need to keep an eye on things. By performing regular property inspections, you can make sure your tenant is doing everything it can to protect your unit.
During an inspection, you can look for signs of damages or any other breaches of your lease agreement. Make note of each violation and bring them up with your tenant to try and resolve the situation quickly. As long as you've written a thorough lease, you can easily point to the consequences of violations.
Remain Consistent with Lease Enforcement
Communication and education are an important part of lease enforcement. To instill a good landlord-tenant relationship, you can use the lease as a guide for your tenants. If they make a few accidental breaches at first, you can give them warnings.
It's when they're knowingly ignoring the lease that you need to come down on them. Try to remain consistent with lease enforcement by bringing up every violation that occurs and issuing the appropriate penalties. If you have a tenant who is consistently violating the lease, make the move to evict them.
Hire Property Management Today
Commercial lease enforcement can be one of the more stressful aspects of being a commercial property owner. If you're finding your duties too much to deal with, hiring property management will solve your problems.
PMI Savannah Metro is one of the top property management firms in the state. We can help you find tenants, inspect your property, and deal with evictions as needed. Contact us today to learn more.
