How Are We Managing?

Over recent weeks we have been asked to review and offer property management advice on a multi-let office building and also on a large multi-let industrial estate. Whilst reviewing the sites it has highlighted to us the necessity for an effective management strategy no matter how big or small the property or industrial estate. Finding tenants in the current market is at times extremely difficult and accordingly it is good sense to try and keep them through ‘pro active’ management. Additionally it is important that leases are managed effectively to ensure tenants are complying with the terms of the lease, important dates such as rent reviews are not missed and that tenants are paying what they should be paying.

Whilst all of the above may sound obvious it is surprising how easily matters can get overlooked when there are other more pressing matters to attend to. In multi- let buildings and on Industrial estates it is also common for the tenants to contribute to a service charge to cover the running of the common parts of the estate or building. This could include such items as landscaping, grass cutting, cleaning, litter picking, security or other services provided for the benefit of the tenants. It is important that service charges are correctly set up and proportioned amongst the tenants in an equitable manner to avoid arguments at a later date. We often find that tenants dont mind paying a service charge as long as they can see what they are getting and it is administered in a fair and transparent way.

In an ever more competitive environment managing your assets effectively will ensure you are able to secure the best rentals achievable, will ensure the building or estate is being maintained effectively, which will hopefully cut down on void periods and protect your income stream. Accordingly setting up and maintaining a suitable property management regime is essential.

If you have any questions in relation to any property management issues we would be pleased to hear from you for an initial ‘no obligation’ discussion.