Things to know before Renting out Commercial Property

Monday, November 7, 2016

Things to know before Renting out Commercial Property

 

What criteria should you consider when renting out commercial property in Dubai?

 

Renting out your Dubai commercial property may mean stepping into a minefield of hidden costs. So, before you approach a prospective tenant for your property rental or sign anything, make sure you understand and agree with the basic terms of the Dubai commercial property lease, such as the amount of rent, length of the lease, configuration of the space and rights and responsibilities – for both you and the tenant.

 

Owning commercial property can be extremely rewarding. So, make sure you lease your space to the right tenant at the right price by doing some ground work before advertising your commercial property.

 

  1. Price right: Nothing is more time-consuming and expensive than overpricing your Dubai commercial property rental. On the other hand, under-pricing is no good too. Either way, you lose money!
  2. Get professional advice: Better Commercial consultants stand by you at every stage of the leasing process, from pricing and marketing up until tenant selection and signing of the contract. Get advice on what the going rate is for a Dubai property rental like yours as making lease terms attractive can help you get your space occupied quickly.
  3. Find the right tenant: Working with a Better Commercial agent to find a tenant can save you time and money and the hassle of giving your Dubai commercial property out to sub-standard tenants and dealing with multiple agents, landlords and consultants. Finding the right tenant also ties into other aspects. For example, if the tenant’s business requires modifications to your Dubai property rental space such as adding cubicles or rewiring, you need to agree upon whether you will allow these changes and who will bear the cost of making them.
  4. Know your responsibilities: Keep your Dubai commercial property safe and free from hazards. For example, fit and test smoke alarms and run a property inspection. Agree on who will pay for maintenance and repairs.
  5. Understand the terms of the lease agreement: Ask your agent to draw up the agreement, list the terms and conditions, specifying the lease and renewal terms of the Dubai property rental. Also outline what you will allow tenants to do, so that you have the right to evict them, if they breach any obligations outlined in the Dubai commercial property agreement.

Looking for a tenant for your Dubai commercial property? Look no further than Better Commercial. Visit bhomes.com to get started!

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