What to consider...

LETTING COMMERCIAL PROPERTY

As a property owner, letting out your commercial property is often the inevitable next stage after buying, especially in the case of larger properties such as office blocks, retail outlets, industrial estates and warehouses. Throughout the ensuing contracts and negotiation, a commercial property agent is vital, to provide essential advice and liaise with potential renters on your behalf.

Here at Roger Hannah, we aim to help you through every stage of the process of putting a commercial property to let on the market.

EPC

An Energy Performance Certificate informs a tenant about the energy performance of a property, which is a legal requirement that needs to be in place before a property is marketed. Once all refurbishments and work are done on your property after buying, then this is the logical next step.

A copy of your properties EPC must be available to prospective tenants at all times. The ratings on the certificate range from A (most energy efficient) to G (most energy inefficient). Typically, the rating is much better for newer buildings than older. Due to cost factors, a good EPC rating could make your property more attractive to prospective buyers. An EPC certificate is valid for ten years after the date of issue.

There are some circumstances where you may not be required to provide an EPC:

  • For a property with a floor area less than 50 square meters.
  • If it is a temporary building, intended to only exist for a period of two years or less.
  • It has low energy demands (for example, barns).
  • The building is scheduled for demolition.
  • For any place of worship.

Improving your EPC rating prior to making your commercial property to let could be a lengthy process. However, some simple changes can drastically affect your rating. It is always best to seek professional advice before making such changes.

MARKETING YOUR PROPERTY

Once you have a commercial property agent in place, the process of marketing your commercial property can begin. For this to succeed it is important you choose an agent that understands your needs, what you want to achieve by letting your commercial property and is enthusiastic about doing so.

Promotion of your property can come in a number of forms:

This list is not exhaustive, as there may be other ways for your property to come to the attention of a prospective tenant. However, it will depend on your property and circumstances how best your commercial property agent will choose to do so. All marketing efforts will always be accompanied by professional photographs, detailed property descriptions and local knowledge as standard.

  • A signboard outside of your property declaring the space ‘To Let’.
  • Placement on commercial property website for maximum online exposure. Essential as the internet is now the main drive of viewing leads for many properties.
  • This can be promoted to a ‘premier’ listing for better placement on site.
  • Networking and direct marketing could also be used to market your commercial property to let.

OFFERS AND COMPLETION

Once an offer to let your commercial property is received you can either reject or accept, depending on whether or not you believe it is an offer of fair value. A screening of prospective clients can also take place in order to ascertain their suitability (credit checks, etc.).

When you are satisfied a draft lease agreement can be prepared for both yourself and the tenant to approve. It can be signed once any conditional planning permission has been additionally granted, a surveyor has made the necessary checks and inspections of the buildings, and the tenant has raised the necessary funds to complete the transaction. Doing so means the completion of the letting process.

Up until contracts are exchanged you can also choose to let to another party; however, this is not possible if a lockout agreement has been entered into.

 

What is a lockout agreement?

Do you want to let your property?

Our main aim is to work with you to ensure the best outcome and highest return on investment possible. From developing an effective marketing strategy for the property to creating appropriate rates, our expert team can guide you through the complete process of putting a commercial property to let in Manchester on the market.

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