Selecting the right tenant can be challenging, and it doesn’t always work out as planned.
When problems occur, we’re focussed on restoring your returns
Get in touch
Forewarned is forearmed
Find out who your tenants are
There can be a myriad of costs associated with the start of a new tenancy – there are likely agents to pay, the tenant may require alterations to your building, or new fit-out they expect you to contribute to. It’s possible that prior tenants have modified the building in ways that need to be re-adjusted back to where they were.
You’re likely going to be paying solicitors to review new leases, and you may even be anticipating financing costs for works you need to complete. If big changes are on the books, you may be engaging architects, engineers, planners and other professionals.
Property can be expensive, but presumably the outlay you’re considering is in order to generate a better return. Who’s giving you that return? How well have you vetted them? Have you seen their financials and investigated their guarantor?
These are the things that no one looks forward to thinking about when embarking on a new project, but they’re often critical.
At a bare minimum you should be running a credit check on your new investment partners – get in touch and we can help with that.
Repair the relationship or leave them behind?
Sometimes, life can get tough in any business.
Working through the issues with tenants is what we specialise in.
There are business owners who are horrified and ashamed of the situation of arrears they’ve got themselves into, there are ratbags who don’t give a damn, and there are people in every other circumstance in between.
Chances are you’ve made an investment getting a tenant into your property, and where there’s good will it’s in everyone’s interests to help them get back on their feet. This is what we aim for first in most situations – get your money in and keep your tenant paying.
Other situations can arise where your tenant’s not paying you anything (or not enough), they’re not covering outgoings, they’re costing you money, but they’re still in control of your building. Sometimes, you’re better off biting the bullet, getting rid of the tenant and looking for a new one.
This can get tricky. Some tenants are experts at finding ways to prevent you from evicting them (even with rental arrears) and finding new tenants isn’t always as easy as it sounds.
We are familiar with leases, we’re great negotiators, and if you want your building back, we can help with that goal. We maintain relationships with commercial rental agents, and we love helping our clients find new options to get the rent roll flowing again.
And, most importantly, we chase your money down, find out where cashflow is moving and we chase down guarantors.
Frequently Asked Questions
