Things to consider
While managing a commercial investment property is similar to managing a residential one, there are a few differences worth being aware of:
Commercial leases are generally for a period of three to ten years, while residential leases are typically for around one year.
Deposits of around 30% are generally required for commercial property leases. Building repair and maintenance costs can also be higher than those associated with residential property.
Attracting and keeping tenants
Tenants can be affected by a range of factors, such as the economic environment, so you need to remain well informed about changes that could impact them, and your commercial property. When you find a good tenant, keeping them is crucial, so it’s a good idea to keep up regular contact with them and consider their needs.