Check List for Giving Office Space on Rent.

Finding a tenant and renting an office space is not an easy job to do. If you are a business owner or an executive looking to rent out an office space, the process can be very daunting and unnerving. With a number of parameters to consider and variety of options to look at, you may be confused about where to begin. The article briefly highlights few things which business owners/ executives should consider before giving a property on rent for office space:

Decide the Rent:

 Location, Property condition and Maintenance fee play a crucial role in determining the rent.

•  The following parameters, related to location, are important in estimating the rent:
•  Good connectivity via road or rail facilities and availability of good public transport 
•  Proximity to malls, shopping areas, banks, residential apartments and tech parks 
•  State of security and safety in nearby areas.
• The following parameters, related to property condition, are important in estimating the rent:
•  Age of property
•  Maintenance and Repair history 
•  Facilities like parking space, elevators, lifts, cafeteria, etc.
•  Repair work, if any, planned in future

Find a Tenant:

 As the owner of the property, you need to decide on how to rent or lease the property. Options like advertising in local newspaper, local cable channels, or through pamphlets is very common. One can also try low cost methods like posting property on property portals, free or paid. However, in our experience the most effective and efficient of all options is to connect with real estate broking agencies; these agencies have a good network and help you to quickly find a tenant.

 

Do a Background Check:

 Importance of due diligence cannot be emphasized enough when renting out your property. A thorough background check of the business and its owner, before allowing the property to use, is very important. The following things can be checked:

• Owner’s background and obligations
• Company profile along with other office locations.
• If the company is moving their office then, enquire where they were last located? Why are they moving to a new place? etc.