Being a commercial landlord comes with many benefits including passive, consistent income and an increase in land value. But there’s lots of responsibility involved, too.
If you’ve been thinking about becoming a commercial landlord, you need to possess certain qualities, and here are five of them.
Adherence to state lease laws
According to Texas Property Code PROP Section 92.024, a landlord has to provide a copy of the lease in paper or electronic format within three business days after signing it. That way, a tenant has tangible proof of lease guidelines if they need to dispute something.
When advertising commercial rental property, a landlord has to ensure they mention everything about it like rental fees, amenities and even not-so-pleasant aspects like bug infestations or plumbing issues. Telling your prospective tenants the good (and bad) parts of a building can prevent unpleasant surprises and potential lawsuits.
Excellent listening skills
Suppose a tenant has a complaint concerning cubicle or warehousing space. While some are calm when conveying their complaints, others might be angry or frustrated. It’s crucial for you to maintain a civil demeanor and show empathy when handling disputes to avoid them escalating into a fight.
Open and accessible communication
There’s nothing more frustrating and annoying than reaching out to someone for assistance only to wait hours or days for a response. Inform tenants ahead of time of your availability schedule so they won’t have to wait longer than necessary when asking for help.
As a landlord, you need to make sure that your actions align with your words. Carrying out tasks when you say you would helps to build a rapport among tenants and might even aid you in attracting future tenants.
If you want any information about what being a commercial landlord entails, consider seeking legal guidance for assistance.