We all hear and have read in the news about the rapidly changing commercial property industry in the last 18 months. There is now increased pressure on business tenants to ensure they can be sustainable, by meeting the needs of their customers, as well as ensuring they can pay their rent and comply with the repair and maintenance obligations within their lease.
For Landlords who manage their own property portfolios there can be pressure to ensure invoices for rent, service charge and insurance are correctly issued to their Tenants in ample time, checking their Tenants have paid or constant chasing for any unsettled arrears. On top of this Landlords may have to deal with maintenance issues, as and when they arise on a tenanted property, as well as ensuring that the rent reviews and lease renewals are promptly dealt with at the appropriate time to enhance investment values. All too often this involves a significant amount of administration work, which can be time consuming and stressful, if a landlord also has an alternate business workload.
Employing a Managing Agent to carry out the management services removes these potential problems for Landlords. The Management Surveyor can deal with all lease matters on behalf of the Landlord and also build a direct relationship with Tenants to ensure, where possible, long and stable landlord and tenant relationships for the benefit of both parties. A Managing Agent will also regularly inspect the property to ensure Tenants are complying with their lease obligations. Any maintenance issues that require attention will be reported back to the Tenant or the Landlord depending upon liability under the lease terms. Managing Agents can deal with the entire maintenance process if needing to instruct contractors to obtain quotations, appointing contractors, signing off any works and approving invoices on satisfactory completion.
Underwoods have a growing Property Management department who have a breadth of knowledge and considerable experience in managing commercial properties across the country from small lock-up retail units to large scale industrial estates and can offer a complete management service to include full estate management, preparation of service charge budgets and accounts and property insurance matters, including advising on property cover and placing insurance with brokers. Underwoods also benefit from having specialised departments dealing with valuations, building surveying, rating, landlord and tenant matters (including lease renewals and rent reviews), and agency for sales and lettings.
We all hear and have read in the news about the rapidly changing commercial property industry in the last 18 months. There is now increased pressure on business tenants to ensure they can be sustainable, by meeting the needs of their customers, as well as ensuring they can pay their rent and comply with the…