Tips for managing unoccupied commercial properties04-01-2024 | Property Maintenance & Interiors
The commercial property sector in the UK is worth hundreds of billions of pounds. Being a commercial landlord can have major advantages, such as high returns on investment and tenants on long-term leases. Not to mention, tenants of commercial properties are responsible for a fair share of ongoing maintenance and repairs matters (excluding structural repairs and fittings or appliances you have bought for commercial tenants out of your own pocket, which you will be responsible for).
In the same way that you can make a nice amount of profit as a commercial landlord, you can lose money if your commercial property becomes unoccupied. At CIA Landlords, we are used to working closely with the very best providers of unoccupied commercial property insurance.
Here are some useful tips for managing unoccupied commercial properties.
Update your commercial landlord insurance policy
Standard landlord insurance policies only cover occupied properties and may not cover empty commercial properties for more than 30 days or 60 days. Will your commercial property become vacant soon? If so, don’t risk leaving yourself without the right insurance coverage.
You will need to update to a specialist unoccupied commercial landlord insurance policy like the ones we offer here at CIA Landlords. We offer expert insurance that covers vacant commercial properties for up to 12 months.
Decide who will be responsible for managing your unoccupied commercial property
You can manage your commercial property and carry out maintenance and repairs yourself. However, you may need some help from a third-party, particularly if you’re not a dab hand at DIY.
Your options are:
- Hiring a commercial property management company
- Hiring a commercial letting agent
- Relying on a friend or connection who is adept at property maintenance
Make sure security checks are carried out regularly
Your unoccupied commercial property could be high-value, and previous tenants may have accidentally left behind value items of theirs. Therefore, you need to ensure regular security checks are conducted on the premises. This could involve checking your commercial property’s current security cameras, CCTV installations, and physical barriers preventing trespassers (barbed wire, fencing, etc).
Ensure the property is kept clean
When managing your unoccupied commercial property, you must make sure it is kept in a clean and sanitary condition. An unclean or dirty commercial property can rapidly deteriorate, and rust, cobwebs, and other property damage will start to rear its head.
Hiring a professional cleaning service to clean your unoccupied commercial property properly to get the place ready for new tenants could be a sensible idea.
Actively look out for new commercial tenants
Has your commercial property been unoccupied for a while leaving you in need of commercial tenants? Don’t sit on your hands when managing your vacant commercial property. Try putting feelers out and advertise both online and in print for new tenants. If you are proactive in your search and keep the premises in great condition, you should have no issue in finding new commercial tenants.
Manage your unoccupied commercial property more effectively with a specialist insurance policy to support all of your requirements. Contact us at CIA Landlords today by calling us on 01788 818 670 or sending us an email at email@example.com.
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