Why Hire Commercial Landlord Advisors When You Negotiate Rent Reviews?

If you have rent review clauses in your commercial leases, then you get the chance to change the rent your tenants pay at these stages. While you can do these reviews yourself, it pays to get independent professional help here. What are the benefits of hiring a commercial landlord advisory service to manage your reviews?

Get Accurate Rent Valuations

While you might have a general idea of local commercial rents, you won't necessarily have in-depth sector knowledge. You might know that rents are on the rise; however, you might not know how local increases will translate into your property and its leases. The condition of your property affects these costs just as much as the local market.

A commercial landlord advisory consultant can evaluate local rents and your property. They create a report that shows you how much you could charge for rent at these review times. This information will be factual, verifiable and justifiable. You get an accurate recommendation of your review starting figures.

Get Independent Negotiation Help

You might know how much you want to increase your rents; however, your tenants might simply not agree with your figures. Their aim is to save as much money as possible. So, they might not initially accept your figures.

Plus, negotiating rent increases can be a time-consuming and difficult process. You'll have to spend time talking with your tenants to try to come to an agreement. If you have multiple rent reviews due at the same time, the process will eat into your work time. Plus, your relationships with your tenants might deteriorate if you can't come to an agreement.

If you hire independent commercial landlord advisory services, then they take over the negotiation process. Your tenants are more likely to accept your figures if they feel that they have been produced by a professional and impartial service. Your consultant can prove their findings. So, you have a better chance of getting the rent increases you want without impairing your relationship with your tenants.

Get Help With Problem Rent Reviews

Sometimes, rent reviews don't go as planned. A tenant might refuse to accept your suggested increase. Or. they might drag the process out for too long leaving you out of pocket. They might even threaten to break their lease.

Commercial landlord advisory services can help you out if things need to take a more legal route. They understand the complexities of rent reviews and commercial property law. If necessary, they can bring in external experts to arbitrate the process for you.

To find out more, contact commercial landlord advisory consultants, such as Miles Phillips Property Consultants.