Faqs

A – Commercial real estate is typically retail shops and offices while industrial real estate generally refers to factories and warehouses. The term “commercial real estate” is generally accepted these days as covering industrial as well as commercial real estate.

Despite the change over from imperial to metrics the old ways still persist as many people still cannot fully relate to metrics. The conversions are:

Length:
1 metre=39.3701 inches
1 metre=3.28084 feet

Area:
1 square metre=10.764 square feet
1 hectare=2.47105 acres

Collecting the rent is only part of the job. When you engage a specialist agent to manage your commercial and industrial property they do just that – they manage your property. Management means more than just collecting the rent. It involves: Advising on acceptable lease structures so that your investment not only retains its value but also has growth built in wherever possible. Negotiating lease terms with the tenant to obtain results that ensure that the value of your property is enhanced by the lease and not restricted or worse – devalued. Dealing with your tenant in an expert, professional manner regarding queries and problems that inevitably arise from time to time with the property and/or tenancy – these negotiations should only be handled by professionals to achieve the best outcome. Ensuring the property is maintained. Advising the owners on rental and sale values and generally keeping them informed of market trends.

The future value of your property is dependent in no small way on the quality of it’s management – to take chances with a non specialist or to adopt a “do it yourself” approach is unwise and likely to result in rough running for your investment and lower returns.

Agents fees are generally not regulated and are negotiable. Any successful investor will tell you that if you choose the right agent they are worth far more than the fees they charge. Many wealthy property investors owe their success to their choice of professional real estate agent and they did not gain that agent’s loyalty by cutting fees. Never choose an agent on the fee structure alone. The final result is where the money is made not through negotiating lower fees.

Typically letters of intent are NOT legally binding. However, it is important to read everything you sign!

A letter of intent is a document that has been written up to declare the intentions of the writer. From a commercial real estate point of view, the letter of intent describes what the terms of the real estate transaction are. The letter of intent is used to allow two parties (the property seller and the property buyer) to agree on all terms of the proposed deal.

Before you start searching for your new home it’s a good idea to write down a budget. What are your current outgoings and what money do you have left each month to spend on rent? Take into account that, when you first move in, you will need to front a deposit as well as the first month’s rent and tenancy set up fees.

If you haven’t already, make sure you go and view the property. If it’s a house-share, meet all the people you’ll be moving in with. The letting agent will ask you to sign a Tenancy Fee Declaration form, which lists the services they will provide and the fees expected from you. The agent will then begin the referencing process to ensure you’re in a position to rent the property.

A tenancy agreement is a contract signed by both the tenant and the landlord. It outlines all the rules to which both parties must comply.

A tenancy deposit is used to cover the cost of damage that might incur during the tenancy. The detailed inventory produced at the beginning of the tenancy is used in conjunction with subsequent inspection reports and will be used to assess whether deductions from the deposit are necessary. Deductions are used to cover the cost of professional cleaning, damage above fair wear and tear, non-payment of rent and any outstanding expenses.

Landlords and letting agents are required to register your deposit. Your landlords register their deposits with a invoice. The deposit is then either held by the landlord or the agent itself. You should receive details of the scheme, explaining where the deposit is held.

The paid property guarantee deposit will be fully deducted from the total sales price.

Our phones are monitored 7 days a week and each tenant is provided with an emergency contact number for after-hours.  Many times we can solve the problem over the phone.

Ask your question through our email: info@homeconnectproperties.com