With the commercial property market undergoing a relatively quiet period across the country, many landlords are seizing the opportunity to take stock and undergo a review of their rental portfolios. However, whilst those landlords with a small number of properties may find this a simple process, those with greater numbers and lots of different tenants and leases could find it more complex and there are several areas that landlords must be aware of.
Despite the healthy state of the UK property market, Brexit is undoubtedly having an effect on investor and tenant confidence. Everyone is playing a
waiting game to see what the future political and economic landscape will look like.
For landlords, this means that in many cases, tenants are holding back from renewing leases or only signing up to short-term agreements, causing issues for cash flow forecasting.
Uncertainty about the future is inevitable across all UK markets and sectors and commercial landlords should use this quieter period to take stock of what they have and shore up as best as possible for times ahead.
Conversations with tenants are central to the successful running of any rental portfolio, regardless of size. Yet all too often, particularly for landlords with lots of properties on their books, meeting tenants face-to-face can sometimes fall onto the back burner as managing the day-to-day takes over. In quieter times, it’s a wise idea to pick up this engagement again, discussing lease extensions with tenants, finding out exactly who is in the premises and checking the state of repair of the premises.