Leasing a commercial property can be an excellent way to increase your residual income, and is a wise investment if you can acquire a well-positioned property in NYC.
However, leasing property is not always as easy and risk-free as you may expect, which is why it’s critical that you seek the assistance and guidance of professionals in the industry.
The Negotiating and Drafting Process
This is arguably the most important aspect of any contract, as it defines precisely what each party will commit to, as well as what each party is responsible for. In fact, a well drafted contract will ensure that you are never at risk when purchasing, selling or leasing commercial property, and will guarantee compensation if the contract is breached.
Contracts should be carefully drafted by a professional real estate lawyer In an example, the broker drafted the contract wrong, although both parties verbally agreed that it was a simple error in contract. Now, however, the new owner is seeking to sue the old owner due to that same mistake, and stands a good chance of winning despite verbally agreeing to it in the past.
Landlord Services and Fair Evictions
This is another area in which a professional commercial real estate lawyer in NYC is invaluable, because many people try to take advantage of their landlords’ human natures with sob stories and false promises. This is when you need to call an expert to the table, who won’t fall for the common tenant-tactics and will ensure your investment continues to benefit, rather than burden, you.
And while it’s hard to put aside your compassion and empathy to evict a tenant who is struggling to pay, it’s important to remember that they are not just reducing your potential income, they are costing you money. In an insightful article on Bigger Pockets, the writer succinctly explains it with a single line: “Evictions are annoying, but they are part of doing business as a landlord.” If you are not willing to personally write the tenant a check for the amount owed, you shouldn’t allow them to remain in your property for free.
You’ll want to seek the assistance of professionals from reputable firms such as South Street Lofts when you are ready to increase your income with commercial property rental in Mount Vernon NY. This way, you can enjoy the full benefits of your investment, while never worrying about devious tenant-tactics.
Ensuring that your commercial property investment continues to benefit you, South Street Lofts explains why professionals are vital for commercial property rentals.