Tips To Find Furnished Commercial Office Spaces

Furnished commercial office spaces are high in demand. This is because they offer an easy time to get started as a business. These office spaces are also well done in modern designs and offer plenty of options for all kinds of businesses. They are now made available in major cities with most developments focusing on offering an easy time to business people by providing furnished office spaces. It can however be a tedious task to find the best furnished space in your area of interest. New and small entrepreneurs spend months trying to find the ideal office space for their business. A few important tips can help ease the search process for your business.

Choose and Shortlist Areas Based on Budget –

When thinking of investing in a furnished commercial space, you most definitely have locations of interest. The rental charges will vary from one locality to another. It makes it helpful to begin by short listing your areas of interest based on the budget you have set aside for your commercial space. Calculate the monthly amount you can afford. It is extremely important for small businesses and this way you will find your way to the best office space.

Decide On Space Amount –

This is something that should be done before the search for a suitable office space begins. After setting a budget, consider the amount of space you need for the business. Make a list of questions to answer. It will be a simple way of starting the search from areas that have the kind of furnished office sizes that match your requirements.

Consider Business Centers –

By choosing a business center for your business as most companies will do, you will save yourself administrative hassles of running an office. A small business venture will suit perfectly well with this idea and it could end up working to your advantage during the first years of business operation. It is a simple way of increasing business value.

Target Reputable Office Complexes in Commercial Areas –

Another simple way for you to find the best furnished office space is to target office complexes that are reputable for well developed office spaces. Reputable areas will also offer you well equipped office spaces for your needs. When everything that you need is in place, you will enjoy a smooth ride making the business function.

Consider Best Lease Terms –

When running a company, rules and regulations need to be followed. Updating your records with the registrar of companies is among the things that need to be done. It will help you lead your furnished office for a good span of time. It is advisable to look for property owners who agree to lease your office space for at least 3 years. Yearly contracts can lead to higher rental rates on yearly basis and it might not be the best option. By making all important considerations, you are definitely bound to find the best furnished office space and within a short period of time for that matter.

Commercial Construction Tips – How to Stay on Schedule

If you are the owner or manager of a commercial construction company you well know it is crucial to stay on schedule when completing a project. When you fall behind on a project you tend to rush everybody who is working on it. As a result the workers and the bosses feel pressured. That is the point on a particular job where people become careless. For the sake of faster time they cut corners. This is when accidents happen; with sometimes tragic consequences. What can you do to avoid having this happen? What is your best course of action? We will look at that a little more closely right here and now.

One thing you can do might sound trivial but is a viable part of your plan of action. That is to prepare a checklist of things you must do to complete your current job. This checklist should cover the whole time-span of your job and spell out all of the steps you and your workers will be taking. We are certain we don’t need to remind you of this; but the checklist should definitely include all safety measures regarding your project. After you are finished documenting your checklist; go over the entire thing with your full staff. Do this for every project; as these steps may well change from one job to another. Make sure everyone is onboard with the list and understands what work will need to be done and also answer any questions in as much detail as possible.

The next thing you can do is to actually create a schedule for each job. Again; this is something that is likely to differ with each one. Therefore be certain to prepare a new schedule for every project. In this schedule you can detail every step to complete over the course of the current project. Give your team an estimated deadline for every step. We suggest a time-frame; as opposed to a one-day deadline. This will ensure you don’t have the rushing scenario we outlined earlier in this article. When you are developing this schedule; be reasonable with your estimated completion time for each step. Do not create a negative work environment where all of your workers are rushing around like chickens with their heads cut off. Doing this only leads to the unsafe work methods we talked about before. This schedule is another thing you will want to discuss with your staff prior to beginning each job.

Another excellent procedure you can take here is to go over the details of your checklist and schedule with the client who is paying for this project. Be certain he is also onboard with everything you plan to do. Lay everything out on the line for him and thoroughly explain why it is critical that your company stick to these plans. Let him know about the possible safety risks if you do not follow the proper procedures at all times. In doing this; you and your staff will feel comfortable with the time-frame to complete the project, then nobody’s safety will be compromised. Everyone will be happy about this.

6 Things to Consider Before You Buy Commercial Property

Choosing to buy commercial property in the UK is a big decision; here are a few helpful tips to make sure that you do not make a costly mistake.

1. Choose Specialized Commercial Estate Agents

Anyone seriously ready to buy commercial real estate in the UK must make sure that a specialist estate agent is chosen. It is inadvisable to go to agents that are one-stop-shops for real estate, selling residential, commercial and even international property. You will get a much better level of service and wealth of experienced from a long established estate agent who specializes solely in offering commercial property to buy.

2. How Many Commercial Property Listings are in Your Part of the UK?

Do your research; find out what the best locations to buy commercial properties are. Often you will find that certain areas will have a high density of commercial real estate for sale, be wary of such pockets lest you find yourself buying a ticket aboard a sinking ship. Although it may cost you more money at times, make it your mission to find an area where companies such as your own have a proven track record of doing well.

3. Always Perform a Thorough Inspection before you Buy Commercial Real Estate

In order to make sure that you do not make a mistake in your commercial real estate deals, you must make sure that you do a thorough inspection of the office for sale or lease. Many people feel that a thorough inspection is not necessary as they are not going to be living there, this could not be further from the truth, as this is a business premises inspection it is just as prudent to thoroughly examine as a residential property.

4. Are you Buying Commercial Property in a Rural or Urban Setting?

The type of development where you are purchasing commercial real estate is very important, for instance if you are in a rural setting then you will be looking for very different features than if you were looking for a ware house for sale in an urban setting. Another thing to consider if you are in a rural setting is the cost, you can expect to pay lot less to be in a less developed area but if you are in a more developed district, especially a retail shop for sale or lease inside the city center you can expect to pay a premium.

5. Will you be buying this Commercial Property to Let Out?

It is also important to consider whether you are to buy commercial property in the UK for your company to actually move into, or whether you are going to rent it out to someone else. If your goal is to own the commercial property to let, then don’t get hung up on want you would like to see when buying commercial real estate, rather find out what the widest possible market is looking for in a commercial property for lease and acquire something that fits that description.

Commercial Construction Tips – Is the Project Feasible?

Getting a construction project off the ground can be very tricky, as there is a lot that needs to be considered before you even lay the first brick. Making sure that the project is actually feasible in the first place is extremely important, and it should be the first thing that you do when you decide to start work.

So just how can you determine whether the project is actually feasible? Here are just a few tips to get you started.

Speak to an Accountant

Budget is always going to be one of the most important aspects of any construction project, as running out of money at a critical juncture could prove to be a fatal blow for what you have in mind.

When you have an idea of what you want to build and you have some plans drawn up you should talk to a qualified accountant who can help you set out a budget and determine what needs to be spent and where. It is at this point that you will be able to determine if the work is financially viable and if you can deliver it within your budget.

Speak to a Solicitor

There are numerous legalities that are involved in practically any type of building work, so it is important to make sure that you have all of them squared away before you begin working on the project.

Speak to a solicitor who specialises in property development and find out what permissions you need to get and which red tape you need to cut to get the project off the ground. Failure to do so could lead to you doing something illegal, which is grounds for having the entire project shut down.

Speak to an Architect

While you may be able to create your original plans without too much hassle, to really know what is going to have to be put into the project you are going to have to speak to an architect and get their expert opinion.

They will be able to tell you if what you have in mind is even physically possible and will also be able to suggest changes to the original plans to account for any issues that they see.

This is a massively important step, as you need somebody who is qualified in the field to not only sign off on the project and ensure it is feasible, but also to help you in the overall design.

Speak to Your Crew

The final step in determining if your project is feasible is talking to your building crew. You need to know that everybody that you have working for you is able to do the jobs that you need them to do.

If they can’t, you will need to have enough money in the budget to hire somebody who can. Having the right crew is tantamount to the project’s success, so skipping this step or simply assuming that everything you have planned is a risky move at best and tantamount to construction suicide at worst.

7 Essential Tips for Commercial Roofing Maintenance and Protection

Commercial roofing is a critical but often overlooked part of successful business operations. A building’s roof shields it from the elements, helps to maintain a comfortable indoor climate, and protects the people and assets inside. Proper maintenance and regular inspections ensure that this important covering continues to do its job without having an adverse impact on profits.

Check for Problems After Extreme Weather

Surface damage caused by weathering or environmental hazards is usually most visible after heavy rain, high wind, or snowfall. Visual signs, such as standing water or bubbled materials, often signify trouble. Flashing, the material that protects the seam between the structure’s walls and its cover, should be inspected for loose or missing sections.

Schedule Regular Inspections

Biannual inspections are the best way to keep commercial roofing in optimal condition. A professional examination is recommended, although some building owners check for damage and then call their contractors for an in-depth diagnosis. In best practice, inspections are scheduled in early spring and late fall, just after the harshest seasons.

Stay Alert to Signs of Water Damage

Neglected repairs eventually manifest inside the building. Stained ceiling tiles and discolored walls may indicate deteriorated or damaged decking material, while bulges or cracks could signify more extensive damage. Discolored or rotting window frames also suggest moisture or water damage that may be roof-related, as do signs of mold on the inside or outside of the structure.

Keep Gutter Systems Clean and Clear

The gutter system carries water away from the building. Clogged gutters or drainpipes often prevent proper drainage, causing rain and moisture to accumulate in certain areas. Systems should be cleaned twice per year, although storms and high winds sometimes necessitate more frequent cleanings.

Elevate or Remove Nearby Trees

Overhanging trees pose several hazards. Dead or storm-damaged branches may fall, puncturing or scratching the roof. Trees also drop leaves, pine cones, sap, and other debris onto the surfaces beneath them, often contributing to deterioration. Property owners should regularly remove dead branches threatening their buildings and keep healthy limbs trimmed so that they do not touch the structure.

Ward off Summer Sun

Harmful UV rays may decrease the lifespan of traditional commercial roofing, and hot sunny days typically increase energy costs. Cool Roofs are cost-friendly solutions. Coatings and single-ply membranes offer protection to flat coverings, and pitched types benefit from light-colored tiles or coated metal. These products can decrease rooftop temperatures by 50 to 60 degrees during summer.

Invest in a Commercial Roofing Maintenance Plan

Many contractors offer maintenance packages to extend the life of a structure’s cover. These programs typically include regular inspections, as well as other preventive care services such as resealing. A maintenance plan provides peace of mind, and it makes it easy to detect problems early, minimizing unexpected expenses in the future.

The life expectancy of commercial roofing materials ranges from 25 to 40 years, or more. Proper maintenance, timely repairs, and the right preventive care are the most cost-effective ways to maximize the performance of a structure’s covering.

Commercial Property Leasing – Pain Points to Lease Negotiation

When leasing commercial or retail premises there are certain points of negotiation that always create pain for the parties concerned. Here are a few of the big and most common ones:

  1. The landlord wants a high starting rent
  2. The tenant wants a big incentive
  3. The tenant wants a huge option term for further potential occupancy
  4. The landlord wants a tenant but is not prepared to provide an incentive to attract them to the property
  5. The last tenant left the premises in a mess and the landlord will not fix it up until a new tenant is found
  6. The landlord will not refurbish the premises before they have a tenant on a signed lease
  7. The tenant does not want to give any form of guarantee as security in the case of any default of lease

These are the most common problems for the average lease negotiation. Most landlords also think that their property is better than anything else around and on that basis will not negotiate down on any rent to get the premises let. So often you hear that the landlord is prepared to wait it out and see what the next tenant will offer.

In this market there are limited numbers of active tenants looking to relocate to new premises. In some cases there can be 5 properties available for every tenant to choose from. Urgency in the lease deal is not high from the tenant’s perspective; landlords need to know this. They may only get one tenant to make an offer for the premises.

When it comes to leasing premises it is not where you start your lease and rent, but it is more important to know where you are headed and where you will finish. Rent reviews during the lease term can take care of rent escalation to improve the lease, providing the real estate agent negotiates the lease well.

So what can you do with this list of common leasing problems? The best way is to use the pain of the vacancy (in the case of the landlord), or the pain of the need for new premises (in the case of a tenant) to move the deal forward. You should work with the offer that you have and not hope that another will come again soon to replace a low offer today.

Take today’s lease offer and turn it into a valuable lease over the term. Show the landlord the real value of the lease by doing an analysis of the deal using a net present value approach on the lease cash flow over the lease term. It is remarkable how the landlord will soften their negotiation position when long term lease value is explained in numbers.

Commercial Construction Tips – Completing the Project on Schedule

Construction projects are tricky when it comes to placing a timescale on things. After all, there are a lot of things that could cause issues during the course of the project, which in turn leads to delays. Sometimes these issues are unavoidable but there are a number that can be eliminated from the equation with proper planning. Follow these tips and you will have a much better chance of getting your construction project completed on schedule.

Know the Lie of the Land

Issues with the land you are using as part of the construction project can cause issues if they are not caught early and adjusted for. Have an architect and a surveyor come in to examine the plausibility of the project itself and also to ensure that the land you are using for the construction is stable and fit for use with the intended project.

Consider Lead Times

In the construction world the lead time essentially refers to anything that can cause a delay, such as the time between hiring materials and them arriving on the site or the delay between requesting a design and actually receiving it. Wherever possible try to ensure that you have everything that you need before beginning the project. In cases where this is not possible you will need to keep a close eye on the project and anticipate any issues before they arise. If you note that construction materials are running low, order early to ensure the lead time doesn’t affect the project in a negative fashion. This may have an effect in the client’s cash flow so it is important to keep them informed every step of the way.

Create a Task List

Every construction project is made up of smaller tasks, many of which need to be completed before another one can begin. It is important to create a task list and ensure that every task related to the job is catered for. Always assign the best people for the job to each task and where possible try to have a spare hand available at all times to assist with a task that is in danger of falling behind. If you can plan the tasks to completion before the proposed construction date then you will also have room for manoeuvre should a task fall behind, so try to make the task list as efficient as possible.

Hire the Right People

Bringing the wrong people in for the job can have a massive effect on the way the job ends up going. This doesn’t just mean the people on the construction team itself but also contractors and others who will assist with the project. You need speed and efficiency to get the job done right so make sure you vet any candidates for available positions and keep an eye out for any weak links in the chain. One person causing an issue with a task will lead to further issues down the line so try t nip issues in the bud to keep things running as smoothly as possible.

Sales Meeting Strategies in Commercial Real Estate Brokerage Today

In commercial real estate brokerage, the weekly sales meeting can be a powerful tool when it comes to building the market share momentum for the real estate business and the sales team. The meeting can be well planned to achieve positive leverage and momentum across the agency.

With most agencies today, the weekly sales meeting is a good idea to keep the agents on focus and task. That being said, an agenda is required to achieve that. Minutes should also be created from the meeting to track and measure the efforts of individuals. Good salespeople thrive on positive recognition and individual performance tracking. They understand the benefits of the process.

Weekly sales meetings should occur in the mornings before the business day commences. They should also take no longer than 1 hour so that that the team can get back to the marketplace and the daily activities required.

So the goals of the sales meeting should be to achieve the following:

  • To encourage the team forward with activities in listings and commissions
  • To sustain the momentum and the focus across the group in a positive way
  • To track and measure the activities of individuals
  • To establish positive communication between the sales team and the administration team

It should be remembered that most salespeople dislike lengthy meetings. Any top agent or broker will prefer to have a firm agenda to stick to when it comes to weekly reporting and meeting attendance. The team leader or the sales manager should control the process.

Here are some tips to help you establish a positive process of meetings for your sales team:

  1. The location of the weekly meeting should be varied to encourage activity and attendance. You can move the meeting between different venues and times of day. Breakfast meetings are usually quite successful, and the same can be said for lunch meetings. You will however need an agenda for the process.
  2. Peer group praise will always be a useful tool within a successful sales team. The team leader or the sales manager for the agency should encourage that activity. When a salesperson has achieved great success or an extraordinary deal, share that information around the group at the right time and in the right circumstances.
  3. Once a month allow the full sales team and the administrative team to come together as part of social drinks. The interaction between both groups will be important for the success of the agency.
  4. Establish a points system between members of the sales team. The points system should be varied based on a number of different criteria. In that way you will be recognising and encouraging everyone, and not just the top agents with the best deals. Look at the different achievements of the week including the best deal of the week, the best marketing campaign, the greatest numbers of inbound calls, cold calling targets, exclusive listings, and new meetings.

Top agents and brokers like efficiency. They also like to get to the point quickly and effectively. Any sales meeting should take no longer than 1 hour, minutes should be created, and agendas should be circulated prior to the next meeting. Respect the time of your top agents, and they will respect the attendance requirements at your sales meetings.

Commercial Real Estate Agent Prospecting Facts and Strategies

When you work as a commercial real estate agent or broker, it is essential that you develop and implement a prospecting program to generate new business leads. It is a personal process and it is not something that you can or should delegate.

I am amused sometimes when I hear that an agent has paid considerable money to a marketing company to ‘cold call’ their entire sales territory or market segment looking for leads and prospects to serve. Delegating the prospecting process to a marketing company or another ‘unskilled person’ is a waste of time and money. Commercial real estate is an industry built around personal relationships and trust; a marketing company or employed canvasser cannot offer that level of communication or service.

So why would a real estate agent employ such a ‘marketing firm’ to make prospecting calls? The answer in most cases is glaringly obvious; the agent doesn’t have the skill or the discipline for the prospecting process to be successful.

If you want to win the new business, then you will need to do it yourself. Yes, it takes time to get results and you will need to develop some new skills, but discipline will help you get to the results that you are seeking.

One thing should be said here; commercial real estate brokerage is tremendously rewarding for the sales people that can work hard and to a system or plan. Looking for leads and opportunities is part of the process or game. It’s a personal thing and it can’t be delegated.

Here are some way’s to find new business, better property listings, and good clients:

  • Redundant Properties – Some properties will move to a level of redundancy due to age, deterioration, change of zoning, or lack of tenants. When this happens it is time to move to the next phase of the property ‘lifecycle’. A good real estate agent can see the signs early and work closely with a property owner as they start to deal with the issue of investment change.
  • Vacant Land – As a city expands or suburbs change, vacant land will be rezoned for new development. Keep ahead of this opportunity by monitoring the planning and development applications at your local planning approvals office. Get copies of the public minutes of the planning committee meetings.
  • Old Listings – Some listings don’t sell or lease at the first attempt. What you can do here is withdraw the property from the market today and then revisit the property marketing effort a few months later in another and perhaps different marketing approach. Refreshing a listing is a valuable business process.
  • Open Listings – The best way to sell or lease a property is through an exclusive listing process. Open listings are very much a process of luck; most open listings stay on the market for a very long time and on average are far less successful when compared to the dedicated marketing efforts of an exclusive listing. Revisit old open listings to see if they can be optimised for a fresh marketing effort.
  • Larger Businesses – Local businesses are involved in property either as tenants or as owner occupiers. Business owners will need help with property from time to time. The best way to tap into that opportunity is through direct and ongoing contact. Cold call every business in your town or city and speak to them regularly about property needs and changes.
  • Surrounding Other Listings – When a competing agent puts a property on the market, you can use that listing as a reason to talk to all adjacent and nearby business and property owners. One property listing can be the catalyst to talk to others to see if they would like to compete or do something themselves.
  • Street Canvass – On a street by street basis, systematically move through your sales territory and research all property owners. Eventually you will create a good list of owners for your database. Ongoing contact will allow you to build valuable client relationships and the levels of trust that help grow commissions and listings.
  • Cold Calling – The telephone remains the most effective business tool that we have. Direct calls handled in a professional way will help you reach out to new people. Selectively researching the property owners and business people in your area will support the cold calling process.

A simple list like this will give you an abundance of property leads and opportunities. The secret to making things work for you is in doing it yourself.

Commercial Property – What to Do If the Lease Is Unsigned

In commercial property management and leasing you frequently come across the problem of the tenant delaying the signing of the lease. It can be for a number of reasons such as:

  • The complete terms of the lease are still being negotiated
  • The tenant is still finalizing their fitout design
  • The various partnership members are not all available for signature
  • The documentation is still with the tenants solicitor
  • The business or government department is taking time to process the document
  • The decision makers are away
  • Approvals for permitted use are delayed at local council

So the list goes on and you will see many variations of the problem. Tenants will give you so many different reasons why the lease is still outstanding. Frequently the delay process is not as it seems and there are other alternatives that the tenant is adopting for their own reasons. Tenants will not tell you the whole truth; that is a fact.

The signature on a lease is then a critical element of making the tenancy available for occupancy. In almost all lease situations, you would want the tenant to satisfy the following criteria before the keys to the tenancy are handed over:

  1. The lease is totally and correctly signed
  2. The plans and drawings associated with the tenants fitout have been submitted to the landlord and are approved
  3. The plans and drawings associated with the tenants fitout have been submitted to the building control board or local council and are approved
  4. The first months rental is paid in advance in accordance with the lease documentation
  5. The appropriate personal or bank guarantees are provided to the landlord in accordance with the agreement to lease
  6. All associated documentation and disclosures tied to the lease implementation are correctly served and satisfied
  7. The deposit required under the lease agreement or lease arrangement is paid

The golden rule in the leasing a property to a tenant is that all lease requirements are satisfied in accordance with the property managers instructions and the landlord’s requirements before any keys and tenancy access are given.

It should also be said that any incentive to be made available to the tenant as part of the new lease structure should not be released or made available until all the six points above are satisfied.

In most instances with commercial property, the tenants you work with are very experienced in business and negotiation. They are likely to be more experienced than the property manager or the landlord. The tenants will set up the leasing situation to their own advantage during the lease negotiation.

So the clear message here is that the premises should not be handed over to the tenant until all lease documentation requirements have been satisfied correctly and legally.