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DIY Marketing of Retail Unit

5 Year renewable lease

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Hello

If I decide to let out my retail unit, I prefer not to use an agent to find potential tenants. I contacted two agents, not happy with them and their charges. 

If you know an online portal similar to Open Rent but for commercial properties, please provide links. I googled but I did not find anything. 

Thanks 

Replies (20)

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By David Ex
14th Jun 2022 16:11

Would have thought sticking a large sign in the window was the way to go if you don’t want to use professionals.

Thanks (1)
Replying to David Ex:
FirstTab
By FirstTab
14th Jun 2022 16:45

Thank you. I did not think about the sign earlier. Good suggestion.

Thanks (0)
paddle steamer
By DJKL
14th Jun 2022 16:34

Rightmove has a commercial part/section:

https://www.rightmove.co.uk/commercial-property-to-let.html

Do ensure you either know your way around the rules re EPCs, safety reviews re electricity/gas, fire certs etc etc or employ someone who does. (we hire this in but they will not do work south of the border (different rules) so I cannot recommend them)

One thing I would also mention, collate a schedule showing costs you incurred in occupation for say last three years, re H & L also give units/KWHs used etc; more and more prospective tenants request this sort of stuff (usually three years worth), decision making is more often than not these days on a whole cost basis rather than just rent.

Anyway good luck becoming an evil commercial property landlord.

Thanks (1)
Replying to DJKL:
FirstTab
By FirstTab
14th Jun 2022 16:47

Thanks for the link DJKL it is very helpful. I prefer to deal with potential tenants direct. This would be great.

I will have the information you suggest ready.

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Replying to DJKL:
Routemaster image
By tom123
15th Jun 2022 13:13

Hi DJKL,
I tried to see if I could list one of our three properties a while back with Rightmove. But they wouldn't entertain it.
Have they changed?

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Replying to tom123:
paddle steamer
By DJKL
15th Jun 2022 13:51

No idea- we never list stuff ourselves. The agents I am involved with may list our properties but not something I am really involved doing. Afraid I just put them up as they do list commercial property, but maybe they insist on only agents?

(Though not sure how difficult would it be to create a limited company that was notionally a new commercial property agent, thus maybe getting one's foot in the door)

Thanks (1)
Replying to tom123:
FirstTab
By FirstTab
15th Jun 2022 14:01

For residential properties, only through an agent. Commercial properties are okay.

The charges are high. Found a way around https://www.99home.co.uk/list-your-commercial-property-rightmove-zoopla-...

You can use Open Rent, they will put it on Rightmove.

Thanks (1)
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By DKB-Sheffield
14th Jun 2022 20:10

I know it sounds like a pathetic answer but Gumtree has always been where most of our/ client's leads have come from. Even residential props tend to be listed on OpenRent but, tend to get more response from the OR Gumtree listings (which show before the RightMove/ Zoopla listings go live). One of our experienced local Commercial Agents only lists on Gumtree!

As DJKL has said, get your ducks in a row - particularly re certifications. EPC, electrical (hard and PAT), gas l, and fire (supression and/ or extinguishers) are often 'forgotten' by owner-occupier businesses (not saying you have forgotten them!). Also, if you haven't got an intruder alarm, getting one installed would be advised (and may widen your market).

Lastly, on the lease, get a solicitor to draft it (I'm sure you will)! Consider 'Security of Tenure' (s.24 to 38 LTA 1954), personal guarantees, break clauses etc.

Good luck!

Thanks (1)
Replying to DKB-Sheffield:
FirstTab
By FirstTab
14th Jun 2022 20:22

Thanks DKB-Sheffield. I did not think about Gumtree, until now.

Thanks (1)
Glenn Martin
By Glenn Martin
15th Jun 2022 13:27

I have done this with commercial property but the only 2 times I have had problems and bad debts with my BTL properties is when I have done it myself.

Would now never not use an agent, yes there is a cost but they do it all properly for you, have access to a pool of tenants, deal with marketing proper paperwork etc.

Would never not use an agent again.

Same for recruitment I would only ever use a recruiter for the same reasons.

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Replying to Glennzy:
paddle steamer
By DJKL
15th Jun 2022 14:02

I concur

I am involved (re accounts etc) with a commercial property agency, part of my role can be sifting the prospectives re covenant etc prior to our agency passing them to landlords as possibles. I know the local agents talk amongst themselves, have market knowledge re the locale and in a city like Edinburgh often already know about some of the prospective tenants (who are a waste of space best avoided etc)

Agents here are not that criminal, we tend to charge 10% of annual passing rent plus outlays (boards/websites) plus vat, generally on a no let no fee basis though we may charge circa £200/300 non refundable upfront setup fee for new, largely initially unknown, clients.

I would also use an agent, but I am biased.

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By WhichTyler
15th Jun 2022 14:07

If you are abroad and you don't have an agent, who is going to handle tenant queries/building issues?

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Replying to WhichTyler:
FirstTab
By FirstTab
15th Jun 2022 14:14

With a full repairing and insuring lease, they would be very few problems. Even if they are, I will handle them.

I find that I am normally better at looking after my interests than agents. I never had problems in the past.

At the risk of blowing my own trumpet, I am good at this.

Thanks (0)
Replying to FirstTab:
paddle steamer
By DJKL
15th Jun 2022 14:26

Right, so no problem appeasing the tenant when there is a need to build scaffolding in front of all the windows in the block or some other major event hits.

We lease studios, these we do everything including supply H & L/toilet rolls, we do IRI leases and FRI leases, whilst FRI leases tend to have less tenant contact it is not always none (e.g. landlord approval re tenant proposed changes to buildings, these can be done remotely but sometimes site meetings are far, far, preferable)

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Replying to FirstTab:
paddle steamer
By DJKL
15th Jun 2022 14:28

What if prospective tenant offer you 30% more rent to say take as an IRI? Why cut yourself out from possibility of IRI (more flexible you can be the easier/faster the leasing can be)?

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Replying to DJKL:
FirstTab
By FirstTab
15th Jun 2022 15:06

In my case, I just have one small office. I do not have a property portfolio.

I understand, the need for outside help for larger investments.

I am a small fry in this instance.

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Replying to FirstTab:
Stepurhan
By stepurhan
15th Jun 2022 14:40

FirstTab wrote:

At the risk of blowing my own trumpet, I am good at this.

I'm curious as to how you have come to this conclusion.

The very existence of this question implies you haven't rented a commercial property to a tenant before. How do you know you are good at doing something you have, presumably, never done?

Many non-accountants raise queries on here assuming that, apart from what they are asking about, accountancy is easy. Are you at risk of falling into the same trap re property letting?

Thanks (1)
Replying to WhichTyler:
paddle steamer
By DJKL
15th Jun 2022 14:31

May be a different agent, of course, there are both letting agents and managing agents. (Imho any idiot can manage property)(EDIT- not aimed at you wanting to self manage, point was that anyone can set themselves up managing property, letting imho needs experience to be done well)

Letting, sales, purchases and development of commercial property imho really needs a depth of knowledge to do well/at the right price ( e.g.percentage difference in psq rates for say FRI or IRI, relationship shop frontage and depth re sq ft rates retail etc etc)

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Glenn Martin
By Glenn Martin
15th Jun 2022 16:09

Is anyone taking bets on First Tab posting in 6 months time "How to get rid of a tenant from Hell"

Thanks (4)
Replying to Glennzy:
Stepurhan
By stepurhan
16th Jun 2022 08:55

Is that an even money bet?

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