If you are a new commercial landlord, congratulations! Investing in commercial property and negotiating with a tenant is exciting. But you may have some questions and concerns about what to do next.
Becoming a commercial landlord can be intimidating. Here are some tips for doing it right and adhering to Florida landlord-tenant laws.
1. Review your lease
Signing your first lease is a big step. Whatever you do, do not write a lease quickly or download one and assume everything is good to go. The lease describes all the rights and duties of both parties and will govern how you resolve disputes. Double- and triple-check the lease terms regarding every detail, including the following:
- The address of the property
- Rent
- Duration
- Maintenance
- Renewal options
- Costs
Remember there is never a one-size-fits-all lease agreement. You may want a legal professional to take a look at the lease to ensure everything is correct.
2. Go above and beyond
There are some basic responsibilities you must adhere to as a landlord. However, if you want to avoid conflicts and disagreements, you should go the extra mile for your tenants. Do your part to maintain the property and make little upgrades. Make sure your tenant knows that you care about him or her and the property itself.
Think of being a landlord like running a business. You are in the business of renting a property. Therefore, the success of your client means he or she will be able to pay rent. Treat your tenant like a client and do your best to make sure everything is running smoothly.
3. Know your rights
You have rights and protections relating to eviction, debts and payment defaults. If a dispute arises, do not assume the tenant has all the power. You must understand and stand up for your rights whenever necessary.