How to Rent Office Space: A Comprehensive Guide for Business Owners
Are you searching for an easy-to-follow, cohesive guide on learning how to rent out office space in the Fort Myers area? Suppose you are worried about losing money with the gradual shift to work-from-home positions instead of employees being at a physical location. In that case, there are ways to make your office space an asset instead of a liability.
As a business owner, you can reduce unnecessary costs and gain additional passive income by renting out your business’s commercial property. Here are some helpful ideas to spark inspiration for how you want to rent out your office space.
Decide What Space to Rent Out
Before you list your available corporate space to potential tenants, you must determine your square footage and how much of it you want to make available to rent. If you own a large corporate building with several floors, you may only want to rent out certain floors rather than the entire building. Take the time to ask yourself the following questions in this initial phase:
- Square Footage
- Easily Accessible
- Repairs and Upgrades
- Human Capacity
- Additional Amenities
By evaluating your building space and available amenities, you can decide how you want to rent your office space to viable renters. By selecting how much space you have available to rent and which parts of the building renters will have access to, you can estimate the additional costs that may come into play.
Renters who opt-in to use your office space’s kitchen space will likely have higher utility costs than those that decide to go without it. Do you still have employees working within the building’s space? In that case, you will need to determine how the renters enter and exit the building—ensuring that they are respectful and not disruptive to those in the building.
Understand Your Legal Limitations
As you work out the details to rent out office space, you will want to look over your property’s contract to determine if you are allowed to rent out the area and any rules for renting. Check the laws regarding landlord and tenant rules, safety inspections, and parking regulations on public property.
By understanding the tax ramifications and law regulations regarding your property, you will save time and money when filing your tax during tax season. This preliminary research also ensures you understand and are following the law.
By gathering information about your commercial property’s laws and regulations when you are learning how to rent office space out to others, you will be more aware of potential risks that may occur. While the risk is low, primarily if you screen any potential tenants, you may increase the likelihood of theft, property damage, injury, or loss when you rent out office space.
Ensure you have consulted your insurer before listing your property and reviewed any concerns you have. Additionally, if you have employees within the building, be sure to inform them of the possibility of renters being in the building and listen to their feedback and concerns. They will greatly appreciate the heads-up before you list the property.
Determine The Costs of Renting Out
Do you want to rent your office space but aren’t sure how to establish an appropriate renters fee? When deciding to rent out office space, you will need to include any potential upgrades you may need to make, the price of utilities, adding any furniture to make the area more hospitable, and the costs of performing background checks on potential candidates.
You may want to add independent lines to your office so tenants don’t use your office’s internet and company phones without approval. Understanding what the tenants will have access to will impact how you define the costs of renters using your corporate site.
Once you have decided how much it will cost you to rent out office space, you can determine the set price by accounting for the total square footage of the building, the monthly rent you pay, and any other additional costs needed, such as marketing, taxes, and utilities.
Set Up Leasing Rules For Renters
Now that you have established the estimated costs for renting the space, you should write a list of rules your tenants will need to follow. Clear rules will guarantee open communication with them on what they are approved and prohibited from doing when you want to rent your office space out to them.
You may be able to limit the hours they have access to the building and set a certain number of times they are permitted to use specific spaces. Take the time to establish payment dates and late fees before providing them access to your real estate space. Ensure that your rules agree with your state, landlords, and tenant’s rights.
Market Your Office Space in Person and Online
Once you have composed a guideline for how to rent your office space and established the property’s set price for rent, you will want to advertise your area to viable tenants. Social media platforms are a great way to reach your target audience in a timely manner at a low cost.
Familiarize yourself with the real estate market to determine what tenants are looking for to gauge better how your property matches up against the competition and meets their needs. Be sure to include details about your corporate office to determine which renters are seriously interested compared to those just browsing.
Hire a Commercial Real Estate Broker
A guaranteed way to figure out how to rent out office space to tenants is by obtaining the assistance of a highly qualified commercial real estate broker. Real estate brokers have in-depth knowledge and resources for how you can successfully determine your commercial property’s requirements for renting and help you find potential tenants in efficient and affordable steps that are easy to follow.
Do you want to rent out your office space within Fort Myers? Alec Salameh is a successful real estate agent with Coldwell Banker Realty. Whether you need assistance finding available office spaces in Lehigh Acres and Bonita Springs or want to rent out your corporate office building to other professionals, a trusted realtor will help you save time and money throughout your real estate process.