We know being a Commercial Landlord means you have 101 things on your mind. There is always something to think about or consider. At British Gas, we want to help you to enjoy running your business, so take a look at our top tips below.
Insurance based on occupation time
The first thing we advise you to check, especially if you have tenants coming and going all of the time, is how long the property needs to be occupied for, as many insurances are only valid if you have a tenant occupying the property a certain percentage of the time.
It is best to be upfront with your insurer if you know you’re only going to have short term tenants with big gaps between them. Although this may mean you pay a premium for your cover, at least your contract will be valid and you’ll be covered.
Squatters create enormous costs in terms of damage to the property, deterioration of the asset and attraction of crime. There may even be a serious risk of arson to the property. These individuals must be prevented from infiltrating properties and creating these types of problems.
To alleviate this issue, you could add security cameras that monitor and record your properties at all time. This means you can check the camera periodically to determine if the squatters are there and call the authorities if you need to.
Even cleaver than that, new technology also allows artificial intelligence to monitor the property for un-authorised entrants. If this occurs, the system will alert you to determine next steps – so you don’t even need to continuously look!
No standing charge energy contracts
If your property is often empty, so you’re missing out on that all-important renter income, you don’t want to also have to pay a daily standing charge to your energy provider. If only there was a contract type designed especially for this type of situation, with a Â£0 standing charge?
Well at British Gas there is, designed especially for landlords because we recognised this as an issue for our customers so designed a contract type especially for you. Find out more here.
Maximum energy use clause with renters
If you pay the energy bill, it may also be a good idea to include a maximum energy use clause with renters. This should especially be done if tenants are using vast amounts of energy for music production, electronics, video games, computer servers or cooling for example. This will give you control of your expenditure, so you will know the maximum you will be paying out each month and allow the renter to foot the bill for the rest!
Commercial landlords that want to cut costs and improve profits are continuing to invest in new strategies that will produce those desired outcomes. Whether it is simple items like innovative energy contracts or more complex insurance agreement, there are many options a landlord has within their control.