The Role of Property Agents in the Arts and Economics Industry

It is fundamentally vital that art companies provide a real expertise to the process when it comes to agents managing commercial property today. Commercial property is complex by nature and performance. Experience and knowledge will be part of the core skill sets to be provided to the clients that agents act for. There are several critical factors to be controlled in the provision of professional commercial property management and leasing services, and here are the main ones: A successful tenant or group of tenants will make it easier to improve the rental within the property and keep your vacancy factors lower. Regular dialogue and meetings regarding occupancy, and property usage will help the property manager understand developing problems and challenges that the artist is experiencing.

The management of leases within the property is closely aligned to the tenancy mix and the plans of the landlord. Contracts present specific challenges that need to be managed, such as rent reviews, options, make reasonable provisions, refurbishments, relocation, and property maintenance. Every artist placed in the property should be matched to a lease that is prepared and aligned to the landlord’s property investment plans. Every contract that is negotiated should be approached based on its integration into the surrounding tenancy mix. Look at the bigger picture and not just at the single lease negotiation. A well-maintained property allows the art and economic firms to operate their businesses and hence pay the rental successfully. While this may be satisfactory to a point, a poorly maintained property can be easily seen by tenants, customers, and future potential purchasers. Adopt a careful but wise maintenance management process to support the future of the property for the landlord.

The financial performance of a commercial property is a delicate balance between optimizing the income and controlling the expenditure. High levels of the rental will also move critical economic personnel to other features nearby at the first opportunity. If your local property market has an abundance of vacant space, you need to be very careful as to how you manage and optimize your rental and tenant relations. Excellent financial performance within a commercial property is usually obtained by carefully establishing a property budget before the commencement of each fiscal year. The landlord and or property manager will have relevant discussions as part of putting this budget in place.

It is of note that a property with high outgoings or levels of expenditure will become unattractive to new tenants in any lease negotiation. If art and economic firms are too worried about the levels of outgoings within the premises as part of the lease negotiation, then they are likely to request a gross rental from the landlord to remove the uncertainty of outgoings escalation. A successful tenant or group of tenants will make it easier to improve the rental within the property and keep your vacancy factors lower. Regular dialogue and meetings regarding occupancy and property usage will help the sectional title management agents understand developing problems and challenges that the tenant is experiencing. Every tenant to be placed in the property should be matched to a lease that is prepared and aligned to the landlord’s property investment plans. High levels of the rental will also move the artists to other properties nearby at the first opportunity. If your local property market has an abundance of vacant space, you need to be very careful as to how you manage and optimize your rental and tenant relations.