Hi all,
Im looking for any feedback you have!I recently purchased some commercial space (my first!) with a Collins street address in Melb. Its in a building which I think is 100% occupied (except for mine!).
I did a mail out to current tenants as well as listed on commercial in realestate.com and only received 3 queries. Seemed a little low considering the place appears in high demand.
So I then spoke to a commercial management company who believed my asking rent was too high. Im not too sure that it was because its the same price the previous tenents were paying and the building is fully occupied. They also charge a fee of 4 weeks rent plus 5.5% mananagement fee.
Ok my main questions are:
1. Where do you think the best place is to ad in order to get best responses?
2. Is it possible my wording of the ad (ok you have not seen it!) is not attractive? So what type of things work?
3. Does 4w + 5.5% mgmt fee sound reasonable (propsed weekly rent is around $500)?Many Thanks
Matt1a. The window.
1b. Talk to other tenants in complex. Face to face works for me.2a. It’s possible.
2b. Face to face works for me.3. No.
Thanks Dazzling!
Ok ill do it! Im not terribly comfortable walking up to other tenants but I dont want to pay 4w rent either!
I wanted this to be my first property to try managing myself. But also working full time and not getting much interest from the mailout I figured maybe I dont have enough time – or was approaching it the wrong way.
Thanks again Daz
Matt
Just wondering, what have people found is the standard costs for commercial property management?
eg residential I have found its 2 weeks let fee + $17.5 lease write up + 3-8% commission.
I dont know what to expect from commercial?
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