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One of the first things a new commercial landlord learns is that renting properties to prospective tenants can get extremely complicated, but the most difficult task is selecting the right property. Investors and landlords need to consider a number of factors, including rental income potential, appreciation of the property, and the liability that comes with being a landlord. Above all, Jayme Nabors, co-founder of NBI Properties in Fort Walton Beach says that selecting the right property is paramount to a landlord’s success.
“When looking for commercial properties, it really is all about location, location, location!” Nabors said. “It can sometimes be tricky to find a commercial rental property that will attract tenants and complement other business in the area. We steer our clients to properties located in busy areas with plenty of other commercial buildings nearby.”
Landlords must also research the rental regulations where the property is located, as regulations and codes often vary from city to city. If the property requires any renovations, they must be documented by a certified professional and performed by licensed contractors. Nabors added that construction type should also play a big part in making any property decisions.
“Restoration and upkeep is typically more expensive with older buildings,” said Nabors. “It’s important to weigh all of the potential costs associated with a building’s construction type and ultimately choose one that fits your budget and your plans for the property.”
Landlords must also factor in safety concerns, a huge liability with commercial rental properties. Older buildings will definitely need to be checked for asbestos, mold, lead paint and radon. There can also be requirements for handicapped ramps, electrical wiring, smoke detectors and other enhancements. A licensed building inspector can be helpful in pointing out safety issues and estimating the cost of rectifying any issues.
“Commercial rental properties represent a huge opportunity for generating income,” said Nabors. “We’ve been helping our clients choose the best locations for years and will continue to show them the best the Emerald Coast has to offer in 2016.”