Disposing of space
You may have surplus property that you need to dispose of. There may be the remainder of a lease obligation, or you may need to sell a freehold. Whichever is the case, the services of your commercial agent will be essential. Like the process of acquiring space, you will need to dispose of surplus offices at the most financially advantageous rates.
If you are tied into a lease, you may need to face the fact that sub-letting to another occupier may only serve to reduce your outgoings. This would be because the rent you can now achieve on the space is less than that which you pay to your landlord (the passing rent). Don’t forget, your obligations under the terms of your lease go on until the end of the lease term. If you are assigning your lease, you may also have to provide a guarantee to your landlord to cover him should anything go wrong with the new tenant. Bear in mind, however, that in addition to the rent, you may be able to reduce your obligations in terms of rates and service charge.
Preparing your building for sale or letting is an important element of the marketing process. Avoid leaving it in a mess, clear out all surplus materials and machines and leave it clean. When your property is viewed by potential occupiers they will look at several in a short period of time, as you did during your search. Do not make them remember yours as the one that was in a mess – better to set your property apart by being the best presented. Do not forget that empty buildings still need cleaning. Flies, in particular, collect in the building and die on the window cills. This is a sure sign to any prospective occupier that the building has been vacant for some time. Similarly, mail will collect behind the letterbox, and again will give a poor impression if it is allowed to pile up.
Marketing tools such as brochures, advertising and promotion will vary considerably. Your commercial agent will advise on this and what budget should be set aside. Alternatively, seek guidance from one of the specialist property marketing companies, who will work alongside your commercial agent.
As in the case of acquisition, there are certain tasks that your commercial agent will need to do on your behalf.
