You might be thinking of starting your very own rental business which will require you to spend a great deal and time figuring out the market and financial backing. You will have to be able to locate the best deals in town to keep your customers happy. What to focus on when starting your very own rental company:
FIGURE OUT THE DIFFERENCE BETWEEN OFFICE AND RESIDENTIAL
You must be able to figure out the differences between office and residential. Some types of commercial properties will have to be valued differently in comparison to a residential one. Generally residential properties happen to be more costly than others so you might incur more property taxes. The level of assessment for the commercial ones will go for at least 50- 60 percent of the market rate. Make sure that you also focus on finding the best deals on central office rent.
FOCUS ON THE DIFFERENT NEEDS OF THE OFFICE TENANTS
There are many different office tenants out there who are very different to various residential ones. Some might simply request for a bedroom, bathroom as well as living room which will have a kitchen with many different amenities. Some might even request for condominiums which have a lot of security. You will have to figure out which ones you must cater to.
THINK ABOUT THE DIFFERENT RESPONSIBILITIES
You will have many different responsibilities to focus on. You will have to think about how you can find the best space for your clients while minimizing on any tax problems. The tenants of the space will most probably be corporate individuals who will not like to become noticed by the Inland Revenue department. You will have to make sure that the lease office in Hong Kong is not subjected to any safety inspects or fines too.
ASK OTHER REAL ESTATE AGENTS
It is important that you do speak to various other real estate agents so that you gain some knowledge about the properties around you. There are many different ones out there who cater to the needs of different individuals. You will have to think about asking them questions about the parking spaces, cabling for the entire building and what sort of factors will new tenants be looking into. Gaining a perspective of another agent will help you grow your business further. Make sure that you do make the correct decisions when you are trying to grow your business. You can even ask your family members for support. Make sure that the person you ask for support is someone who is experienced and skilled in the task.