What does IME cover?
When you own a commercial property, you need to know the rent is being collected, the building is being looked after and somebody is keeping an eye on the lease. You also need a straight answer when something goes wrong.
That is the job we do for landlords at IME.
We manage shops, offices, industrial units and other commercial properties across Edinburgh and the Lothians. Some clients own one property; others have several. We agree what each property needs at the start, then keep the landlord informed as we get on with it.
Our management fee is 8% of the annual rent plus VAT.
What we look after
We collect the rent, keep records of income and expenditure, and give you clear statements. If a payment is late, we follow it up and tell you what is happening.
We deal with tenants’ day-to-day questions and arrange repairs and maintenance where these are the landlord’s responsibility. We speak to contractors, check the work and keep an eye on the cost.
Where a property has a service charge, we manage it in line with the leases. That can include collecting payments, preparing a budget for your approval, paying suppliers and reporting on the accounts. What can be charged back to tenants depends on the wording of their leases, so we check that before committing to expenditure.
We also inspect the property at an agreed frequency. It gives us a chance to spot issues early and discuss what needs done, rather than wait for a larger problem.
Commercial leases come with dates and decisions that are easy to miss when you are busy with other things. We keep track of rent reviews, break options and lease expiries, and discuss them with you in good time. If a tenant asks to alter the premises, assign the lease or sublet, we help you assess the request and involve your solicitor where formal documents are needed.
We also deal with insurance matters, claims and property safety issues as they arise, bringing in the right specialist when required.
Thinking ahead
There is a useful connection between our management work and our commercial agency team. If a tenant tells us they intend to leave, we already know the property. We can talk to you early about its condition, how it might be marketed and what businesses may be looking for that type of space.
Finding a new tenant, negotiating a rent review or preparing a dilapidations claim would be a separate instruction, agreed with you before that work begins.
Good management is often fairly quiet. The rent comes in, tenants know who to contact, issues are dealt with and the landlord is kept up to date. When a decision is needed, you can speak to us directly and get a practical view of your options.
If you would like us to look after your commercial property, call IME Property Agents on 0131 290 2350 or get in touch here.