All offers received for your commercial property will go through your agent, who is required by law to inform you about them. You are not obliged to accept any offers received. Your agent will be able to formally advise you on offers and the merits of the same. It is important to consider if the offers being made represent fair value. Whether you have accepted or declined the offer, the agent will confirm your response in writing to the party who has placed an offer. Agents may provide a tenant screening process, to determine the covenant strength of the tenant. This could affect the value of the property and needs careful evaluation. Your agent can provide this service.
If you have decided to accept an offer, a draft lease agreement will be prepared for you and the tenant to approve. A lockout agreement could also be considered (please refer to ‘Exchange of Contracts and Completion’ section).
If you have the right product in the right location, there should be demand for your premises even in today’s difficult economic times.