How to get your business rental ready

Ithala Development Finance Corporation are experts in this industry and boasts one of the largest rental property portfolios in the province. The property managers at Ithala are able to assist with your application and can help you decide whether your business is ready to take this step. Here are a few tips you should consider:

1. Get your paperwork together

Renting a space is not just supplying a few months bank statements and putting down the deposit required, there are financial documents that are necessary to get the rental space you want. Speak to your property managers and ensure that you have all the paperwork they need to put your application through without any hassles. It is your job to ensure that you have up-to-date and verified records on hand for your application. The kind of documents you might need includes ID documents, proof of address, company CK documents and bank statements among many others. This will ensure that the process moves ahead without complication. If you’re not sure about certain documents, save time by asking your property manager to clarify exactly what you need.

2. Read, read and read again

We all know that you should never just sign any documents without reading it thoroughly, and the lease agreement is one of those documents. Make sure you’ve read the agreement and understand it completely. If you’re struggling, find help from someone who understands these documents. It wouldn’t hurt to also procure a legal service to help you fully understand what it is you’re signing. Also, make sure you read the application forms and have answered all the questions properly. You wouldn’t want to have to redo the forms because of small mistakes. Cross all your t’s and dot all your i’s and you should be on the right track.

 3. Check your budget

You’ve found a great space that gives you all you need, want and more, but can you afford it? Ensure you practice due diligence and set up a budget. Keep in mind that there might a deposit of 2 or even 3 months in order to secure the property, there will be moving costs as well as other incidental costs which could creep up on you. Can your business afford the move easily without stretching itself too much? Be honest with yourself and with your business projections and you won’t collide with any nasty surprises a month or two down the line. Make sure you also clarify who is responsible for what costs when it comes to upkeep and maintenance and that all quoted costs include taxes. It would be useful to sit with your accountant and ensure you have all your money and financial ducks in a row.

Read: 6 things to look for when renting an industrial property

Ithala Development Finance Corporation has a portfolio of properties in various KZN locations to suit your needs and meet all your requirements. Developments such as Paramount Park and Pinemead Park will leave you spoilt for choice. Visit www.ithala.co.za for more information and to speak to an experienced property manager and advisor.

Read: Three reasons to rent industrial or commercial property