Managing a commercial rental property comes with its own unique set of challenges and, moreover, when your property is home to a selection of different businesses, unification and harmony between them is naturally crucial.
So, whether you have been experiencing difficulties in this area recently, or you are simply anticipating and therefore eradicating the possibility of a problem, then this article is for you.
Here are four ways to help manage a commercial rental property with multiple businesses.
1. Offer More Flexible Lease Terms
The world of business is ever-changing and these days, the economic climate is certainly not as stable as it has been in the past.
Due to this, if you currently have one or more empty floors, or office spaces, then changing your core lease terms is likely to make a substantial difference to the popularity of your property to prospective commercial tenants.
2. Encourage Respect and Boundaries Between Tenants
One of the easiest—yet incredibly multi-beneficial—points to know and remember is to encourage the respect between different businesses who are sharing your building.
More specifically, helping them to set clear boundaries and privacy lines, especially if one or more companies share the same floor of the property, will make your life easier, as well as theirs. Industrial stencils from reputable and established suppliers such as stencilease.com will help you in a myriad of ways to achieve this, from ensuring car parking spaces are clearly divided and labeled, to ensuring appropriate signage throughout the building.
3. Be Open to Alterations
Moving your attention to new commercial tenants, right from the first meeting when you are discussing the details of the lease agreement, you should be open to any alternations, providing they are, for the most part, superficial and aesthetic.
You are far more likely to be an attractive landlord and have a full and lucrative property if you are open to, for example, new businesses erecting their own signage, both inside and outside the building. They may also want to consider moving plug sockets and even knocking down internal walls.
4. Make Amendments to Include a Break Clause
The fourth piece of advice for both new and experienced commercial landlords alike is to consider amending your current standard lease agreement to include a break clause.
Essentially, a break clause is a specific and detailed paragraph officially stating that in the event of bankruptcy or if a commercial tenant is facing financial difficulty, they can be released from the agreement before the duration of the tenancy has come to an end.
Obviously, the inclusion of a break clause with your contract is by far an ideal situation for any type of landlord to find themselves in, but if you are looking to attract more commercial tenants, this will make a huge difference to the popularity of your building. Another reason why a commercial tenant may be looking to utilize the included break clause could be to move to a larger premises as their business is growing and expanding.
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