So, you are a landlord of a commercial property, with a great building that is fully let to excellent tenants. What could be better? Obviously, if you find yourself in this position the goal is always to keep the tenants happy and to enhance their experience so that you can justify the inevitable rent increases that will come along on an annual basis. So, what can you do to ensure that their experience is a good one, while at the same time ensuring that you are not spending large amounts of cash that you don’t really have. Here are a few ideas to ensure that you and your tenants stay on the best possible terms.
Climate control is important
There is nothing that gets people in office building hot under the collar quite like a broken heating system. Office temperatures are already contentious issues between colleagues with some liking to operate in warmer conditions while others like it semi-Arctic. But at least that is an internal debate that they can have amongst themselves, if your air-conditioning unit packs up then everyone rounds on the landlord and it isn’t fun. Make sure that you are partnered with a good service provider in this regard. Somebody who will jump when you call and who will not rest until the problem is solved. A quick online search for something like ‘ducted heating installation Melbourne’ or similar, should be enough to help you unearth the right type of partner. Meet them, agree rates and add them to your speed-dial.
An office without plants is a very sterile place to work in. Plants are not just mood enhancers they also clean the air, flushing out carbon dioxide and replacing it with oxygen. It is almost impossible to have too many plants in an office. Plants are great for the mood as they tend to relax people and stimulate creativity. But importantly, make sure that your plants are well looked after. Because as much as plants are good for the mood, if they are dead or dying or even just tatty and wilted, they project a horrible image into the workplace. There are companies that specialise in office vegetation. They will regularly visit the office to water and trim plants and to make sure that your place of work is always a green and happy one.
Wherever possible look to tie your tenants down to long-term leases. A long-term lease means security for both you and the tenant. It allows both of you to plan and budget for the long-term and it means the tenant can safely invest in infrastructure and systems that might be tricky to move. In negotiating a long-term lease think carefully about things like escalation clauses as it is obviously hard to tell how the economy is going to change over a ten-year period. But it is a risk that is worth taking, especially if the terms of the lease mirror those in your mortgage agreement or any other third-party contracts that you might have in place.