Congratulations on moving out of your living room and into a professional let. Now, the company should go from strength to strength as it looks and feels like a big business. Usually, this rubs off on customers and they start to invest more as there are fewer trust issues.
Renting office space isn’t hassle-free, though. The fact that you have to deal with a landlord means there will be problems that will cause your stress levels to skyrocket. The only thing you can do is attempt to solve them without running your relationship.
Below are the most common issues and the tips which will come in handy.
Repairs are by far the most awkward thing to deal with because landlords are lazy. There’s a leak in the roof and you need it fixing ASAP, yet it might take them a week to take a look. All the while, the conditions in the office are terrible and morale is dropping. As long as you didn’t agree to an obligation to repair clause, then it’s their problem and constant messages should be enough to force them into action. Or, you can get in touch with the likes of Mr. Roof and pay for it out of your budget. But, only do this if the landlord agrees to pay you back and you trust him/her. Otherwise, you might never see the cash again.
Tenants see subletting as a straightforward way to make some extra cash. After all, there is plenty of room and it would be nice to have someone to split the bills with. Just because it’s your office doesn’t mean it’s your office. Tenants always have to ask for the landlord’s permission before leasing out space to another business or individual. Landlordology has advice on how to get the yes for those that need inspiration.
Loss Of Profits
Everything is going swimmingly, and then is a downturn in the market. Suddenly, the rent isn’t affordable any longer and you’re struggling to meet the terms of the deal. The last thing you should do is suffer in silence because the landlord won’t be sympathetic if you drop it on him/her at the last minute. Instead, tell them in plenty of time that there isn’t enough money in the budget. If you’re lucky, they might renegotiate the lease or set up a payment plan to help you through the hard times. Other than that, you’ll need to find a new tenant to take over your responsibilities.
The upkeep of the property might be your job depending on the terms and conditions. Typically, the tenant is obligated to contribute to the maintenance costs of the building. What you can do if you think the amount is going to be high is to opt for a service charge. That’s where you pay the landlord a flat fee for things such as cleaning services and insurance and they take care of the preservation of the offices. Make sure you have it writing before signing on the dotted line.
The key is to communicate and do your due diligence.