Owning a building that you can lease to different businesses can be a lot of work. It is your duty to make sure you provide an adequate working space for the people paying you. If you are new to the game or want to improve your standing, consider the following pieces of advice.
1. Focus on Safety
Make sure that emergency exits are clearly marked so that building occupants won’t be confused if and when they have to use them. Then, hold fire drills periodically so that people will know the process. If you have elevators, tenants should know to avoid them if possible and use the stairs instead. Always inspect the elevators and ensure that the emergency buttons work. You can use a hydrostatic test pump to verify there are no leaks in your sprinkler system. There should also be fire extinguishers and first aid kits readily available.
2. Plan Ahead
From time to time, there will be vacancies between renters. In this case, you will need to budget so that you can cover the mortgage. If you are in a popular area, you might think about expanding your building. Do you have room to do so? Another thing to consider is the accessibility of the units. Folks in wheelchairs should have no problem navigating the halls and doors should have braille for blind people to know where they are headed.
3. Be Friendly and Professional
There is nothing worse for lessees than when their landlords are absentee. Take care of landscaping needs so that people can go to an attractive place to work. Things will inevitably need maintenance, so make that a priority. Always take the concerns of your tenants seriously and respond to them in a timely manner. If they are the ones not holding up their end of the bargain, try to work with them. If they don’t respond well, you can consult a lawyer.
If you can’t provide a safe, functional working environment for companies who want to rent office space in your building, you should not be in the business. However, if you stay on the ball, you can make a lot of money while gaining a good reputation as a property owner.