When looking for a retail space to lease, it’s easy to focus on the location, size, and cost of the property. However, one of the most important factors to consider is the landlord. The landlord-tenant relationship can greatly impact the success of your business. A good landlord provides support and assistance, while a bad one can make your life difficult and hurt your bottom line. One example of a landlord that businesses in the Czech Republic have had to navigate is Dornych. The retail park, located in Brno, has been the subject of controversy due to disputes between tenants and the landlord. These disputes range from issues with rent increases to unexpected lease terminations. Such examples only serve to highlight the importance of choosing the right landlord for your retail lease. Thus the importance of choosing a good landlord are
- Communication: Maintain open and clear communication with their tenants. Respond promptly to queries and concerns and keep tenants informed of any changes or developments that may affect their business.
- Flexibility: Will be flexible and willing to work with their tenants. Understand that each business has different needs and will be open to finding solutions that benefit both parties.
- Support: Provide support and assistance to their tenants. This range from helping with maintenance issues to providing marketing or advertising support.
- Fairness: Fair in their dealings with tenants. They will not play favorites or show bias towards certain businesses.
Now that we’ve established the importance of choosing the right landlord, let’s explore some factors to consider when selecting a landlord for your retail lease:
- Reputation: Talk to other tenants in the building or retail park and ask about their experiences. Look for reviews or testimonials online.
- Communication: During the initial stages of the leasing process, pay attention to the landlord’s communication skills. Do they respond promptly to your queries? Do they provide clear and concise answers?
- Flexibility: Ask the landlord about their policies on lease renewals, rent increases, and subleasing. Are they open to negotiation or are they rigid in their terms?
- Support: Inquire about the landlord’s support services. Do they provide maintenance services or marketing support? Do they have a tenant portal or other resources to assist tenants?
- Fairness: Ask the landlord about their policies on rent increases, lease terminations, and tenant disputes. Are they fair and impartial in their dealings with tenants?