Small Businesses and Landlords: The Perfect Match?
Earlier this week, I wrote an article called “4 Red Flags in a Commercial Lease“. The point of this article is to address the opposite situation and show you the 4 Signs You Found The Right Landlord for Your Business.
How do you know when you have found the right landlord for your business?
Keep in mind that having the coolest space in the world might not make up for having rocky relationship with your landlord. Your relationship with your landlord can actually make or break your business. So how can you tell if you found Right Landlord for Your Business?
- Proven Track Record– your small business landlord has done this before and they have a good relationship with existing and former small business tenants.
- Everything is in Writing– your small business landlord gets everything in writing in a timely manner.
- Organization– a good landlord is organized and keeps track of all paperwork and payments. Nothing is quite as stressful as dealing with a landlord who misplaces your rent!
- Your Landlord Cares About Your Business– the best kind of landlord for your small business is one that is interested in your small business and its success.
A Side Note
We see a lot of disputes between landlords and small business tenants (and small business landlords) arise from a misunderstanding of various duties. Make sure the lease clearly states the landlords duties and the tenants duties respectively. Your landlord is not required to:
- Your landlord does not have to explain a lease to you. If you need a contract looked over, you might want to call a lawyer.
- Your landlord should keep timely records, but you should rely on keeping your own records.
- Your landlord is not required to be your best friend. This is a business relationship.
Finally, remember that finding the right landlord is but a small part of the puzzle. We’ve written several articles on the topic, including Finding the Right Location
Law 4 Small Business. A little law now can save a lot later.