Too many business attempt to do a deal without knowing who they are dealing with. As good as the virtual space is, you should always spend some time in person with your landlord.
Why you should get to know your landlord in person?
Why do businesses still spend thousands of dollars per year on flights to meet people “IN PERSON” instead of doing the deal over the phone or on Skype?
If you are going to make a commitment to sign a lease with a landlord, it’s important to have a relationship with them you can TRUST. Here are some things to consider:
- What is the initial feeling you get when you meet them?
- Will they take care of me, or
- Could this be a really long and bad date? (Bad date meaning they take you out to an expensive restaurant and make you pay!)
- Does the landlord care enough about your business to understand it enough to confirm the details of the right power, layout, future growth, and perhaps opportunities you will have in the future?
- Do they seem like caring people that will be there when you need them?
- When something happens, regardless of whose fault it is or who is paying for it, a good landlord will be ready to suggest trades to fix the problem quickly and cost effectively, and know the building or have CAD drawings to add insight to the situation.
- Check if the landlord has a reliable in-house maintenance person or access to a crew they use year round.
- Find out if the landlord does simple things like sending the tenants Christmas gifts or dropping by once in while to see how business is and how the building is doing.
- Are they considered a “Sophisticated Landlord”? What does this mean?
- Have they done multiple deals in various industries?
- Are they in good standing with the bank and will they make it through an economic downturn?
- Have they are been around for years, through thick and thin?
- Will they stay true to the lease and not try to change the TERMS of the lease or increase the rent rate every year even though the lease is already signed? This has happened to some of our current clients, and that is why they are with us now.