Consider this: you found the perfect warehouse. It's in the right location, is equipped with all of the loading that you need, has high enough ceilings for you to rack to the level that you need, and the fire suppression equipment that your insurance requires. While that's all well and good, I'm here to tell you to look beyond just features and price. Who are you leasing from and what kind of a landlord are they? This article reviews the top ten attributes of a landlord that you should look for.
1. Reputation. Determine the reputation behind the name. The length of time the landlord has been in business for and the roots that they have in the community says a lot about their character and how they do business.
2. Property Management. How the building is managed and maintained is an important factor to consider before you commit yourself to a lease. Get a feel for how the building is operated. Make sure there is a professional property management staff in place with plenty of experience in dealing with industrial buildings.
3. Maintenance. Ask about preventative maintenance programs and the upkeep of the facility. It helps if there is maintenance that is readily accessible for those emergency situations.
4. Lease Structure. Find out if the landlord can tailor lease terms to your company's unique needs. An experienced, professional landlord will be able to anticipate most of the potential expenses and likely problem areas and will include and address them in the lease document. A lease that is overly simple may be silent to many potential problems that could arise in the future.
5. Cost Conscious. If you are on a net lease, a good landlord will be active in negotiating pricing for contract services. It's the law of the economies of scale - the more properties he has the better pricing he will be able to negotiate. He should also actively appeal property tax assessments. He is allowed to make the appeal once every three years according to tax law. An excellent landlord will also be involved with keeping utility costs down whenever he can.
6. Active Community Member. A landlord with strong ties to local governments and economic development directors may be able to provide you with specific opportunities that the next landlord will not have, such as knowledge of tax abatements.
7. Market Knowledge. With an experienced leasing staff in place, you have access to a lot of relevant market knowledge. They can assist you with current and future space needs as they arise.
8. Multiple Locations. When the landlord owns multiple facilities, there are a lot of synergies that will positively impact you. The landlord with multiple space options should be able to move you from facility to facility as your business grows, and you can open a second location within their portfolio and not have to renegotiate the entire lease.
9. Creativity. Look for a landlord that has creative solutions for you, especially in today's market place. Things will change for your business beyond what you expect and you want a landlord that can change and grow with you.
10. Facilities Team. If an owner has a facilities team in place they can assist you in attaining Auto CAD drawings, and possibly plan your space for you, to circumvent the cost of outsourcing.
Finding the right commercial industrial warehouse in the right location can be a time-consuming process. While product features are very important, look beyond that and make sure that the landlord is right for you, too.
Written by: Suzanne Asher Broadbent
Director of Sales and Marketing
Weston, Inc. offers industrial real estate in Cleveland, Ohio Louisville, Kentucky, and in markets across the country. For more information on industrial real estate, visit our website today.
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