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Three Ways To Promote a Healthy Rental Culture For Commercial Tenants

What is a man or woman’s word? Is it worth anything anymore? When you are working in commercial Real Estate, you can guarantee that your name and whether you keep to your word will get around really fast. Sometimes people will say untrue of unfair things, but that will quickly be overcome by all of the positives if you are a consistently dedicated and ethical commercial business building owner. Keeping your word is what makes your business – so make sure you are known as someone who is fair, ethical, lawful, and approachable. Nobody wants to have to “lay down the law” with their tenants, but it’s an absolutel must to protect your name, legal interests, the safety of others, and your reputation.

Three Ways To Promote a Healthy Rental Culture For Commercial Tenants

  •  Know the Laws and Follow them
  • Keep the building up to safety Codes
  • Conduct Regular, Planned, Announced Visits

It’s hard to follow the laws of rental property if you don’t know what they are. They county courthouse Is a good first place to stop to make sure things are up to date – all permits are within regulation, nothing is expired, and there are no taxes that need to be paid, etc. It’s a good idea to strike up a friendly relationship with your county courthouse clerks – that way they are likely to alert you immediately if there is a problem. Its always a good idea to have legal counsel on retainer, particularly if you own a lot of commercial real estate or rent out commercial real estate that may be prone to lawsuits (nightclubs, athletic endeavors, etc.) The time you save by being able to call and attorney and ask a question is well worth the money you spend. Make sure you are never discriminating against anyone in a protected class. In short, be the kind of person you’d want to do business with.

Don’t scrimp on safety. It never works out, and it always reflects poorly on the owner. Make sure the smoke detection system is working, the sprinkler system is working, the fire escapes are clear, promptly respond to any complaints, especially involving plumbing, heat, or other thins that could be harmful. Insist on a no smoking building (you can designate a smoking area away from the door, according to your state’s laws) but be non-negotiable about it. Invite the local fire department to come visit your building. Most are happy to do so and may find hazards you didn’t know you had.

Nobody likes a surprise visit from the owner- not even a commercial business. Make sure you announce two weeks in advance what date you will be stopping by and the approximate time. You don’t want your tenants to be afraid or feel like they can’t tell you things. When you arrive, don’t reprimand anything in front of customers or workers. If there’s something you noticed that must be addressed, put in writing and send it to your tenant, then schedule a meeting face to face to address it. Always aim for a cooperative type relationship that encourages openness and honestly on both sides. Keep your word, and hold your tenants to theirs.

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Newest Key West Commercial Properties on the Market

Built in 2007, this commercial, mixed-use property is situated on White Street off of Elgin Lane very close to Eaton Street and minutes to the Historic Seaport. The current commercial tenant is using the office space for chiropractor services. As you enter the front door, the current layout is as follows. A waiting area and enclosed front desk greet you. To the left of the waiting area is a private windowed office. As you continue into the space there is a treatment room to the right and a supply room to the left. Either of those rooms could easily be transformed into another office. Further on there is an efficiency style kitchen and an ADA compliant bathroom. A set of floating desks lies beside the kitchenette. There is the possibility here for 4 offices and a floating workspace. The property offers 3 off-street parking spaces for the business including an ADA compliant spot in the back of the building.  A private entrance in the rear of the building will lead you up a flight of stairs to the two one-bedroom, one bath units. Each unit offers a small kitchen and loft area. These apartments are in the affordable rental pool. ($1,600 each per month) Great place to live and work! $1,150,000 Active

412 White Street 101 KEY WEST, Florida

2 Beds 3 Baths 1,513 SqFt

Ideal Small Commercial Space for Lease in Old Town.  Excellent location next to the laundry mat on the corner of Eaton and Elizabeth Street's. Perfect for small retailer or business professional with approximately 500sq.ft. of space and street visibility. $2,950 Active

627 Eaton Street down KEY WEST, Florida

1 Baths 500 SqFt

Perfect private office space with windows available for lease office 214 is approx. ~162sf, perfect for two+ desk. Join the friendly business environment catering to a diversity of local small business owners located the 626 Josephine Parker Office Suites in Old Town Key West. Common area breakroom & restrooms, electric and water included. Sales tax is in addition to the monthly rent quoted. Parking is assignable and $150 in addition to rent each month. $1,000 Active

626 Josephine Parker Drive 214 KEY WEST, Florida

2 Baths 162 SqFt

Very rare opportunity to own a piece of Key West History! The iconic Coffee Mill in Old Town, Key West is one of the most recognizable buildings on the island. Built prior to 1907, the property was home to an active coffee bean processing plant until the 1950's. In recent years, the building was famously home to one of Key West's most popular dance studios -- and now is being used as a holistic medicine and wellness center. The current owners have done extensive renovations to update the space to today's standards while maintaining many of the historical features of the property. Updates include a complete modernization of the electrical and plumbing systems, new central A/C and ductwork, masterful restoration of the original hardwood floors, and the construction of private treatment rooms and a business office -- all while preserving the original exterior and character of the building. Additional features include multiple skylights, a period correct metal shingle roof, beautiful historic arched transom windows salvaged from Henry Flagler's Casa Marina hotel, and an updated bathroom. The property is up to current building code and ADA compliant, and was awarded a Ceramic Star for historic preservation and a Certificate of Excellence by The Historic Florida Keys Foundation. The Coffee Mill has been a staple in Old Town for over 100 years and continues to be an important part of the historic district. Commemorating its roots, a section of the milling equipment has been preserved and is on display in the main room of the Mill. Located just steps from world famous Duval Street and walking or biking distance to the island's best restaurants, shopping, and galleries. If you're looking for a space that's as unique as Key West itself, look no further than the iconic Coffee Mill. Easy to show! $1,000,000 Active

916 Pohalski Street KEY WEST, Florida

1 Baths 1,256 SqFt

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Posted in: Business Solutions, Buyers, Buying Commercial Real Estate, Coworking, Landlord Rights, Leasing Commercial Real Estate, Owning a Business, Renting Commercial Real Estate, Sellers Tagged: Commerical Tenants, How to manage Commercial tenants, legal concerns for commercial real estate

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Key West Office

RE/MAX ALL KEYS REAL ESTATE
305-296-1400 Office

Business Address:
517 Duval St Suite 200, Key West, FL 33040

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RE/MAX ALL KEYS REAL ESTATE
305-451-0060 Office

Business Address:
98880 Overseas Hwy, Key Largo, FL 33037

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RE/MAX Advance Realty
305-444-7111 Office

Business Address:
7220 Red Rd., South Miami, FL 33143

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