As another first of the month approaches under lockdown, small business owners feeling the crunch from COVID-19 should be having clear and consistent conversations with their landlords.
According to our panelists on the Navigating Your Commercial Lease During a Disaster webinar, communication between the tenant and their landlord is a two-way street.
While a small business owner depends on the landlord to provide a space to do business, the landlord depends on their tenant to provide rent payments that allow them to meet their financial obligations. When there are disruptions to these arrangements on either side, there are actions defined in the lease.
That’s why it’s important to talk openly and honestly about your current capacity to meet the terms of the lease.
Here are a few tips John Boone of Orchestra Partners gave during our Navigating Your Commercial Lease During a Disaster webinar:
- Ask for a rent holiday.
- Ask for a rent reduction.
- Ask to pay Common Area Maintenace charges only
- Ask to have your security deposit applied to your rent
- Offer guarantees for customer payment for later
Watch him, Casey Howard of Harbert Realty and Kaitlyn Bentley of True 40 explain in detail in the above video.
News
-
How to navigate your commercial lease in a crisis: 6 tips plus a webinar video
Filed Under: Downtown Birmingham, Front Page, Potential-Proving, Small Business, Workshops
If you’re a small business owner wondering what to do about your upcoming rent, you’re not alone. Here are 6 tips from the REV Biz Team…
Related News
-
The Woodlawn Street market is back in action this spring, CELEBRATING 10 YEARS!
Filed Under: Front Page, Small Business, Woodlawn
We are so excited to announce that the Woodlawn Street Market is here to stay in 2023! The tenth season will kick off April 1st on 55th place, featuring over 60 vendors. The WSM has been a staple for the Woodlawn Community for years and has helped stimulate entrepreneurship in The Magic City.
-
Check out what's POPPING in Woodlawn with Tanesha Sims-Summers!
Filed Under: Birmingham Food & Drink, Front Page, Small Business, Woodlawn, Yaysayers
Have you tried Naughty But Nice Kettle Corn, located right outside of downtown? With over eight different flavors to choose from, NBNKC is the perfect snack to satisfy your sweet OR salty tooth. However, NBNKC is more than just popcorn; Tanesha Sims-Summers, owner and founder, believes “We make Birmingham sweeter one kernel at a time.
-
4 reasons you should move downtown according to the Moore sisters!
Filed Under: Downtown Birmingham, Front Page, Residential, Yaysayers
Meet Lauren and Marina Moore! These sisters have lived at The Watts residents for the past two years. Learn why the Moores choose to live downtown rather than stay in the suburbs.