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A Sudden Increase in Rent

Posted on October 15, 2018 by Genet Group

Over time, neighborhoods grow and change. Take for example the Meatpacking District in New York City. Though it’s had a history spanning far before the industrial revolution, its name comes from the time in which it was a large industrial powerhouse of a neighborhood, filled with factories and warehouses. Now? It’s become a much more diverse and bustling spot for commerce and for residence. Any neighborhood on a similar path would likely be dubbed “up and coming,” with new restaurants moving in, new real estate developments, and an influx of people with money to spend at these new spots. Case in point: the entire landscape of a location can change in a matter of years.

 

Naturally, as neighborhoods change over time, so do the prices of renting property within them. When the Meatpacking District was still filled with factories the cost of living there was marginally low. Now? Definitely not.

 

If you currently lease property in a commercial lot that’s had an influx of business, or in a neighborhood that’s recently had a real estate boom, you might come across the dreaded notice from your property manager: an increase in the price of rent. What should you do when faced with this change?

 

First off, assess your financial situation. Can you realistically afford this increase in rent? How much more will it cost you over time and what could it mean for your business to incur this increased cost? It can be expensive to move, but the one-time cost of a move to a cheaper location might be less than the long term cost of an increase in rent.

 

Consider the increase in business that might come from a neighborhood that’s “up and coming.” If your business is a storefront, would it be beneficial to stay in an area that is rising in popularity even if it costs a little more than you initially intended it to?

 

Most importantly: speak to your landlord or property manager about the reasoning behind the increase in rent. If there’s nothing that can be negotiated, your best bet is to assess the financial pros and cons to determine if you should stay or if you should go.


Dealing with Drafts

Posted on October 15, 2018 by Genet Group

As the summer months fade ever further away and the temperatures start to drop (that is, depending on where you’re located), it’s time to start thinking about your property’s defenses against the elements. As all lessees can probably tell you, the longer you stay in a space the more you learn about its quirks, its upsides, and its faults. One of those particular faults you might find going into the chillier months is the presence of a draft: a window that’s got a crack exposed to the outside world, a door that doesn’t quite sit flush against the ground, or a small crevice in the ceiling that lets a little too much air inside.

 

If you find a chink in your property’s defenses, what should you do? Something like a window crack can be patched pretty easily. And so can a small little hole between the ceiling and the wall. It’s easy to just address these things yourself. But sometimes the problem can be bigger than you realize, causing invisible, long term increases in utility costs. Imaging paying upwards of $20/month for utilities just because of a problem that could’ve been easily fixed by a professional.

 

If you find a draft in your apartment try and test to see if the problem can be fixed with a simple solution first. Say you feel that the ground is a little too cold next to your front door because it’s a little high off the ground. Try plugging up the hole with a bit of cloth to see if you can feel a difference. If the change in temperature goes away completely, try a more permanent solution: an under-door draft stoppers can be bought for pretty cheap. But if the problem doesn’t seem to be fixed—even if you can still kind offeeling a difference in temperature—it might be a good idea to contact your landlord or property manager. One draft can be indicative of larger problems and a professional can help root out all of the loose spots in a space.


Noisy Neighbors

Posted on October 15, 2018 by Genet Group

Do you hear that? The creaking… the squeaking… what sounds like roughly seven bowling balls being pushed and prodded across the floor just overtop your head in the apartment, office space, or flex space above your own? Or are you maybe hearing the popular bar/restaurant that sits across the street from your office — you know the one, the one that blasts tunes all Monday morning and into the evening for all the people who are over there not working?

 

Noisy neighbors can be a hassle. And, especially when you lease an office space inside a larger commercial complex, they can be completely unavoidable. You cannot just ask the literal guitar store across the hall to move out, just so you can get back to working on your own business in peace and quiet. Sometimes walls are just a little too thin. So what are some ways you can deal with noisy neighbors and mitigate the annoyance of noise you can’t really stop altogether?

 

One of the best ways to deal with noise you can’t stop is to cancel it out with other, more calming noise. You can use headphones, of course, but something more direct like a noise machine can work for an entire office or room. Some folks even suggest a fixture like an in-office fountain, strategically placed to block an onslaught of noise from a particular direction. A solution like this can provide a pleasant sound and an interesting office decoration.

 

If you’re dealing with a noise like footsteps or strange, indescribable sounds from a neighbor above, try talking to them about padding a little softer or being more courteous. Though it can be a little awkward to broach the subject, sometimes a simple conversation can turn the tide for a noise that you think is unstoppable.


The First Day in a New Space

Posted on October 15, 2018 by Genet Group

It’s the day that all lessees wait for with bated breath. Move-in day. The first of the month (usually). That very first day in your brand new office space. Are you the first-timer? You’re at the start of your entrepreneurial career—big ideas flowing, new partnerships growing—and about to walk through the door of your first office space. Or are you the experienced business person with a mind that’s set on expansion? You’re moving on up to a bigger and better space that can fit your expanded team and your dreams of making it big. Either way, the first day inside a new space is thrilling. You get to begin familiarizing yourself with the location, the fixtures, and you get to start making it your very own.

 

Besides the hassle of moving in to a space, what are some things to consider on that very first day? What should you plan for in advance to make sure you have a smooth start to your new life in a brand new office?

 

Perhaps most important is making sure the lights are on and that you’ve got running water. Contact the companies who control your utilities to make sure everything is in order and that you can be billed for those necessary conveniences.

 

Second most important thing? Take pictures of everything. Any flaw you find, any bump or bruise in a wall or damage to a fixture should be documented so that your landlord and the property manager will know you were not the cause of any trouble. This can save you a chunk of your security deposit in the future.

 

And lastly? Soak it all in. Spend some time in the space before you’ve really unpacked or finished moving just reveling in the excitement of a new property. The promise of a new space, the positivity it brings, can benefit your mood, your health, and help you plan for that bright future. So enjoy it, and congrats!


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