Being a landlord for a retail building is a bit different than being a landlord for houses in the suburbs. The retail building has to meet quite a bit of stringent codes. Plus, we need to consider the safety of the public using the space along with the tenants. Of course, houses need a lot of work to keep them up, but commercial is different. We keep up on things by hiring professionals to manage the building’s infrastructure. We got a maintenance contract from a company that does HVAC contracts in NYC, and we even have a contract with a snow removal company. Your household tenants remove their own snow. When you lease retail space, you pay for it.
It is not a big deal as far as costs go. All of the fees are wrapped up in the lease the tenants pay. Retail expects to pay so much per square foot of retail space. They just want a high traffic area and great parking and access for their customers. Retailers will squeeze in the product in the tiniest of shop spaces. Our building has an anchor store and medium and small shops. One on the end is really small, and the tenant makes incredible use of the space to maximize profits.
The company that does HVAC contracts in NYC that we pay to keep the AC and heat running does an excellent job. We have never had an outage or a complaint. The condensate testing never has dangerous bacteria, and the air in the building never smells or is too hot or too cold. Each tenant either does their own front windows, or they pay a service to do it. Each tenant also either cleans their own space using their own staff, or they hire a service to do it. We take care of everything else that keeps the building operating as a commercial structure.