14 Common Misconceptions About Business Development

Low to rent a mid-range office with a price and location that suits your needs and meets other service elements in the current economic times?

The office is not only the workplace of the company’s employees, but also the face of the company when customers come to transact. Until now, because the real estate market in Vietnam is always in a state of supply and demand, the market is decide.

For lessors, if this company does not rent, another company will immediately hire them, so they do not need to pay attention to improving services (except for Grade A offices). For tenants, when seeing that the price and location are suitable for their needs, they decide to rent, regardless of other service factors because the common mentality is “it’s the same everywhere”.
However, now the market has reversed, reaching a balance between lessors and tenants, similar to the conditions in developed countries in the region and in the world. Therefore, tenants will have more choices.
This is an opportunity for renters in the middle segment (grade B and C) to consider service factors other than price and location when choosing to rent an office for themselves. With that, the new building owners pay more attention to improving service quality, bringing the quality of mid-range offices for rent in Vietnam to one level.
Here are some experiences that mid-sized office tenants should consider when surveying office rents (in addition to price and location factors
– Building lobby design: Is it convenient, is there frequent traffic jams, is there a parking lot for cars and taxis to drop off passengers? If the customer comes to do the transaction, the car/taxi has not been able to park and drop off the passenger, but the security guard runs out to chase the car or the car is fined by the police for parking illegally, it will cause psychological inhibition to the customer and may cause serious harm to the customer. influence the outcome of the guest meeting with your company.

– Parking space:   Many mid-rise buildings lack parking space. Therefore, you should pay attention to choose buildings with full parking space for employees and visitors to transact. No need to explain how the lack of parking space will waste time with employees and visitors to your company.

– Central air conditioning system:  Is the design cool enough, is the incoming air fresh, is the air conditioning operation included in the rent and service charge?

On some forums like today’s webtretho, people are passing on “bloody experience” about a large building in Lo Duc Street, Hanoi that has the central air conditioning system of the office area emitting a stench of garbage. because the air that this central air conditioning system takes in is polluted by the garbage throats of the residential area above. This building was renamed the “terrible” building by the office people here.

You can imagine how the company’s employees and guests can work in such a stinky atmosphere.

– Elevator system:  Is there a separate elevator for the office area or must be shared with the residential area. There are many cases where the elevators are not clearly separated, so when office workers take the elevator with the residents, they are embarrassed by the residents. You certainly don’t want your company’s employees and customers to be bullied when riding the elevator.

– Window system:  Is it absolutely sealed, does rain water flow in, does the wind blow in in winter, is there a double-glazed door? For example, the same building “Horror” above, according to the experience of those who have rented here, when it rains heavily, the rainwater overflows through the window system, damaging all computers, floor mats, and tables. chairs, etc.

In winter, the wind blows in, very cold. You certainly don’t want your office to be like that. In addition to the material costs..

With mixed-use buildings 

with residents on office blocks (many buildings in Vietnam have this design): before renting, you should google carefully to see if the investor is in conflict with the residents of the building. home no. If yes, stay away because when the investor has a conflict with the residents, there are 2 big risks when you rent an office here:

+ Residents protested against the investor in the entrance hall, even blocking the way of traffic, making customers unable to come to transact, your business is affected.

+ Newspapers will write articles about this contradiction. The bigger the conflict, the longer it lasts, the more newspapers write. You don’t want your company headquarters to be named on negative articles all day long because partners and customers reading these articles will automatically equate your company with “negative” subconsciously. their. This is something that has been confirmed by psychologists.

– Investor’s reputation:  The same reason as above, before renting an office, you should Google to see how the investor’s reputation is. If the investor has been or is involved in litigation, tax evasion, etc., you should stay away because it shows that they are not a trusted partner.

– Financial situation of the investor : You should google to see how the investor’s financial situation is. For example, if the owner of the building that you are planning to rent an office for is investing in other projects at this time, it is likely that they will have capital or loss in the short term, at risk of being disbursed. goods foreclosure or to sell off assets to pay debts.

At that time, you may have to move the office elsewhere. Of course you can’t be 100% sure about the investor’s financial situation, but you should try to avoid predictable risks.

– Deposit form:  Currently in Vietnam market, many building owners often require a deposit of 3 months rental fee in cash. However, this is a risky thing for tenants because if the owner goes bankrupt or has the property frozen by the bank, they will not be able to return this 3 months deposit.

Or if they intentionally breach the contract (requiring you to move out ahead of time), you also run the risk of not getting this deposit back. Therefore, it is best to negotiate to reduce the deposit in cash (in other developed countries, usually, the deposit is only 1 month’s rental fee.).

If the cash deposit is not reduced, you should request a deposit by opening a bank guarantee or by opening an escrow account. This is an advanced form that should be widely applied because your money instead of being in the hands of the investor will be in a safer place than the bank.

If the tenant does not pay the rent or violates the contract, the investor can completely go to the bank to be asked to pay according to the contract.

Above are some experiences for tenants of mid-sized offices. Hope you will find the office you want and affordable.. 

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