The landlord’s relationship is key to the success of a tenant who operates a business on a particular property. Most times landlords prefer rent money than the success of their tenant. In fact many landlords believe they have no obligation to ensure their tenant succeeds while they occupy space on their buildings.
This is not the kind of relationship that provides the much needed and recommended win – win situation for both the landlord and tenant. Landlords according to experts in the real estate sector believe has a responsibility to see that he puts in place an atmosphere that earns the tenant enough money for such a tenant to pay rent.
However, for a person who understands the needs of a business, Haruna Sentongo of Haruna Enterprises, a real estate agency, is working with his tenants to see to it that they prosper side by side. Sentongo as a landlord is using a business model that aims to empower tenants who occupy several of his malls, towers and markets in Kampala.
Three months free rent
Small & Medium Enterprises (SMEs) usually work on tight startup capital and budgets and as we all know it is hard for a new business to hit it off by registering massive profits. The cost of utilities like water, electricity bills sometimes eats into their spend making it hard for them to register the much needed profits.
And in times of insufficient profits businesses struggle to survive let alone pay their rent dues. This causes rent arrears to grow leaving the landlord with no option but to get rid of the tenant. However, Haruna Sentongo offers is capacitating his tenants by offering them three months of not paying rent.
On top of giving you three months’ rent free, Haruna Enterprises as landlords are also paying for electricity, water, garbage disposal, security and free parking. This means that the tenant will not worry about paying for utility bills and can use the three months to settle in the storeyed market.
Haruna Sentongo is doing this to all new tenants at his Nakayiza Market and Segawa markets in Mengo – Kisenyi, Haruna Towers in Wandegeya and Haruna Shopping Mall in Ntinda. Nakayiza Market is an agro produce market while Segawa Market specializes in selling spare parts for all automobiles.
Affordable rent costs
Apart from offering three months of not paying rent, rent fees at all Haruna Sentongo buildings are affordable and charged in Uganda Shillings. Ibrahim Mukwaya who runs a spare parts shop at Segawa Market says Haruna Sentongo’s arrangement has enabled him stabilize and can pay the rent comfortably.
“I don’t need to have a dollar account or first go to forex bureau to change the money from shillings to dollars to be able to pay rent,” MUkwaya says. Like Mukwaya, Ahmed Mukisa, a tenant and sorghum dealer at Nakayiza Market, says this takes away stress associated with paying for bills routinely. Another tenants said it helps them save money and allocate it to do other things like paying taxes, paying wages or restocking the shop.
“This is the first place I am seeing this. It is good, paying for electricity is inconveniencing and stressing. I have been here for a long time but I have not paid for electricity and we have electricity all the time unless it is load shedding,” Ben Ntale, a trader at Segawa Market, explained.
A working relationship with tenant
Isaac Newton, the property manager of Segawa Market explained that they are offering the three promotional free months because they understand that when starting, business can be hard and challenging. “So we want our tenants to have a time to settle in and start making money,” he said.
Sentongo, the CEO of Haruna Enterprises said that they will continue to provide and respond to the needs of Ugandans noting that the future of Real Estates in Uganda is very bright considering the huge endowment of natural resources. “Haruna Enterprises is well poised to harness these opportunities with relentless drive and commitment it has taken to become the leading player in our various markets,” he said.
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