Managing the let of a workspace or room hire
Community organisations let shared workspaces (or single workspaces) or run room hire as a part of their income and to help achieve their social purpose.
There are key issues to consider, and we have some guidance on how to increase the income from these lettings.
Your managed workspace
Keep in contact with your customers and be aware of what your competitors are doing in similar set-ups.
We recommend you take legal advice when deciding whether to use a tenancy, licence or tenancy at will.
Setting the rent
Make sure that you understand the costs you will incur in providing managed workspace – this includes the staff needed to provide any services you include in the rental charge.
Managing the Building
As the landlord of managed workspace, you will usually be responsible for the repair and maintenance of the building.
Use your market research to develop your marketing strategy. That will give you information about the tenants you want to attract and how to contact them. Finding new tenants is likely to be a combination of networking and word of mouth, website and social media. If you have a lot of managed workspace, you may employ a lettings agent.
Experience of community centres which are operated by volunteers shows that room hire often makes up 70% or more of total income. So getting the room hire operation right can be fundamental to ensuring that your community building is financially viable in the longterm.
Community buildings often have a regular group of customers who hire space, so your building may be known as the place local people come to for dance classes, lunch clubs, advice services or job search support. Knowing your customers is key.
Finding new customers
Use your analysis of who your customers are to determine how to find new customers.
A pricing policy allows you to demonstrate to customers that you are being fair to everyone.
To attract new customers, you need to market your room hire offer.
Need specific help?
Locality’s team is highly experienced in community asset transfer between local authorities and community organisations, and can help with this process. You can contact the team via the Contact us email form or via Locality’s website.Read more on Managed Workspaces and Room Hire