I Just Bought Commercial Property, What Should I Know About Finding Tenants?

By E-Renter Tenant Screening
Posted on January 3, 2009 under Landlord and Tenant FAQs | Be the First to Comment

Managing commercial property is different than managing residential property.  There are additional questions to ask tenants applying to rent commercial property.

Questions to Ask:

• Who is the actual tenant
• What is the business
• Who will be guaranteeing payment on the lease? In other words, is there an individual who will guarantee payment, or will it be the legal business entity?
• Who are the customers of this business?
• If this is a new business, you might want to see a copy of the business plan to see what history there is, ownership and management resumes, and operating budget (where is the rent coming from?).
• If this is an established business, you should request some financial information to show income for the last few years. And if the lease is guaranteed by an individual, ask for evidence of their financial ability to pay as well.