A GUIDE TO FINDING THE PERFECT TENANT FOR YOUR COMMERCIAL PROPERTY
Updated: Sep 14, 2022
Written By - Ankita Sethi
Do you have an empty commercial property and need a perfect tenant?
As a property owner, finding the property is an easy part, but choosing who will use that property is a different story.
You must be curious about what it takes to get top-notch tenants in your property — the kind of tenants who take great care of it, pay rent promptly, and rent for the long haul with no plans to break the lease early.
Today we are going to understand the process of finding perfect tenants. When you rent to the right people, you’ll increase the stability of your rental portfolio and reduce daily stress. And who wouldn’t want that?
Hire An Agent
To find the tenants, don’t restrict yourself to bringing a real estate agent for your property. They will charge a small fee, which is worth having a connection with someone with a constant flow of people looking for properties on lease.
Just connect with one or two agents who can bring good tenants for you. Try to make a good relationship with them to get good renters easily.
Advertise Your Rental
Let the world know that your rental is available in order to find the right agent for you. Advertise it on social media as your friends share information. Use an online real estate portal for advertising your property.
To attract potential tenants, word of mouth always works well, so make sure everyone you know knows that your property is available for rentals. As you advertise, always include clear contact information, such as a phone number, email address, location, etc.
Background and Credit Checks
When it comes to commercial property, It is not difficult to check out the situation of your prospective tenant, and there is no other way to gain confidence in the company that wants to lease your property. Credit history clearly shows how a potential renter pays their debts—either on time, always late, or ignored completely.
Follow the Law
If you are unaware of the law doesn’t mean it does not exist, so do your research.
First and foremost, follow the law. This practice comes before everything else. Violating any commercial property law is a serious offense
Patience Is a Virtue
Do not rush for your rental property when searching for perfect tenants. do not rush to get a signed agreement with the first potential client that comes your way. Get and screen all the potential companies thoroughly and follow all required processes when considering who you want to enter into your legal agreement.
Be patient; jumping quickly can result in the lease being broken too soon. Waiting an additional week to find the perfect tenant, on the other hand, can get you someone who rents from you for the next four years and always pays rent on time. Good things come to those who wait.
Your Perfect Tenants Are Out There!
The most important things to consider when seeking the best tenants for your rental properties are following the law (this goes above all else), top-notch marketing, implementing background checks and credit checks, having rules and a thorough application process, protecting yourself with a lease, and being patient.
By implementing these screening processes, finding great tenants for your rentals will no longer be a stressful period that you dread but an opportunity for continued improvement of tenant quality. It will be a time when you can find great new tenants who will take care of your properties and provide you with a more reliable income.
You can use a property manager who will find the tenants for you according to your specification, but I’m sure they’d also tell you that you need to be careful so as not to discriminate.
Study up on these practices so that you can prepare the next time you need to find tenants for one of your properties. The process will be a rewarding one!