When it comes to deciding who's moving in to your commercial property the decision is never easy.
The fact that you are renting it out means you are either trying to make a little profit or cover the expenses until the market rebounds and you are able to sell for a respectable price, or you intend to rent it out regardless of the market until the entire loan is paid off or that is your supplemental income.
Regardless of your plans and reasons for owning the property you still have the difficult task of deciding who the right tenant would be.
That is not as difficult as you may think but you need to make the right decision because the wrong one can cost you big.
The wrong tenant will not only be a difficult one to get the monthly rent from, but they will cause problems for other tenants who are renting from you, damage the property, and give you a lot of aggravation.
If you are renting out multiple warehouses, office space, stores, buildings, or whatever else, and you already have people and companies as tenants then you need to take their conformability into account.
Keep in mind that they have been there for months and even years and you do not want them to leave because the new guy moving in is very obnoxious.
A great way to test out who will be a solid candidate is to have them fill out an application.
This will let you know their intentions for your property and also allow you to run a credit check so that you can see their history of paying bills on time.
Many people think checks are pointless because of credit repair that allows a person to fix their score in weeks.
Experts say that if a person uses credit repair it only shows that they are serious about having a good score and do not want to risk that.