Choosing a trustworthy and reliable tenant to occupy your commercial property is probably the most important part of owning investment real estate. You want to make money, not spend money on repairs from a bad renter, right? Taking the time to thoroughly screen a possible commercial property tenant will help lessen your risk. Don’t take their word for anything, do a background and credit check to make sure what they tell you is true.
Make sure to discuss things such as vehicle access, any renovations that the new tenant may require and rent. Make all tenants sign a Tenancy or Lease Agreement. Outline who is responsible for things such as utilities, snow removal, maintenance, and even insurance. For example: you, the landlord, will insure the building and premises but the tenant would be required to insure all contents.
This may seem like a lot of hassle up front, but be patient. Removing a bad tenant can be quite costly, remaining patient for a good tenant is worth the wait. And don’t forget, we’re here to help if you need additional advice. Call us today.