Did you know that one of the biggest issues facing commercial property managers is finding suitable tenants?
Without a proper screening process in place, you might grant occupancy to a tenant who doesn't pay rent on time, damages your commercial property, or otherwise gives you a hard time.
Whether you do the screening yourself or hire a professional to help, you'll want to understand the tenant screening process.
Keep reading for best practices for finding the best tenants for your commercial building in Tulsa, OK.
Market Your Property Properly
Before you start the tenant screening process, there are things to keep in mind. One of them is focusing on reaching out to people who'll make good tenants.
A commercial property management firm will help you identify the unique value proposition of your facility. You'll also get help creating marketing materials that reach your target demographic.
The next step is to know where to publish the ads. A property manager will know which online or print sources to focus on.
Devise Rental Criteria
You can't effectively conduct screening if you don't have transparent rental criteria in place beforehand. In other words, you must determine if applicants will likely make good tenants for your commercial property.
Take the time to write down the qualifications would-be tenants must meet to rent your commercial space. Consider things like the following:
- Minimum credit scores
- Rental history
- Income requirements
Your rental criteria should be clear so applicants know ahead of time whether they're likely to be okayed for occupancy. The last thing you want is to face claims of discrimination.
A property manager knows how to find tenants for your commercial property and will do so without violating any laws that land you in legal trouble.
Use Pre-Screening Applications
You need to pre-screen commercial property tenants during the search for tenants. Ensure interested parties fill out pre-screening applications. You'll be able to weed out people who don't fit your rental criteria.
Use the application to get vital information like full name, address, rental history, salary data, and references from previous landlords. You'll also want applicants' permission to run credit and background checks on them.
Follow Up on Information from Pre-Screening Applications
Once you get back the completed applications, follow up on them. Dig into things like rental history to see where applicants have rented previously. You'll also want to ask previous landlords how applicants were as tenants.
It's also vital that you look into salary information and other things that can determine suitability as tenants. Set up face-to-face interviews with promising applicants.
Need Help With Tenant Screening?
If you want to find good occupants for your commercial buildings, you need to know how to screen tenants.
The chances are you'll have better success by hiring a property manager like PMI Green Country to perform tenant screening for you. We have the right process in place to find you the right tenants.
Get in touch to ask questions or get a consultation on how a property manager can help with your commercial facility.
