Finding the right tenant for your industrial property can be difficult if you don’t have the right experience or knowledge. Basically, you want to find someone who is easy to deal with, has a good reputation or history and is dedicated to their business through indications of long-term rentals.
Generally your first step is to find a great real estate agent; but you can also play a more active role in the selection process.
To find the right tenant, you should put yourself in the shoes of the tenant. By so doing, you will create a better understanding of what they expect, and what they would need from a property to allow them to comfortable and productive in their day-to-day business.
The best way to do this, of course, is by old fashioned communication from the beginning. Ask them questions on their expectations and what purpose they will be using the property for. This gives you leverage to see if their business will be suitable for your property, not the other way around. It allows you to evaluate whether having them as a tenant is practical, as well as giving you an indication whether you need to make improvements to your building, which may be costly on your part.
Consult an experienced property manager. Utilising the services of a quality property manager is crucial when it comes to evaluating prospective tenants. Because of their experience in dealing with tenants, legislation and contracts, they offer solid advice, and can do all the hard work for you. The key benefit of course with property managers, is that they deal with the tenant when you might not be able to. They serve as the perfect middle person in a legally binding contract, to ensure everyone is treated equally and correctly. They also give detailed analysis of what to do and what not to in the property market.
Give us a call at McGees Property to see how we can help.