State-of-the-art conference rooms, flexible commercial lease terms, and ample parking -- these are all the hallmarks of your commercial property in Tampa, FL. You can't ask for a better time to market your property to would-be tenants in the city.
Research shows that Tampa has witnessed unprecedented migration and growth since the COVID-19 pandemic due to its relative affordability, job growth, and beautiful weather. The quantity of new office, mixed-use, industrial, restaurant, retail, and multi-family projects has increased significantly citywide.
Your dream commercial space in Tampa can become a nightmare with the wrong tenant, though. Let's explore expert tenant screening processes for landlords in Tampa, FL.
1. Gather the Prospective Tenant's Info
Requesting detailed rental applications from potential tenants is one of the most critical tenant screening tips. Each application should include the company name and contact information. Other details a prospective tenant should include on the application to ensure a quality tenant process include the following:
- Financial background
- Prior rental history
- Company references
- How the space will be used
Verify the tenant's financial soundness by seeking documentation like bank records, tax filings, credit reports, and profit and loss statements. Look for stable income, a strong credit history, and sufficient cash reserves. This will increase your chances of choosing a tenant who will pay their rent on time.
2. Perform a Detailed Tenant Check
Conduct a rigorous background check to ensure the company's and its owner's validity when screening commercial tenants. This might include looking into corporate filings, business licenses, criminal records, and litigation history.
Connect with the tenant's business references and prior landlords to learn about their business conduct and rental history. Glowing references from credible parties are a solid indication of a dependable tenant.
3. Ask Tough Tenant Screening Questions
Conduct an interview to evaluate the tenant's cultural fit, intentions, and business experience, and verify they match your property's needs. Meet in person and clarify any discrepancies found during the background check. This will help you foster a strong tenant-landlord relationship. Ask the following questions during the interview:
- How long has your company operated in your industry?
- What business goals do you have for the coming years?
- How will your company deal with conflicts or concerns that might arise?
- Why do you want to lease this property?
- How long will you lease this space?
- Does your company have any special expectations or requirements for the property?
Use a standard set of interview questions for every candidate to avoid discrimination allegations and ensure impartiality. Communicate your requirements and expectations throughout the interview, and take thorough notes to make an informed tenant choice when trying to find commercial tenants.
How We Can Help With Your Property
The top tenant screening tips for commercial property owners in Tampa, FL, include gathering detailed information about tenants through applications and document gathering. Performing a background check and asking comprehensive interview questions can also help you choose the best tenant for your space.
At PMI South Tampa, we offer high-level commercial property management services, including property marketing, tenant screenings, and rent collection. We can also help you with property maintenance and lease negotiations. Partner with us for a seamless commercial leasing experience in the months and years ahead by contacting us today.
