Owning a piece of land or property in premier locations can easily be considered one of the best privileges out there. And if the cards are played right, this can also be a goldmine for anyone. If your property is situated in high trade and profit places like the UAE, you need to know how to make a profit and earn from your space. Many of the experts will suggest having it leased to a business. This type of business is lucrative, especially in premier locations like this.
But you need to remember that it’s essential to choose and properly screen the people who you trust your place with. Not all of them will be trustworthy. Choosing a tenant might not be an easy thing for other people. And there are those who don’t have any idea that this is a necessity. But you should consider learning how to screen tenants to earn better.
Checking potential tenants
Letting other people you don’t know utilize the space you have carries specific risks. And it can also affect your property and your finances if you’re not careful. When thinking of leasing specific areas for commercial purposes, it’s imperative to consider the screening process to help with the different needs.
Check their credit scores
It’s necessary to properly consider this. Checking their credit scores is also part of ensuring they have the financial capacity to take care of the obligations coming their way. There would be issues, especially when someone isn’t prepared and you’ve set a specific type of price for the space already. Bad or low credit scores don’t necessarily mean that they would be a bad match. It just means you need to check thoroughly as to why they have bad scores and what’s the potential reason for it. If it’s something that’ll cause a problem, then you should choose not to proceed. Asking for this will help create a guideline for anyone.
Rental history checking
This pertains to their records and past histories they have with the other commercial spaces they’ve rented. Rental history or records might not easily be available to most individuals, especially if they don’t have any experience in this department yet. And there are also those who can offer a comprehensive record. This often details why they’re seeking a different space and what type of commercial spaces they’ve leased before.
Criminal background check
This may be over the top for others but it’s something necessary if you wish to ensure your business’ legibility and to guarantee your peace of mind. There are different ways this can be done. It’s also easier when you know the right individuals for the task so you can easily call or decide how to proceed. You don’t want to be associated with the wrong tenants and cause several problems in the future.
First time doing this? Not sure where to go and what direction to take when it comes to preparing your space and choosing tenants? Professionals can guide and help you with all of this. Learn more about how to properly earn from space leasing by visiting bso.ae/blog/how-to-find-reliable-tenant-in-the-uae.html.