Monthly Archives: August 2021

7 Ways Landlords Qualify Commercial Tenants

How To Find Offices To Rent In Your AreaPeople who invest in property often turn to rentals for a steady income stream. However, it is often challenging to weed out unfavorable commercial tenants during the screening process. Commercial landlords who lease office space are no exception.

 If you are one of them, you must be very particular in ensuring that you are choosing the right tenant. You would not want to end up with a high tenant turnover rate, which can affect your annual profits. But how do you screen potential tenants and make sure they are meeting your qualifications?

Unlike ordinary property rentals, there is so much at stake in commercial leasing and renting. Property owners need to be prudent in giving out information unless you are fairly certain who you are talking to and what they are looking for in a commercial property.

If you are a tenant looking for office space, you need to know what landlords consider when approving new commercial tenants. From a lndlords point of view, here is what they usually do.

Conduct a Prescreening

Often considered a time-consuming process, tenant prescreening can usher in a wealth of benefits in the long run if done right. For one, it is one of the best ways to eliminate prospects that do not meet your set criteria. If you lay down prescreening requirements, you set expectations early on in the process, which means you will only attract high-quality tenants.

You can start by outlining your prescreening conditions in your rental listing. As the first point of contact between you and thousands of other tenants, rental listings generate interest and help ensure that the tenant screening process goes smoothly by weeding out unqualified leads. For example, you include a statement that encapsulates your condition, detailing how much they would pay upfront for the screening process and getting their approval for completing the application form and subjecting them to a background check.

It is also essential to set out a couple of prescreening questions. This can range from who they are and who will guarantee the lease to the nature of their business and who their target customers are.

Verify The Business and Income

Another crucial step in qualifying your tenants is to ensure that they have a healthy business and pay rent months down the road. That is why you need to know what kind of business they have and how well it is earning.

As a landlord, you may require them to submit bank references, personal and corporate financial statements, and a copy of their business plan. Just bear in mind that other documents you can require might depend on the type of business they are running. A corporate entity, for example, might need to provide you with a certificate of incorporation, director names, and many more. On the other hand, a limited liability company might have to give the names of their current members and managers, articles of organization, and certificate of filing, among many others.

Check Their Creditworthiness

Tenants must also establish their creditworthiness. This will ensure that they will pay their rent on time and uphold any lease obligations you both agree upon throughout the lease term. Some of the factors you need to consider when checking their creditworthiness include their financial records, rental history, payment track record, industry assessment, and tenant attitude.

You might need to delve into their income statement, balance sheet, and income tax returns that will give you a solid picture of their financial standing.

Arrange for a Background Check

A background check is a handy tool for checking someone’s character, credibility, or even financial stability. If you want to ensure that the potential tenants of your commercial property are to be trusted, then conducting a background check is only logical.

Some of the information you will uncover in the process include address verification bankruptcies, identity verifications, criminal convictions, credit history, and other significant details that will help you decide whether they are worth leasing your space to. When it comes to checking criminal record history, you must find a reliable company for this kind of background check as it can be very tricky.

Just keep in mind that there are parts of a background investigation where consent is required, so you must include this condition in the prescreening process. Hence, your potential tenants are aware, and it will be easier to ask for their consent when necessary.

Rental History Reference Checks

If the business of a potential tenant is not new, and they are moving from somewhere else, it is only sensible that you will verify their rental history. Ask essential questions like the property’s address that they previously leased, the length of tenancy, the amount of the monthly rental, and their reason for leaving. It is also vital that you find out if they have paid their rent consistently and on time.

Know the Tenants’ Needs

While you have already set out your requirements and expectations, you must also be privy to what the potential tenants need. There is no point in wasting your time on a lead who has no idea about what they need. It can be utility needs, zoning, and other details that will affect the leased space. This will help you avoid complicated situations later on when tenants start negotiating for nonnegotiable items on the lease terms.

Set a Proper Time Frame

You would want to avoid your space being vacant for too long. After all, you are paying for the upkeep of your property. Regular income is needed to maintain the place. To ensure you and the potential tenants are on the same page and pace, you must communicate specific time frames. They should be able to move in quickly once everything is settled. You can always weed out those who are unsure.

 Wrapping It Up

The qualification process for commercial tenants is not something that can be rushed. It entails the landlord evaluation a lot of considerations that are important for the property’s safety and long-term benefits. Landlords are looking to ensure that they have quality tenants and mitigate risks. Tenants need to understand the hoops landlords will likely require them to jump through in order to ensure a smooth leasing process.

Having a tenant rep on your side can help the process go as smoothly as possible. If you are looking for office space, we can help with our national network of top tenant reps. Contact us today so we can show you how we can help you find the right office at the best price. No Obligation!

 

How to Easily Transition Employees Back to the Office

Back to the OfficeYou’re not alone if you’re worried about how your team will handle the move back tothe office  to whatever sort of in-person work your company plans. Most employees, you’ve already seen, don’t want to go back to whatever normal looked like before the outbreak.

According to a recent Harvard Business School survey of 1,500 employees, 81 percent of them either don’t want to come back to the office or prefer a hybrid work paradigm. Of them, 27 percent want to work from home full-time, while 61 percent want to work from home two to three days a week. Only 18 percent want to return to full-time in-person work.

While those percentages may vary depending on your team, it’s safe to assume that the vast majority of your employees will be disappointed when your company reveals its plans for a return to work.

So, how can you keep your staff motivated and engaged during a corporate transition as a leader? Of course, part of that will be dictated by factors outside your control, such as the level of flexibility provided by your employer.

Employees will be less resistant to the move back to the office if they have greater control over their work structure. Setting aside the things you can’t control, there are a few things you can do to make the transition to whatever your company’s version of “next” looks like easier for everyone.

1. Be open without appearing to be a victim

When you can’t provide employees with the level of flexibility they expect, listen to their concerns and disappointments with empathy. Make as much information regarding the organization’s logic for the policies in place as possible.

Never say something like, “I’m sorry, but it’s out of my control,” as this shows weakness and defensiveness, which will likely irritate them even more. Early on, bring up any issues you have and convey them regularly.

People will assume you know more about new regulations and protocols than you do, and you may be asked questions for which you have no satisfactory answer. Learning to respond honestly will be crucial to demonstrating excellent leadership.

Inform them ahead of time about any impending changes you learn about, and let them know what you’re doing to keep them informed. You may help ensure that others’ expectations don’t become roadblocks in an already difficult shift by successfully managing their expectations.

2. Documentation

There will almost certainly be a lot to keep staff up to date on when they return to work. In reaction to lost revenue, new office regulations regarding health and hygiene may have been created, new programs may have been implemented, and bonuses and incentives may have been updated.

Each and every returning employee should be given documentation on any office changes, and if there are a lot, you might want to prepare a packet and keep it on each person’s desk. Even if they are receiving digital pay statements, it is a good idea to include a YTD paystub in the package. YTD stands for year to date. This will help the individual to reorient themselves to the new normal and assess their personal progress so far this year and make it easier for them to create a pay stub.

3. Involve the team in balancing the requirements of individuals and the collective.

If you have some control over how WFH regulations are implemented on your team, you’ll need to figure out how to apply those principles to specific situations without being unjust to others. After being apart for so long, it’s critical to reestablish cohesion, so you don’t want to start with some people feeling resentful of the flexibility you provide others but not them.

Engage your staff in determining how to best use the discretion you’ve been given wherever possible. Allow each member to voice their requirements and preferences, and then charge the team with balancing them within the parameters set. Single parents, for example, may have different flexibility requirements than those caring for aging parents. When it is their decision to do so, people will be more flexible, even sacrificing, for the sake of the team.

Encourage the team to develop new work practices that everyone follows for both where and when work is done. Ensure that all meetings, for example, have video links so that individuals working from home can participate equally.

Set specific work hours, such as 11:00 a.m. to 2:00 p.m. ET, during which everyone must be available online, as well as weekend boundaries during which everyone is expected to be offline. If you’re having a large meeting, have everyone attend from their computer, whether they’re at home or at work, so no one feels left out.

People will be significantly more dedicated to the solutions they help build, and the creativity they demonstrate may energize and generate excitement for the transition, alleviating whatever anxiety they may be feeling.

4. Allow people to grieve in their own time.

Regardless of the level of flexibility you provide, the transfer from WFH may signify more than just a loss of control over their time for individuals. Some folks were bereaved by Covid-19 but never had the opportunity to say their final goodbyes. Others renewed their relationships with their spouses and reached new levels of intimacy with their children.

Others have created personal routines that will be interrupted as a result of the changes. Allow individuals to grieve the loss of whatever this past season has meant for them, no matter how good “next” may be. Some people may appear to be unusually silent. Others are a little terse.

Some people may become teary-eyed when a coworker recalls their family. If you give folks the opportunity to let go of the last 18 months, they’ll be more able to embrace the new normal you’re encouraging them to help build.

5. Bring all of the pandemic stories together in one place.

While the pandemic’s horrors cannot be overstated, there were some unexpected benefits and lessons for many. As dinner tables functioned as classrooms and workplaces, there were WFH blunders with video cameras and kitchen pandemonium.

Unexpected revelations of personal resilience and inventiveness, as well as revelations of personal limitations, necessitated the development of self-compassion. One of the organizations with which I work is throwing a “return-to-next” reentry party, at which each team member will build a digital scrapbook of their favorite pandemic experiences.

You can assist your team see each other in a new perspective by sharing aspects of the past 18 months that they encountered while separated. We will not be the same people we were 18 months ago. Creating a unique experience to uncover who you each became will renew your team’s relationships while reinvigorating your excitement for the future.

6. Be a source of happiness.

Creating a sense of lightheartedness for your team is one of the finest methods to alleviate any angst they may be experiencing. There are certain aspects of working life that individuals miss: routines that your team liked, festivities that were halted, and opportunities to go off camera and feel less isolated.

According to a PwC report from June 2020, 50% of employees believe that teamwork and relationship building are better in person. Assist folks in seeing how you’ll be able to reestablish those things once everyone has returned. Humor, when utilized properly, may be very beneficial in bringing delight to others.

Share your own tales of WFH mayhem to encourage others to do the same. This is an especially opportune opportunity for you, as the team’s leader, to demonstrate servanthood by doing all you can to personally ease the transition for team members who may find it tough. Demonstrating true support today will strengthen the team’s loyalty and commitment to one another, as well as to your performance goals for the year. This way you mill some high income skills as a team leader.

If the move to WFH wasn’t difficult enough, returning to the office could be even more challenging. Our minds will be searching for familiar routines to “return” to, but they will not exist. Our brains will have to devote extra energy to adjust on the go if this happens.

This transition will encourage us all to bring our best selves back to work and demonstrate how the pandemic has strengthened us. Knowing this, your job as the team’s leader is critical in assisting people in navigating this with optimism, kindness, and patience in order to ensure that those are the versions that come up.

And if you are looking for an office for your employees to return to, we can help! Our local reps know the market, know the landlords and know who takes care of their buildings. Contact us if we can help! No obligation.