Tenant Financial Responsibility
19 Sep

Tenant Financial Responsibility

So many times you get loads of information on how a Commercial Real Estate professional can assist you or make your campaign of finding a perfect spot for your business. Seldom do you hear the information that makes the process much easier, that is, what should I have ready and available as a “Tenant”.

First things first, having a strong credit report is key. I must say if you do not have your credit in order, most of the time the Landlord will not be willing to work with you. Secondly, have income! Wow this is a novel idea but really, you must have a strong income to support any type of lease. If you do not have the appropriate funds to lease you must have another party or partner willing to supply or personally guarantee the lease. This is not unreasonable as a landlord will go the extra mile to not have a tenant default on them within the first year of the lease. Third, if you are already in business, make sure your P & L’s (Profit and Loss Statement) are in order. As mentioned prior your business must supply enough funds to operate effective and efficiently. No need to stretch them to the point of failure.

All in all, being fiscally responsible makes a lot of sense in business. Yes, you want to dream big but sometimes reality paints a different picture. Get great advice from a financial/wealth advisor, CPA or an attorney and have a good business plan. If you don’t have this, seek a business mentor. As the old saying goes “get your ducks in a row” prior to moving forward!

One of the best ways to get your ducks in a row, would be to connect with Jason Klue, Greenville Commercial Real Estate Broker, with Spencer Hines. One of South Carolina’s most recognized Commercial Real Estate Firms. Two ways to connect with Jason…

Click the Contact Form or call 864 905 8401

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