Three Steps to Running a TIL Score (RE)port and Finding the Best Commercial Tenants
Congratulations! Your commercial property has reached the point where you can begin to market it for occupancy. Whether your commercial property is a few hundred square feet of office space or tens of thousands of retail square footage, finding the best tenant is your main objective. Now is not the time for shortcuts.
To conduct the most comprehensive, accurate, and industry-specific tenant screening, make sure your prospects provide a few pieces of information, and within minutes, you can have all you need to make the best decision possible for your commercial property. A checklist can guide you through the process, from initiating the Tenant Application Form to qualifying the lease terms for a particular tenant.
Look how easy this process can be when you follow these three easy steps.
- Tenant financials are essential to commercial tenant screening. When running a TIL Score (RE)port, you will be wise to collect two (2) years of the tenant’s income statements and one year of the balance sheet. The TIL Score (RE)port will use the following specific information to generate a comprehensive financial report on your tenant:
- net revenue
- net income
- current assets
- current liabilities
- total assets
- total liabilities
- The TIL Score (RE)port will also prompt you for the tenant’s industry as listed within the NAICS, which contains 1,100 industries. Once you have entered the NAICS code for the tenant’s industry, the software will confirm whether it is included in the database. An industry report included in the TIL Score will provide relevant data about performance indicators and the industry in general.
- The third step toward finding the best commercial tenant is identifying the lease terms of the potential deal, including base rent and recoverables, tenant inducements, and leasing commissions.
Once you plug this information into the (RE)meter software platform, your tenant screening process is nearly complete. The TIL Score (RE)port will give you all that you need to assess the risk of potential tenants. What you do while you wait for the TIL Score (RE)port to do its magic is up to you.
You will not have to wait long. As a self-serve tool capable of accessing at any time from any device, the TIL (RE)port takes about 15 minutes to create and generate. Now, with a comprehensive look at your tenant and an easy-to-understand score assessing tenant risk, you are equipped to make the best decision possible for your commercial property and portfolio.