B2B Ep 17 - More Considerations When Choosing Commercial Clients and Tenants
Jerry discusses the process of vetting potential customers for commercial properties. He emphasises the importance of conducting background checks, such as company checks, credit information and references, to ensure the reliability and stability of the client. He shares a number of observations and ways to ensure a potential client is a good fit for your offer KEY TAKEAWAYS Prioritise clients with a long-term vision and stable business plans. This ensures a more reliable rental income and reduces customer churn. Ensure that the potential client's requirements align with your property's offerings. A well-matched business is more likely to have a successful occupancy and maintain positive relationships with other customers. Set clear expectations about the contract agreement to avoid misunderstandings or conflicts later on. A transparent agreement ensures that both parties understand their rights and responsibilities. Find out why the potential client wants to take space with you and where they are coming from. This helps determine their intentions and if there are any potential red flags. Look for clients who demonstrate good communication skills and behave professionally. Open and honest communication makes it easier to work with the client and reduces potential issues in the future. BEST MOMENTS "Recognising [red flags] early on can save you from potential headaches down the line." "A well-matched business is more likely to stay longer term and maintain a positive relationship with you and with other customers." "Finding out about their business goals and growth plans can help determine whether they're going to be suitable for a long term stay." "A transparent agreement ensures that both parties understand their rights and responsibilities, reducing the likelihood of any disputes further down the line." "If something doesn't quite sit right, then pay attention to that sixth sense." JOIN THE NETWORK If you want to learn more about investing in Commercial Property why not consider joining the CPI Network? A community of active investors who collaborate, share experiences and empower each other in their Commercial Property endeavours. Useful Links: CPI Website - https://commercialpropertyinvestor.co.uk/Our Sponsors - https://commercialpropertyinvestor.co.uk/podcast-sponsors/Property Investing, Commercial Real Estate, Strategies, CMO, Lease, Licence Agreement, Cashflow, Vacancy rates, Agents, Best Commercial property podcast, how to buy, Valuations, ROI, residential, assets, Flexspace, office space, How to get started: https://www.commercialpropertyinvestor.co.uk/