Leasing experts: How do you vet your prospects? What can you suggest to help someone new in this category?
Looking to optimize my workflow and definitely could use the advice and suggestions of experts in this sub.
[{"id": "fwhzsun", "text": "Have them fill out a personal financial statement and say it\u2019s standard for any commercial lease. Anyone can lie on one, so don\u2019t judge it on the numbers. Judge it on their competency in being able to fill it out. Did they balance their assets and liabilities? Is their bank balance a nice even round number? Do they have assets other than a home and a car? These indicators show you who is competent in running a business at the surface level. If it\u2019s a big deal, ask for an authorized credit report or 2 years tax returns.", "replies": [], "depth": 1}, {"id": "fwjvzsm", "text": "Assuming tenant-side of the deal here.  Asking for audited financial statements, tax returns, business plans, etc from your own potential client might be uncomfortable on the front end of a relationship, but at minimum I'd make very sure they understand that those disclosures(and personal guarantees) will be part of the process later on in the negotiations, and to start preparing them early.  If they balk at the concept early on, have them ready to stroke a huge deposit or fund their own TIs.  Or let them be somebody else's problem.", "replies": [], "depth": 1}]