Do you do leasing? If so, you want to make sure your tenants pay. One good method for researching your tenant is to ask for a credit reference with their bank. We typically ask for the name and phone number of their personal banker.
Here are four questions to ask that will shed some "light" into the dark, hard to reach crevices of their history.
1. How many times in the past 24 months have they had "insufficient funds" in their checking account?
2. Do they have a loan with the bank? If so, have they ever missed a payment?
3. What is the average collected balance over the past 12 months?
4. Would the bank consider them to be a customer in good standing?
This information is a crucial part of your "due diligence" process as you lease up your space. Need help with your commercial leasing? Contact us and we can recommend the top commercial leasing specialists in Memphis and accross the United States.
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