What if the Retail Tenant Prospect Will Not Give You Contact Details?

When you manage or lease retail property, the inspection process for handling vacant areas should be quite specific. Generating enquiry is the first challenge to find the right tenant for the property and the tenancy mix. Qualifying the tenant is fundamentally important before you take them to the property or spend time on their enquiry.

Some tenants in the initial contact will not be open and completely truthful about their property need. On that basis they should not be inspecting the property until total detail is provided.

This is the sort of information below that you require from the tenant before you take them through your vacancy or Retail Property.

  1. The type of business they wish to operate from the premises
  2. A history of their business activities
  3. Their current tenancy location and landlord or property manager
  4. Why they need to change premises
  5. Special occupancy needs such as grease traps, signage, and fit out.
  6. Details of the business ownership structure
  7. The ideal lease terms and conditions that they require
  8. The targeted rental and occupancy costs they are prepared to pay
  9. The best location that will suit their business operation and customer base

This simple information will help you understand whether or not the tenant is genuine in the property enquiry. If they tick all the boxes and provide the information openly then a property inspection is warranted. In some circumstances it may be necessary to get them to sign some form of confidentiality agreement if trading figures or customer numbers are going to be provided during the inspection.

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By John Highman

John Highman is an International Commercial Real Estate Author, Conference Speaker, and Broadcaster living in Australia, who shares property investment ideas and information to online audiences Worldwide.