When you are trying to rent out a commercial property there are plenty of things you have to consider.
First off your decisions will be impacted by what your intentions are with the property yourself.
If you are looking to sell the building once the real estate market has rebounded and you can get better offers than you may want to get anyone in there who will pay the rent each month.
Lower the price just so you can start generating money.
The point of renting right now is so that each month you are not taking the entire hit of a loan payment.
If you have the building with the intent of renting out just to make money and you have no interest in selling now or in the future then you need to hold out for a higher paycheck and a more stable tenant.
The harsh reality is that right now the economy is still struggling and chances are it is very difficult to find someone who will move in and stay there for years and years.
Practicing good business is important here because the wrong decision will cost you big.
If a company can only take over your office space, warehouse or building for a year, but they pay on time, take care of the place and give you notice when they leave that is a good tenant.
If you are renting out a warehouse to someone who uses it as a hangout spot, they damage it and you have to constantly bother them for the monthly payments, they are a bad tenant no longer how long they stay.
The difference between a good tenant and a bad once can be thousands of dollars in costs to you so you need to make the right decision.
A great way to tell who might be a good tenant is by running a credit check.
Even if the party has used credit repair to fix their score it shows they are serious about being a good tenant because credit repair allows you to fix your score but is not a fix for every mistake you make.