Screening Potential Tenants Can Protect Your Real Estate Business from Financial Loss

Illinois real estate attorneysWhen renting out property – be it commercial or residential – landlords are encouraged to conduct a thorough screening of all prospective tenants. The reasoning for this is simple: tenants can cost you thousands of dollars in property damage, lost rental fees, and court costs. Learn more about how to ensure you have done your due diligence on a potential tenant for your property, and discover how a seasoned real estate attorney can help protect your real estate business.

The Pre-Screening Process

There are many ways to conduct a tenant screening, but most landlords find a two-step process preferable, which starts with a pre-screening, and it typically includes questions like:

  • Why are you moving?
  • Can you meet the income requirements?
  • Do you have pets?
  • When do you want to move in?
  • Will anyone else be living/doing business with you?
  • Are you willing to undergo a background and credit check?
  • Can you provide me with past rental references?

With these few questions, landlords are often able to filter out tenants who might be problematic. Some may even remove themselves from the pool of tenants because they are uncomfortable with the questions or cannot answer them satisfactorily. At the very least, these questions allow the landlord to focus their efforts on the tenants who seem to be the “best fit” for their property or situation.

Digging Deeper Into a Prospective Tenant’s Rental History

Although it may be possible to screen out problematic tenants with the pre-screening questions, one should never rely solely on this phase of the screening process. There are “professional tenants” that know how to difficult it can be to evict someone. Able to make themselves sound like model tenants, these seemingly charming and charismatic people often have a slew of evictions on their record. Alternatively, they may not have active employment and may, instead, offer you invalid employer information to get themselves into your property. Avoid such issues by ensuring you always conduct a criminal background check, credit check, and a rental history check. Also, always verify employment and call a prospective tenant’s references before moving forward with a lease.

Adding Another Layer of Protection to Your Real Estate Business

Although many landlords choose to handle tenant matters on their own, savvy business owners recognize that it is often best to delegate some of your more taxing or complex duties, such as screening tenants or fighting a problematic tenant in court. It is here where the aid and assistance of a seasoned real estate attorney can become valuable.

With over 40 years of experience, Stock, Carlson, Oldfield & McGrath, LLC can add yet another layer of protection to your real estate business. Able to assist you in developing a clear and concise rental agreement, and capable of aggressively representing you in court if a tenant defaults, our DuPage County real estate lawyers make your financial future our top priority. Learn more about how we can assist you in growing and protecting your portfolio by scheduling a personalized consultation. Call 630-655-2500 today.

Source:

https://www.forbes.com/sites/forbesrealestatecouncil/2018/03/08/how-to-screen-potential-tenants-and-save-thousands/#7adb48b0332c

Using Social Media to Grow Your Commercial Real Estate Business

Illinois commercial real estate attorneysGrowing a commercial real estate business is no easy task, and the more saturated the market gets, the more difficult promoting your business becomes. To stay in the competition, real estate investors are encouraged to utilize today's more powerful marketing tool: social media. Learn more in the following sections, and discover how a commercial real estate attorney can help protect your business from the most commonly experienced issues in the market.

Why Use Social Media?

Social media use has grown exponentially over the last several years. It is where consumers connect with friends and family. It is also where they gain information regarding where they should spend and invest their money. On the one hand, this is a positive thing, as it gives consumers more choices, but it can also make it difficult for smaller, start-up businesses to attract the kind of attention they need to grow.

Social Media Strategies for Growing Your Business

While much of your social media strategy will be based on the clientele you are serving and the unique aspects of your business, one can turn to some of the most successful commercial real estate accounts to gain some insight on using social media in an effective way. For example, one New York agency uses a consistent theme; they focus on posting high-quality photos of businesses, people, and neighborhoods that are of interest to their consumers on Instagram. Theoretically (and most likely), this attracts new tenants to their buildings.

In other words, to develop a successful and tailored social media plan, you will want to first consider what may be most important to your clients. What are their needs, and how do you meet them? Then focus on using a strategy that pulls them in. Business owners are also discouraged from posting political views, rants, and other statuses that paint them in a negative light. It is also recommended that commercial real estate investors use memes, motivational quotes, and other content that is not related to their business sparingly.

How an Attorney Can Help You Grow Your Business

Social media can attract new clientele, but new clients are only a positive thing when you are adequately prepared. Furthermore, commercial real estate investors need quality protection from the common issues that arise in the industry, such as zoning problems and delays in development. It is in this area that Stock, Carlson, Oldfield & McGrath, LLC can assist. Dedicated and experienced, our Wheaton commercial real estate lawyers prioritize the growth and future of your commercial real estate business. Call 630-665-2500 and schedule your personalized consultation to get started today.

Source:

https://www.forbes.com/sites/forbesrealestatecouncil/2017/12/27/ten-tips-from-the-top-commercial-real-estate-accounts-on-instagram/#a0cffbc72052

CRE Developers Continue to Experience Lending Troubles

Illinois commercial real estate lawyersTo make a commercial real estate development project a success, one needs capital. Sadly, it seems that lenders are still being stingy with commercial real estate developers. Learn more about the issues that CRE developers are facing in today's lending market (and why), and discover how you can improve the outcome of your next CRE development project with a strategic approach and the assistance of a seasoned real estate attorney.

How CRE Trends and the Recession Have Influenced Lending

Since the Great Recession, banks have been less willing to take risks – especially large commercial ones – but there is more to the lending pull-back than the financial state of our country. Trends in the industry, supply and demand, and even the internet are changing how and to whom banks lend money.

Industry trends have always influenced lending decisions, but this time around, the trends are intertwined with supply and demand. Previous booms, particularly in multi-family structures, and decreased occupancy issues that have caused bankruptcy among developers and owners, are partly to blame. For example, apartment complexes have gone under and had to sell (or worse) because they simply did not have enough occupied units.

The internet, or more specifically, online retail markets, are also influencing CRE lending decisions. More people are shopping online these days, rather than in stores, so physical stores are going bankrupt and are forced to close. Because of this, retail stores – particularly those that lack an online presence – are struggling to obtain lending.

Overcoming the Obstacles in CRE Lending

Although it may not be easy to overcome the obstacles in CRE lending, it is possible – especially if you have a plan and the assistance of an experienced attorney. First, consider which markets are performing well right (industrial, built-to-suit projects and pre-leased office space, at the time of this writing). Is it possible for you to capitalize on these markets? When and how? Could the assistance of a strategist, someone that knows and understands the CRE market, help you take advantage of this opportunity? Is there an expert in the industry that you can turn to for advice? Consider all options and, once you are ready to move forward, contact an attorney.

How an Attorney Can Assist with the Process

At Stock, Carlson, Oldfield & McGrath, LLC, we work hard to ensure that our clients are leveraged for a successful CRE project. Dedicated and experienced, our Wheaton commercial real estate lawyers offer personalized assistance with everything from contract reviews to due diligence. Schedule your no-obligation consultation by calling 630-665-2500 today.

Source:

http://www.nreionline.com/lending/banks-remain-stingy-construction-dollars