This section is from the book "Practical Real Estate Methods For Broker, Operator & Owner", by Thirty Experts. Also available from Amazon: Practical Real Estate Methods for Broker, Operator, Owner.
Selection of tenants, particularly in one of the widely known buildings, and even more particularly in one of the great home office buildings, is very important. In the first place, a few crooked or doubtful tenants in a building will hurt that structure with solid business men. One get-rich-quick fraud in a building will make every legitimate financial concern want to move. One lawyer who advertises for divorce cases will keep every legitimate practitioner out. The mere ability to pay rent is far from enough; sometimes the worst frauds are most prompt with their rents. A reference to a bank, which, of course, knows merely about the man's legitimate financial standing, therefore, should not suffice if there is the least suspicion. For once a building gains the name of harboring queer gentry, it will never live down the reputation that two or three post office fraud orders will give it. In the case of well-known buildings, agents must remember that tenants share in the reputation of their landlord. It is taken for granted that people like the Singer Company or a great life insurance company would have no traffic with bunco men. And men with queer schemes are only too glad to have the semi-approval of their schemes which comes from being located in such buildings. It is, therefore, very necessary for agents for such well-known buildings to sift their tenants with a fine screen. And because a building is affected by the class of tenants, it is necessary to see to it that the bootblack stand, flower store, barbershop, candy store, cigar and news stands are of a character with the building and deal with their patrons just as the building deals with its tenants, justly and considerately.