Trusting your property to a tenant is always a concern. As the property owner, you want a tenant who is going to take care of your space. Renting your property can be a gamble.
That is why inspecting prospective tenants should be your focus. There are elements that you need to watch out for before the lease is drawn up.
Before any commitments are made from either party, discuss your tenant options. Review a list of questions that should be answered and verified before your new tenants move in. Below is a list of things you should enquire about.
1. Is Their Monthly Income Enough?
As a property owner, your goal with renting your property is to get paid. For you to get paid, your tenants must be making an adequate amount of income. In fact, the recommended income is three times that of the rent you charge.
The first step you make as a landlord should be to verify the income your potential tenants are taking home. Be sure that they can afford the asking price while also being able to afford the necessities.
Verification of income is a valid request to ask to see.
2. Prior Rental Agreement Questions
Ask the reason for this relocation. You will want to verify that no problem led to your potential tenants having to evacuate their prior location. Request information regarding the specifications of their past leases.
Be sure that their prior interactions with past landlords were built on respect and trust. You will want to know that they have never been evicted from or asked to leave a rental property.
This will give you an indication of the type of renters they are. You will also get a sense of what you can expect in their time renting your property.
3. Have You Ever Been Convicted of a Crime?
Much like needing to know their past employment and residential history, you want to know that they are upstanding people. As a landlord, you want to rent out your property to individuals you can trust. Asking about their prior history is relevant information.
Be sure that you are comfortable with these renters residing in your home. You have the right and the responsibility to protect your home from things that are deemed harmful. If you are not comfortable with their criminal history, this may negate them as renters of your property.
Request a look into any potential renter’s history for any red flags that might be on their records.
4. Do You Have Pets?
Pets are part of the family. Pets can also be a very large responsibility when it comes to your property. You want to know what you’re getting into if you choose tenants who do have pets.
Many tenants leave behind messes created by pets in rental homes. Too often this falls on the property owners to restore and fix once those tenants move on. You’re entitled to know if this is something you’re going to have to do post these tenants move out.
Make your decision regarding the tenants based on what types of pets they keep. In some cases, property insurance may even change due to the pets they own.
5. Are There Smokers in the Home?
Going right along with pets, when it comes to choosing tenants, you want to know if there is anyone who smokes in the home. Smoking can pose a risk to your property. You may want to establish rules regarding smoking if there are any.
You don’t want to have to worry about residue on your ceilings or on your walls that will have to be fixed afterward.
Asking about their smoking habits in advance gives you a better indication of what you can expect throughout their rental period.
6. Could Payment Be Prevented?
When it comes to tenant options, is there anything in your potential tenant’s history that may prevent them from making payments? Do you want to know of anything that might pop up in the future?
The point of renting out your home is an exchange of location for payment. You want to know that they’re going to be able to afford your space for the long term.
Of course, you can’t unknowingly expect the unexpected, but if there is any indication of trouble to come, they should be able to let you know before. You can consider these matters before signing any leases.
7. Do They Have Any Questions for You?
When it comes to entering into a long term situation, communication goes both ways. Verify that potential tenants do not have any further questions to ask you. There should always be the ability to be open and honest regarding the situation.
Ask them to make a list of any potential questions they may have. This will help both parties establish trust and a good sense of communication.
Respond to these questions honestly and thoughtfully. Honesty with both parties will make the rental situation more comfortable.
Carefully Consider Prospective Tenants
Asking all of the important questions to prospective tenants is important in formulating an agreement with them. You need to protect your investment while also feeling secure with your rental property decision.
Choosing tenants is not always an easy decision. As a property owner, it is your responsibility to take all important courses of action.
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