If you are already a landlord, or you are considering entering the rental property business, then you should seriously consider the benefits of tenant screening, as well as what could happen if you don’t. Rental Research Services understands the importance of tenant screening and we will share with you some of the benefits you can reap when you follow our suggestions. Continue reading and then call Rental Research Services to see how we can help you.
Screening your tenants can feel awkward, but it can also be incredibly informative and critical to your decision to rent to potential tenants. There are certain topics that you should be sure to bring up as they can shed light on specific pain points that you want to avoid. Here are just a few of the questions that you should consider as you screen potential tenants:
- Why do they want to rent your place? Almost everyone knows that, financially speaking, buying is always the preferable choice. Are they new to the area and prefer to rent while they find the right neighborhood and home? Have they always been in favor of renting because they don’t believe in buying? Are they unable to buy due to a poor credit rating, a short sale, or a bankruptcy in their past? Their answers to each of these questions can be very revealing and provide you with the information you need before you extend a lease to a potentially bad tenant.
- Can they afford the rent? As a landlord, it is obviously your goal to have a tenant who pays their rent on time, every month. Their answer should give you an indication as to whether they will pay on time or offer excuses.
- When do they want to move in? You do not want your property to be empty because that means a lack of income for you. If you know that your house will be available on November 1, but they are looking to move in the spring, this is probably a tenant who will not work out for you.
- Is there any situation that might cause excessive liability on their part? Basically, you are trying to find out if they have an excessive amount of pets, are planning on hosting a business in your space, have more roommates than you offer space for, or any other situation that would pose the potential for excessive expenses on your part.
When you sit down to chat with your potential tenant, make sure to ask them to tell you about themselves at some point in the conversation. People tend to enjoy talking about themselves, and it will also provide you with valuable information that you may not have discovered through some of your prepared questions. Make sure that you discuss any specific roles you may have for the property that you are renting. For example, if they mentioned having pets, now would be a good time to learn what type of pets they have, how many, etc.
You have rights as a landlord, and screening your potential tenants is one. Contact Rental Research Services today to learn how we can help with tenant screening.