As a landlord, you should have a standard set of questions to ask any prospective renter in order to make sure you are getting the right tenants. These questions should be the same for every tenant to help expedite the process. Here are 9 essential questions to ask prospective tenants.
Why Are You Moving?
Ideal answers to this question are along the lines of ‘changing jobs’, or ‘I want more space’. What you might not want to hear are reasons like eviction from current property, a dispute with their previous landlord or neighbours, and complaints about their current property. Any financial issues are also to be taken into consideration.
How Long Have You Lived in Your Current Residence?
How long anyone stays in a property is completely their business, but as the landlord, it is in your interest to find tenants who are likely to rent for longer periods as opposed to those who apply who seem to display a pattern of moving around quite frequently. Although shorter terms are not all bad, as it provides opportunities for rent increases and more regular maintenance.
When Will You Move-In?
An issue that many may overlook at first is a potential tenant’s desire to ‘move in right away’. While this may be desirable from a landlord’s perspective, bear in mind that most tenants will have to give a minimum of thirty days notice to their current landlord. Anyone willing to move in straight away may have ulterior motives such as being evicted or other issues. Obviously there are exemptions to this but it is always worth being cautious.
What Is Your Monthly Income?
Generally you will want to look for tenants whose monthly income is no less than two and a half times your monthly rent. For example, if the rent is €2,000 per month, ideally the tenant will make no less than €5,000 a month.
Could Anything Interrupt Your Ability to Pay Your Rent?
While most tenants would never give a negative answer to this particular question, it is possible to receive odd answers such as car loans, credit card debt etc. Obviously these are red flags and other applicants should be considered.
How Many People Will Be Living in the Property?
There are many reasons why you would want a maximum number of residents in your property. Wear & Tear being the obvious issue but also be aware of legal issues with capacity. You would want no more than 2 people to each bedroom. For example the maximum amount of renters in a 3 bedroom property should be 5-6 depending on room size. Overcrowding can be a serious health and safety risk.
Can You Provide References?
Any potential tenant who cannot provide references from their employer and previous landlords should not be considered. Employer references prove the applicant’s employment status and income. Previous landlord references are also important and it is always recommended to check these references out yourself, as too often tenants attempt to pull the wool over our eyes with fake references and referees who turn out to be family members pretending to be someone else.
Have You Ever Been Evicted?
While many will answer with a resounding no to this question, if they have been evicted in the past, it will give the tenant an opportunity to explain the situation. Good people can fall on hard times and an eviction may have been beyond their control and not a measure of who they truly are financially. On the other hand, if the eviction was for causing damage or excessive noise, this is not likely to change and other applicants should be considered. This is all depending on the person’s honesty however.
Do You Have Any Pets?
Last but not least, even though you may have stated clearly your position on house pets, it is always worth making sure your tenant understands your position from the outset. If you are ok with pets, then let them know asit can be a huge selling point for many families when choosing a rental. Families are more desirable tenants for many reasons including generally longer stays. If however, you are not inclined to allow pets on the property, then make sure your tenants are aware of this from the beginning.
Property Management Company Dublin
Here at KPM Group, we have an extensive application screening process. We verify every aspect of a potential renters application including current landlord, previous landlord, employer, income, pay slips and any other information we receive as part of the application process.
KPM has helped countless landlords free themselves from the day to day management of their portfolios and trust us to deliver the maximum return on investment while providing quality management services.
If you would like to speak to us here at KPM about your portfolio then get in touch today and a member of staff will be happy to help in any way we can.
