A good tenant makes managing your investment property a breeze, whereas a bad tenant can cause headaches as well as money in some cases. The best way to ensure you find a high quality tenant for your investment property is to have a thorough screening process in place.
We have compiled a list of the important questions to ask prospective tenants as part of your screening process:
- Why are you looking for a rental property / leaving your current place?
- When are you looking to you move in?
- How long do you want the property for?
- How many people will be living in the property?
Will the tenant be able to pay the rent?
- What is your current employment situation and do you have an employer reference?
- What is your monthly income?
- Will you have the bond and first month’s rent available upon signing the lease?
- Will you agree to a credit and background check?
- Do you have a rental guarantor?
Does the tenant have a good rental history?
- Can you provide references from a previous landlord or agent?
- Have you ever been evicted?
Is there an increased risk of damage to your property?
- Do you have any pets?
- Are you a smoker?
It’s important to meet prospective tenants before agreeing to sign any lease documents. A great opportunity to do this is at a property inspection, which also gives the tenant a chance to ask any questions they might have about your property too.