Get to Know your tenants before renting my house

Get to Know your tenants before renting my house

Renting to anyone involves risk. No matter if you’re a first-time landlord or have been in the business for years, each tenant can cause problems. You should know what kind of tenant you will be getting before they sign the contract. Renting a house is a tricky business. A house is more demanding than an apartment. You need to make sure that they will take care of the entire house, not just four walls and a ceiling. You also need to make sure your home is suitable for ‘s needs.

You should know what your tenants can expect of you, and they should know what you expect of them. It’s best to prepare yourself to answer the Most Common Renter Questions, and to know what questions to ask potential renters.

What are the most common questions tenants will ask you?

You’ll probably be asked a lot of questions by prospective tenants during the initial stages of the lease process. Here are the top questions that tenants ask and how to answer them.

Can I pay upfront?

You may be tempted immediately to sign a lease if a tenant offers to pay several months in advance. You should instead exercise caution. It’s possible that a tenant is genuinely excited about moving into your home and wants to secure their place, but it’s also more likely that the person has ulterior motives. If a tenant offers to pay in advance, they may be aware that their application might raise red flags.

There is no advantage in taking on a tenant who has paid their rent. You should politely refuse their request to pay their rent in advance and encourage them to complete your rental application. After running their background and credit checks you may determine that they are low-risk. If so, their offer can be interpreted as an indication of their high motivation to move in.

Is it possible to make an exception for your pet policy?

Buildium’s 2020 Renters’ Report shows that 5 out of 10 renters are looking for rental properties which allow pets. If your policies do not allow pets, it is likely that you will be asked to make a special exception. It’s up to you whether you wish to change your policy. You can say “I’m afraid, I cannot make an exception”, if you don’t wish to deal with the hassle of changing your policy. The fact that half of all renters are looking for properties that allow pets is a compelling reason to do so. You can change your lease by adding a Pet Addendum. Your tenant should be required to pay a security deposit in the event that their furry friend damages your property. You can also charge your tenants a monthly pet rent or fee.

Is it possible to pay by the 15th of the month?

Rent can be paid on the 15th day of the month for a variety of reasons. Maybe they are paid monthly. Perhaps all their bills arrive in the same month. It’s commendable to be a generous landlord, but it is highly recommended that the standard industry practice of collecting rent at the beginning of each month remains. Maintaining consistency in the dates you collect rent will help save you from a variety of logistical and organization headaches if your rental portfolio expands.

Would You Consider a Lease for a Short Term?

The longer you let your property sit vacant, the lower the profit. In most rental markets, the key to success is keeping your property consistently rented by reliable tenants. Renting to a tenant who is only staying for fewer than 12 months can be less than desirable.

If your rental market has been slow, you have a vacant house or are entering winter with no tenants, a short-term contract might be the best option. You can charge more rent when you set up a short-term rental, since you are providing an accommodation for your renter, and you will have to put in extra effort to fill their vacancy after they leave.

What to ask your tenant

It’s good to prepare your own questions. It’s only right that you check out your prospective tenants prior to signing a lease. It is important to note that it is still necessary for your tenants to fill out an application in order to keep a record of the answers.

1. Have you ever been evicted from a home?

Evictions in the past are often a good predictor of future evictions. This information is available on their credit report. However, by asking this question, you give applicants the opportunity to explain themselves. Perhaps they were expelled at a difficult time in their lives and have now turned things around. This question will give you context that your credit report cannot.

2. Are you planning to have roommates?

All residents should fill out their application and sign a lease. It is important to ensure that your tenants can pay their rent on time. You can only know if you have screened all tenants. This question is a great way to make sure you’re covering all your bases. It will also let your potential residents know that subletting is not allowed and they must be listed on the lease.

3. Why are you moving away?

There are many reasons why people move. Buildium’s Renters’ Report revealed that only 13% said that their current rental met their needs. This question will give you a better understanding of what future tenants are looking for and how you can meet their needs. Asking this question will also allow you to keep an eye on red flags, such as problems with the previous renter, disputes between neighbors, or even missed rent payments.

4. Do you have any pets at home?

This question is an excellent way to pre-qualify candidates before you start a formal screening process. This question is a great way to save time and effort for both parties if you do not allow pets but they have an animal. If you allow pets, then this question will help you decide if their pet meets your criteria for an allowance. If you allow only dogs that are under 30 pounds, but the owner owns a Great Pyrenees you will save everyone a lot of time.

5. What is your monthly salary?

According to Buildium’s Rental Owners’ Report 30.9% faced difficulties in paying rent because of the pandemic. Unsurprisingly, this has also caused property owners to be affected. Rent payment is a vital part of ensuring your tenants are able to pay. According to industry standards, a tenant’s monthly income must be at least three times the rent. Ask your applicants to disclose their income on their application, and provide at least four paystubs to prove that they have an income high enough and consistent to cover their rent, and also to give them a financial cushion. One type of tenant’s income may not be a concern. Students are the obvious choice.

6. Are you a student? Do you have a co-signer?

It is common for students to have low or no income. Students may have no credit or a very low score. If your home is in a college city, renting out to students might be necessary. Asking your student tenant for a cosigner is important. It could be a parent or trusted family member. Your applicant must be able to provide a steady income, and pay the rent if your tenant falls behind at any point in their lease.

7. What should you be looking for in a landlord or a property manager?

You need to ask this question to ensure that you are meeting the needs of your tenants. You may discover that your tenants want to pay rent online exclusively. You may find that your tenant is expecting a certain response time to maintenance requests. It’s important to meet your tenants’ expectations, but it’s also vital that you remember that they are your customers. Your tenant will be more likely to renew their lease if they are happy. This keeps your property rented.

8. Understand the application process for a rental property?

You may find, especially when renting to young tenants, that they are overwhelmed by the application and leasing process. Create the space for them to ask questions. This will help them feel more comfortable. By giving them an opportunity to ask questions, they may feel more comfortable and open to you.

Tenants’ Top Features in a Rental

You should also be prepared to answer any questions that arise as a landlord. You will benefit in two ways. First, it will allow you to market your property better if you are aware of which criteria your rental home meets. Second, you can make changes to the services you offer and the property itself to meet the needs of your potential tenants.

1. The Move-in Ready Condition

Renters want to know that the property is well-maintained, clean, and ready for them on their moving in day. You should dedicate at least a day to repainting and deep cleaning the interior of your home between tenants. This is something you can make clear to new tenants. It will make a great impression. In the age of COVID it is more important than ever to thoroughly clean and sanitize between tenants. Although studies have shown the virus cannot be transmitted through touching surfaces, it is unlikely that your tenants will know this. Your tenants will be more concerned than ever about living in an area that is shared by others and they’ll appreciate the fact that you have taken all necessary precautions to ensure their safety.

2. Quick Response Time (Maintenance).

The responsiveness and expertise of the maintenance staff is often what makes a renter’s relationship with their landlord. You must always have a team of reliable and trusted maintenance professionals available. Both non-emergency requests and emergencies will be handled promptly by your tenants. Your maintenance team’s response could be the difference in whether tenants renew their lease at year end. A good property manager will help you find the best maintenance companies in your area and be responsive to tenants’ requests.

3. Efficiency/Eco-Friendly Appliances

Renters are increasingly interested in “green” homes. This is something that rental property owners should be aware of. According to Buildium’s Renters’ Report 23.6% prefer rental properties with eco-friendly appliances or “green” services. Investing in eco-friendly or high-efficiency appliances is one way to attract these renters. They keep renters’ utility costs down and are attractive to Earth-conscious tenants.

4. The Security of Your Own Home

Buildium reports that nearly 30% of renters are positively influenced by a security system. You can invest in a ring security system or install floodlights. Prospective tenants will be grateful for your efforts to ensure their safety and that of your property.

5. Accessible Landlords

Renters want to feel comfortable in their rental property. You can ensure this by being accessible. Nearly 60% want to be in touch with their landlords via email or text. It is not recommended to give your cell phone number to renters, but providing access in some form will make them feel heard and cared for.

6. Technology

In the coming years, it’s likely that you will be renting to a lot of Millenials and Gen Z tenants. Both generations use technology in their daily lives. Even Baby Boomers and Gen X appreciate the benefits that technology offers. Buildium’s Renters’ Report revealed that 65% renters prefer to pay online, and 45% prefer to submit maintenance requests online. It’s therefore important that your property manager or you meet these demands and provide services via property management software.

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