When you market a vacant rental property, you start getting emails and calls from interested prospective tenants. When prospective tenants want to view your rental, it's imperative for you to have a set of questions that'll help you filter the good renters from the bad immediately. Inevitably, it's going to save you a lot of time as you'll avoid showing your property to tenants who won't be a good fit.
Besides, make sure you ask the same qualifying questions to all prospective tenants so that you might not get accused of discrimination. According to expert, here're a few basic things you should ask a renter. So let's dive in;
Why Are You Moving?
With this question, you'll be able to know a lot about the tenant, so make sure you listen carefully. You must look for the legitimate reasons for moving like changing jobs or wanting more room. Beware of red flags for moving, such as being evicted, suing the former landlord and another red flag would be like tenant keeps arguing with the landlord.
All you need to make sure is that you don’t get stuck into a new problem by letting your space to the untrustworthy people. Think straight! You need a right tenant who can pay the monthly rent on time without creating any problems for you.
What Is Your Monthly Income?
This is another important question that you shouldn't miss. With this, you'll be able to determine if the tenant is financially stable enough to afford the rent or not. Make sure you prefer the tenants whose monthly income is at least 3x the monthly rent. For instance; the monthly rental is $1000. For sure, you can rent it to someone whose monthly income is $2000 or $1500.
The prospective tenant should at least earn $3000-$3500 so that he/she can afford the rent. Apart from that, knowing the monthly income is not enough. Also, ask for the debt they have to pay every month. You can easily discover the debt of potential tenant by running the credit check.
Will You Have the Deposit & 1st Month’s Rent Available upon Move- In?
This way, you'll be able to determine their current financial situation. In case they don't have enough money up front or request to pay a week after moving in, you don't have to mess up with that, not to lucrative deal. Keep in mind! If that's the case, it'll continue down the line until they can't afford the monthly rent. So make sure you don't start a tenant relationship where the tenant owes you money.
Keeping it straightforward, you shouldn't allow a tenant to move-in who doesn't pay the full amount before moving in. Don't negotiate or make exceptions to this rule as it's really important. For obvious reasons, the security deposit is crucial in case the tenant causes damage or becomes a problem for you.
Do You Have Any Questions?
Make sure you're polite and open to the questions of the potential prospective tenant. With this question, you give a chance to the tenant to ask questions about the apartment, screening process, location, or anything else he/she is ambiguous about. Even if the tenant answers all of your questions, he/she has to be satisfied to want to live in your premises. In case there's something like some feature of your property that's not very much appealing to them or any conflicts regarding the screening process, you shouldn't waste your time showing them the property.
Honestly, every property owners want a tenant who pays on time and doesn’t create any problem for the owner. So when it comes to apartments rental in Bur Dubai, make sure you don’t compromise with any of the questions mentioned above so that you can find the right tenant for your property.