Having an income property in the real estate market can be extremely beneficial for many reasons. Tenants assist with paying down your mortgage, and you build equity that can then be used to purchase more property for further investment benefits.
Finding good tenants is one of the key factors of the success of your rental property, as you want to find tenants that are long-term, can pay rent and bills on time and care about the property enough to take good care of it.
As a landlord, you should have yourself a go-to list of questions that you ask every potential tenant to ensure you are getting the right person for your property.
Here is a list of 15 important questions you should always be asking:
- Do you currently rent?
- How long have you lived in your current home?
- What factors are influencing your decision to move?
- How many people and pets will be living with you?
- What date would you want to move in?
- What kind of work do you do?
- What is a rough estimate of your income?
- How many people living with you smoke?
- Have you ever had an eviction?
- Have you ever previously missed a payment or broken a lease?
- Are there any issues I should know about before I run a background screening for all the adults in the household?
- Are you willing to sign a 1-year lease agreement?
- Are you able to provide a current credit report?
- Does your current landlord know you are thinking of moving?
- Do you think your current landlord will give you a favourable reference?
Remember to always ask if they have questions for you about the property and the rental process. This provides the opportunity for a two-way conversation, as they may have questions about you as a landlord. Not only is it important to get respectful tenants, but is important to keep in mind that tenants are also shopping around for good and respectful landlords.
If you are in the market for a Shuswap rental property, I’d love to help you find the perfect place for you and your future! Reach out and let’s connect!
RE/MAX Shuswap Realty⠀