Okay, so you already own your first or nth Edmonton rental property! Woohoo! Congratulations!
Owning such an investment is the first part of getting that cash rolling into your bank account, the second and most crucial step is getting the “RIGHT” tenants to occupy it-not just any tenant.
Note: Remember, you can access all our available Rental Homes For Sale in Edmonton through our Edmonton MLS Listings page.
Here are some of the things that you need to ask potential tenants before letting them rent your Edmonton property.
- MOVE-IN DATE: We start with the obvious. When somebody inquiries for your Edmonton property, the first question that you need to ask is his or her move in date. Why? Because time is GOLD! Seriously, in this business, every day that the property is not occupied, you will be losing money… so you will need someone who will rent it the soonest. Do not waste your time with folks who will rent the place 3-6 months in the future.
- CAPACITY TO PAY: “Would you be prepared to pay on the signing date?” You need to know upfront if the potential tenant has the capacity to pay the move-in costs. 2 moths advance rent, 1 month worth of security deposit… basically your payment requirement.
Team Leading Edge Managing Partner, JP Dumlao had some bad experiences with tenants who were not able to pay their monthly obligations. It was a headache for him… and it will be for you if you get into such as situation.
- CREDIT SCORE: “Would it be okay if we make a credit check?” If potential tenant has nothing to hide, this will not be big issue for him or her. Just like our example above, the tenant that JP were able to pay the initial deposit but failed to make the succeeding payments. It is at your best interest that you check for his or her credit standing.
781 to 850: excellent credit, very low risk
661 to 780: good credit, low risk
601 to 660: average credit, some risk involved
501 to 600: poor credit, risky
300 to 500: bad credit, high risk
Once they pass your credit check, it will bring peace of mind, both on you and the tenant.
- REASON FOR THE TRANSFER: “Why are your moving?” In a polite manner, you need to ask this question. He or she might have caused problems with his or her former landlord, so you need to find out these things for you not to risk having taking on the same headache.
As a bonus, you should refrain from asking the potential tenant/s country of origin and religion as this may be interpreted as being “racist” and “discriminatory”.
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