Things Every Landlord Must Check About Proposed Tenant
Putting your home on rent may not be as easy as it seems. Its challenging to be a landlord. Every month plenty of people pay or visit or call directly or via brokers posing their desire to rent your property. Its a tough choice now, to select the best fit. Here are some tips that can help landlords in identifying the suitable tenant for you. Before making your final decision about a proposed tenant, you must check on following points :
Personal Background : Its always good to interview the tenant about his family background, home town, preferences and lifestyle before putting your home on rent. It will help you understand the nature of the individual.
Professional Background : Cross check the profession background of proposed tenant before putting home on rent. Always ask about the nature of business of your proposed tenant in the city. Ask about his/her job or college / institutions. Years he/she has been associated with the institution. Proposed tenure to stay in the city.
Previous Landlord : Always ask, why the tenant is switching from previous landlord, if he/she is switching in the same city. It will help you to improve your services or to make earlier declarations about the terms and conditions before putting your home on rent.
Screening : Ask about the contact details of previous landlord to do a background check. When you speak to the previous landlord, you should ask for any problems that he/she might have faced with the prospective tenant.
Rent Paying Capacity: No doubt, ‘rent paying capacity’ the most primary requirement for anyone to be a right tenant. Ask about the nature of business/ job of parents in case your tenant is student and talk to them before finalizing. In case of working professionals, ask for some proof, like copy of appointment letter. It will help you in background check as well finding out the rent paying capability.
Security deposit: Asking for a security deposit of anywhere between rent of 1 month to 6 months as security deposit, from a potential tenant, is a standard practice. In some cities like Mumbai and Bangaluru, its upto 12 month. It helps you to ensure that you have a backup if the tenant does not pay the rent for 1 or 2 months.
Professional and Personal Stability: Always try to inquire if the tenant has been unemployed for a long period of time or has been switching homes more frequently. It will help you filtering out appropriate tenant before putting your home on rent.
Type of tenant: The type of tenant is entirely your choice. Your tenant can be any one out of – families, bachelor boys / girls, students, married / unmarried working professionals etc. Everyone has their own pros and cons.
For eg. families represent stability, while working bachelors/individuals do not ask for too many repairs. Sometimes all you need to do is to follow the apartment society rules regarding the type of tenant that a flat can be rented out to.
Number of tenants in an apartment : The initial conversation and negotiation is with only one representative . It is always good ask upfront how many people will be staying in your property. Its good to specify how many tenants you want there.
Food habits: Have any reservations regarding the food habits of your tenants ? It is suggested to state this upfront in order to avoid misunderstandings later. For eg. you dont want your tenants to cook non-veg in home, or you don’t prefer alcoholics, then its good to say it upfront before signing on agreement.
Pets: Have any particular preferences about keeping a pet in the house you are renting out ? Mention this to the prospective tenant during the initial negotiations.
Guest Allowed : Always state that the number of guests and the timings should be declared by tenant in advance. Also, if you dont want frequent visitors, make sure to tell your tenant that.
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