Qualifying Questions to Ask of Rental Prospects

Questions to ask of rental prospects

 

 

I have signed leases for 3,000 single family houses during my career as a Master Property Manager and broker of my residential property management company.  He are some questions I developed to be used to pre-qualify rental prospects that I think will save you some time and money. - Robert Fowler, Master Property Manager,  Residential Property Management, Inc.

 

 

Pre-Qualifying Questions For Rental Prospects

You get a call on your ad, what questions should you ask the prospects before running out and showing the property?

What is the purpose of the questions? The best landlords use these questions to start qualifying the prospects, to avoid unnecessary trips to show the property and to reduce the dreaded "appointment stand ups" for scheduled property showings. Once it is clear the property and the prospect match up well, then they are less likely not to show up for an appointment.

From the prospect's answers you may start to see if they are able financially to rent your property. Also you may be able to rule out those who do not qualify because they can not move in soon enough, do not have good credit, only want a short term lease, have a big bad dog, too many people, etc.

Also you may see how responsive and cooperative the prospect is. This will give you a glimpse of how that will be as a tenant.

Having a predetermined list of questions to ask prospects may help you treat all rental prospects equally and avoid missing important questions to cover. It is a more efficient method to ask these questions to move the process along rather than simply letting the prospect ask random questions. It will save valuable time for both you and the prospect.

So what questions do you ask before showing? And what are you looking for in an answer?  Introduce yourself and getting their name and phone numbers. "Hello my name is John. What is your name?"

1. Who will be moving in?
Don't accept a vague answer like "my family". Summarize their answer and ask for verification. Example: so it will be two adults and 1 child? What you need to determine is how many people will be occupying the property, including children.

2. Do you have any pets, dogs or cats, etc.?
If you don't accept pets no need to go further if they have pets. No need to hear how difference their pet is, how well behaved, how they are only outside pets.... Find out the breed of dog. Ask how many pounds they weight and how old they are. Most landlords won't accept aggressive breed dogs like Rottweilers, Pit Bulls (Staffordshire Terrier), Dobermans

3. When are you looking to move in?
Don't accept a vague answer. If they are not looking to move for a long time after your property is available, then tell them your property will not be available for that time. They can always check back later to see if it is available closer to the time they need it but no use in showing them the property now. A good follow up question is: When how soon can you move in?

4. How long of a lease are you looking for?
It is good to ask it open ended just like that. If they say six months try to avoid them if you are looking for 12 months minimal. For a good tenant you might want to consider offering them a 24 month lease.

What are your qualifying standards?
When you put your property on the rental market, it would be good to think of what rental standards you are looking for. For example here are some common standards.
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1. Must have good credit
2. Must have gross monthly income at least equal or greater than the monthly rent times three.
For example, rent is $1000 they must make $3000 plus per month gross income combined.
3. If they are renting, must receive a good rental reference
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So let the prospect know what your qualifying standards are and ask if they meet these.

5. Do you have good credit?

6. Do you have a job locally?
Tell them you are looking for verifiable income equal to three times the monthly rent and see if they do.
There are many people moving into the area they do not have a job locally. Beware.

7 . Where are you living now?   When is your lease up? Have you given notice?

8. Have you ridden by the property?

Their answer may tell you how serious they are. Suggest they ride by the property first and call you back if interested. It may be too far for them or they may not like the neighborhood. This may save a wasted trip or the "no show" where the prospect makes an appointment to see but doesn't show up.

Note: If you have homes for rent or sale in a 55+ Community or homes like ranches that would make a good home for an older residents or those in retirement, please place your free ad on 55CommunityGuide.com and I believe you will get a good response. -Robert Fowler

By Robert Fowler, author. Circle me on Google +.

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