Renting Your Extra Space

A great way to make money out of an investment property or a recreational property is to rent it out. The rental market is big in Calgary. With a thriving job market, many people seek temporary residence here before buying. Calgary also has a massive student population, many of which need spaces to rent for the school year and summertime. This means that if you have a nice property, you can easily make money that will help you repay what you spent on the space.

It is easy enough to find renters, but how do you find good renters? It is important to remember that when people come see your property, you aren’t just showing them your space in hopes they will like it. You are interviewing potential renters. Here are some of the top 10 questions you should be asking:

1). Why are you moving? || If their answer is that they were kicked out of their old place, be cautious. Look for legitimate reasons, such as a new job or stage of life.

2). Will you have first month’s rent and the security deposit available upon move in? || This is crucial. If they cannot afford the property, chances are it will become an ongoing issue.

3). Can you provide references from a former landlord or employer? || What other people in authority positions have to say about a potential renter’s accountability will speak volumes.

4). How many people will be moving in? || More than two people per bedroom can cause major issues. Remember that cities have strict guidelines on this, so make sure you look into what is legally allowed in the space you want to provide.

5). Do you have any pets? || If you have a no-pet policy and they have pets, don’t waste time even setting up a visit. If you are allowing pets, it is wise to understand what type of animal and how many of them will be joining the renters.

6). Are you willing to submit a rental application and credit check? || This question may be uncomfortable to ask, but it is very important because if they refuse, they likely have something they are hiding that could negatively affect you.

7). How long do you see yourself wanting this space? || Sometimes people are only looking for something temporary. While you could make a great little business out of providing temporary living, it also becomes a lot of extra work.

8). Have you ever been evicted? || This is straight forward. If they have, you need to find out why.

9). When are you wanting to move in? || You have bills to pay and a property to maintain, so if they don’t want to move in for awhile, you may want to find someone who can move in a little sooner.

10). Do you have any questions? || Open the floor up for discussion. You will learn a lot about them from what they ask!

Good luck!

Your Real Estate Professional,

Ken Richter

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