With an increasing number of ‘professional’ tenants only willing to take advantage of busy and trusting landlords, investors need to be extra vigilant. Kayla Adrade from Ontario Landlords Watch provides some helpful tips on how to secure the best tenant.
Landlords are always on the hunt to find the best tenant. To achieve that, they need to ensure their rental units are well maintained, clean and in a good location. Unfortunately, such properties also attract the professional (bad) tenants so landlords need to interview each with caution.
Landlords should not only require credit checks and personal references, they should also personally (or others) interview the tenant. Find out who they are , where they are from , what are their hobbies , who are their friends , what do they do for work and do they like it etc. These are simple friendly questions that can tell a landlord what that potential tenant is capable of.
Keep the unit empty for a few months until the right tenant comes along because it can cost landlords a lot more time and money if they make a rushed decision and accept the first person that comes to view the unit.
Follow these four steps :
1. Phone interview (ask as many questions as possible
2. Interview them at the rental property (ask more questions )
3. Have the potential tenant meet with your (partner or consultant)
4. Meet the potential tenant at their current property to sign the lease
Is your tenant not paying rent? Do not fall prey to the sad story, not everyone tells the truth. Give the N4 notice on the second of the month even though the tenant agrees to pay a week later. The landlord and tenant board eviction process is long, costly and tenant friendly which means the tenants already have a head start.
Kayla Andrade is from Ontario Landlords Watch. Call or text for further information at 226-972-0563
Are you looking to invest in property? If you like, we can get one of our mortgage experts to tell you exactly how much you can afford to borrow, which is the best mortgage for you or how much they could save you right now if you have an existing mortgage. Click here to get help choosing the best mortgage rate