Executive Properties Capital
How to avoid unfavourable tenants
Finding the right tenants for your rental property is paramount to the success of your real
There’s a lot of hard work that goes into acquiring a property – finding the right house or apartment and potentially renovating the space. Don’t let all the hard work go to waste by failing to put the necessary work in to find the right tenants.
The wrong tenants can leave you in a messy situation by not paying rent, damaging your property or by frustrating your other tenants to the point they move out.
How can you avoid this situation all together?
It’s important to do your research.
Just who is moving in to your home? Do your research! Although it can be tempting to skip out on this step, this will almost always cost you later on. It’s not a gamble any landlord should make. Follow up with past references from previous places the tenant has lived. It’s also important to follow up with more than one reference, because often times potential tenants who are struggling to find a home may use a friend or family member as a reference, so always check with multiple references before moving forward.
Use social media to your advantage when studying potential tenants
Social media can tell you a lot about a person and who could be moving into your home. It’s important to do a quick google search of your potential tenant to see if any red flags come up (criminal record, etc.) as well as a search on social media platforms like Facebook and Instagram. This will give you some insight into the lifestyle of your client.
Follow your gut
Even if all the references check out, if something instinctively feels off with the prospective tenant, it probably is. For instances, sometimes it may be a red flag if a person is overly eager to rent an apartment without even seeing the property. In these situations, it’s important to proceed with caution- if someone is offering all cash up front and is overly eager, do a little bit of extra research. It could save you a lot of trouble later on. Remember, if something seems too good to be true, it likely is.
Ask a lot of questions
You can find out a lot about a person simply by asking them to tell you more about themselves. This is an easy way to figure out who they are, and from there you can decide if they would be well suited to rent your space.
Establish expectations early on
Make sure prospective tenants know where you stand, and that you will not deal with rent being paid late and a lot of noise especially during what should be quiet hours. By letting them know before signing anything, a lot of the time it can eliminate tenants who will not follow your rules in the first place. Let them know that if they do pay rent late, you will be serving them appropriate documents, and that if rent is not paid you will be following up through the courts and credit bureau and it will have a long term impact on their rental and credit history.
Have additional questions about finding tenants and the right rental property?
We can help! At Executive Properties Capital, we put the work in to make sure you maximize your investment and get all the benefits possible of real estate investing.
Contact us today
We would love to work with you! Contact us today at 416-938-2641, or by email at Adrian@investwithepc.com.
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