Executive Properties Capital
Finding the right tenant for your rental property is one of the most important steps in the investment property process. Choose the wrong one, and your life will be made a lot more challenging, your bank
account could suffer, and the rental property could be damaged significantly in the process.
Take the time in the beginning and put in the research to choose the right tenant, and you’ll be rewarded with less stress and a much more straightforward transaction between yourself and them. If you’re currently on the hunt for the perfect person to rent your property, here are five signs that you’ve found the right one.
Credit check is positive
A big indicator of future behaviour is past behaviour. Has the potential tenant kept a good credit score? This shows that they’re reliable and can pay their expenses on time. If they don’t have a decent credit score, you’d be best to keep searching for the right tenant. This could save you the hassle of dealing with late rent payments, or a tenant who can’t pay rent at all.
Proof of income
Can your potential tenant provide proof of income? Is it a substantial amount above the required rent payments? If yes, that’s a definite positive sign, and a good indicator that your monthly rent payments will be there and on time. Don’t forget to take into account there will be many other expenses on top of rent that will have to be paid, so make sure that it’s not just a touch above the payments required.
Referring back to our earlier point, past behaviour is usually a relatively good indicator of future behaviour. Can your potential tenant provide good references from previous landlords? If so, that’s a very big positive. Also, were they at the property for a substantial amount of time, or was it a short period – that may indicate they won’t reside at your investment property long.
Finding out if your tenant has an idea of what they want in the future and long term goals may seem over the top, but it’s important to do. This way, you can get a good idea of if they tend to make impulsive decisions or not that may one day put you in a tough position. If they have a good idea of where they see themselves and have long term goals, that’s a definite positive sign.
Trust your gut
How do you feel about the potential tenant? If everything else checks out and you get a good feeling from them, it’s time to move forward! Congratulations, you’ve found the right tenant! However, if everything checks out and you don’t get a good vibe from them, don’t ignore it. Think about why you feel this way, and if there’s a good reason why you’re feeling concerned, listen to it.
Work with us!
At Executive Properties Capital, we’re experts in building generational wealth through real estate. We offer exciting partnership opportunities, giving you the opportunity to capitalize on real estate investing, minus the challenging process.
If dealing with tenants is a barrier preventing you from investing, it doesn’t have to be. We’re experts in not only finding amazing tenants for our joint venture partners, but in managing them as well. We help take the stress out of the process for you knowing you’re teaming up with experts.
Interested in learning more?
We’d be happy to chat with you further. Feel free to give us a call at 416-938-2641, or by email at Executiveproperties@rogers.com. Alternatively, you can also find more information on our website at
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