Wednesday, 21 October 2015

What to Avoid When Looking For a Tenant

The quality of a tenant is what makes an investment property profitable. Therefore ultimate goal of an investor is to rent out to a tenant who will pay rent on time and take reasonable care of the property. 

When advertising and showing a property to potential renters Landlord usually ends up with a number of people, willing to rent from him. This is the stage where a major decision has to be made. As a first step, to narrow down the number of options, a small checklist may be developed of things that are NOT desirable in a potential tenant:

  • It is probably not wise to rent out to individuals on assistance for a very basic reason that the Landlord cannot go after them for unpaid rent of damaged apartment. As they get minimum living allowance already, welfare assistance cannot be garnished.  
  • Extra care should be taken when accepting roommates. Quite often, when move in together, after a little while they start fighting and are no longer able to stay in the same apartment. So very soon the owner ends up having to re-rent the property. One other thing should be kept in mind: it’s nearly impossible to determine who is causing strain, but even if that happened, providing both tenants signed the Lease, Landlord cannot evict only one person, one that’s causing problems. Both tenants will have to leave at the same time.
  • Another variable to keep in mind is age of the prospective tenants. Owner has to be very careful if renting out to young people, especially in mature neighborhood. Although there are exceptions, the lifestyle of younger generation may not correspond with settled habits of more mature neighbors.

1 comment:

  1. DEADBEAT Landlords Hallman Apartments, a total disaster, mould everywhere, the state of repair, pathetic. Transglobe, even worse, months or even years before repairs are made to your apartments. Centurion, a radical money making machine, exponentially increasing rents above and beyond legal requirements, as they are replacing all the old wear and tear damage from years of neglect by Hallman and Transglobe, claiming they are improvements, but, are in fact required by the RTA to maintain a proper state of repair. How do we the people or tenant know what we're getting into, as it's usually the property owners with the bad reputation, not the tenants. Can we do a credit check on Centurion? Make certain they are not a broke as Hallman and Transglobe were? Can we ask for references from previous tenants, to know exactly what we the tenant can expect? It's a two way street, if your going to ask for credit checks and references, than you should have to provide the same in return. Discrimination, is not renting to someone with bad credit, as you have absolutely no idea, what happened to them to get a bad credit rating. Like Myself for instance, I had to sacrifice my credit, to pay rent, I was a single father to a child with cancer, and lost everything I own right down to my clothes keeping him alive, including my credit rating.
    Not renting to a person like me, is like not renting to a person who is black, or homosexual, because they black, or a homosexual,it's blatant discrimination. It's a violation of the Universal Declaration of human rights, and it's people like Brantford Property Management that do this on a regular basis.
    DON'T RENT FROM BRANTFORD PROPERTY MANAGEMENT, until they provide YOU, with a credit check and references.

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