As a building owner, are you using all the tools at your disposal to select the right tenants?
An All Too Common Nightmare
Late or refused payments and property damage are topics too often on the lips of building owners. Restoration work can cost between $40,000 and $50,000, including $10,000 just to clean the apartment.
You should select your tenants with the same care you select your investments.
How to Avoid Renting to a Bad Tenant?
The important thing is to have a rigorous process in place to protect yourself from the risks associated with choosing a new tenant.
It is preferable to schedule multiple visits in a short time frame, for example visits every 15 minutes during a half day.
Be careful to respect privacy rights. According to the Tribunal administratif du logement (TAL), you must limit yourself to information related to renting the property.
Examples listed by the TAL:
- Authenticate the candidate by viewing an ID, without making a copy
- Collect names, full contact details, and previous landlords
- Request a letter of recommendation from the landlord
With the future tenant's consent, you can obtain:
- Payment habit information from current and past landlords
- A credit investigation
- A credit certificate from the tenant's financial institution
- A certificate regarding payment deadline compliance
Complete Checks for Today's Property Owners!
Once visits are completed, it's time to verify personal information. A tenant investigation typically ranges from $24.95 to $69.95 on the Canadian market.
Without a subscription, verification requests can be submitted in less than 5 minutes, all completely online!
Available Checks:
- Candidate identity verification
- Credit investigation
- Current employer verification
- Current landlord verification
- Tribunal administratif du logement verification
- Criminal record
