5 Tips to Finding the Right Renter

posted 2015-12-16 by unknown

One of the biggest mistakes a landlord can make is renting to the wrong person. This can result in late payments, trashed property, damaged suites and evictions.

Here's a checklist of things to consider, when looking for the "right" renter:

  1. Can they afford the rent? Similar to a mortgage and car loan, rent impacts monthly earnings. The renter should be able to demonstrate they can make payments comfortably.

  2. Obtain references and check them! Collecting references is not enough. It’s easy for anyone to provide friends and family who will provide a glowing reference and who may have no knowledge of the applicant as a tenant.

  3. Use a rental application form - or better yet, use www.flatsavvy.com to find your ideal renter. That way you're receiving the same information on EVERY applicant. It's much easier to create a "short-list" when you're using the same criteria.

  4. Meet your short-listed applicants. If you live in another city consider asking a trusted friend or family member to meet on your behalf.

  5. Use a tenancy agreement. Most provinces have standard agreements available online. These ensure that both you and the renter agree on all the terms of the rental.