As a landlord in the Toronto area, you will know all too well how important it is to get great tenants in your properties. With reliable tenants, you can ensure a steady monthly income and keep your rental properties in good condition.
Great tenants make your life easier as a landlord and give you peace of mind, knowing that you won’t be left without rental payments or with extensive property damage. In turn, you can build a successful real estate portfolio and see impressive returns on your investments.
To ensure your success, here are some top tips to get the best tenants in your rental properties.
Arrange Interviews with Potential Candidates
It’s best to interview every potential tenant before agreeing to rent any of your properties to them. Interviewing potential tenants enables you to meet them in person and have a face-to-face conversation with them to see if they are a suitable fit for your properties.
Interviewing your applicants also enables you to get more information than you would using a written form. You can delve more into why your tenants are moving and discuss the terms and conditions in your usual rental contracts.
Conduct In-Depth Background Checks
Part of your post-interview tenant screening process should include conducting an in-depth background check on each of your chosen tenants. You should gather information about your tenant’s financial background, including their income and credit score.
The aim of these checks is to ensure your chosen tenants will have the financial capacity to pay their rent on time. It also helps you to identify those who have a record of paying rent late or those with a criminal record.
Gather References from Previous Landlords
Another important step that you will need to complete in order to find great tenants is gathering references from previous landlords. Ask these landlords whether the tenants paid their rent on time, kept the properties in good condition, and left the properties in a damage free state.
If your applicants haven’t previously rented any properties or are new to the country after moving from the Caribbean, Europe, Australia, or elsewhere in the world, you will have to skip this step. You may need to rely on your in-person interviews and background checks to inform your decision about which tenants to accept.
Working with a Property Management Company
If you’re unsure how to conduct interviews and background checks or gather formal references, consider working with one of the many great condo property management companies in Downtown Toronto. A professional property management company can oversee the tenant screening process for you to help you find the best renters for your properties.
Your allocated property manager can also help with managing your tenants and responding to their queries and concerns. They can act as a middleman to speed up communication between you and your tenants. They will take some of the weight of being a landlord off your shoulders and make it much easier for you to keep your tenants happy.