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Begin to Learn the Art of Tenant Screening

November 27th, 2011 · No Comments · Ontario Landlords Association, tenant screening, Uncategorized

You are now about to become a landlord.

Congratulations!

You put up your advertisment for your place on Kijiji and the local newspaper.  With a day or two you start getting some calls from people interested.

Hey, this is easier than you thought right?

You start meeting people, showing them around your property and then the dizziness begins.  How do you choose the best tenants?  How can you protect yourself?

What do you do next?

Most experienced landlords and property managers agree the single greatest and costliest mistake a landlord can make is to neglect carrying out a detailed screening of tenant applications.

It’s shocking to veterans in the industry how many new landlords don’t conduct adequate checks on prospective tenants!  There have been countless cases where a new investor rents out a property of say $500,000, $750,000…even $1,000,000 to someone based on a nice conversation and a handshake.

Do not allow yourself to be a victim!

Successful landlords screen their tenants carefully.  There are many ways to start.   There’s a wonderful thread over at the Ontario Landlords Association discussion forums on how experienced landlords do this.

You can read the thread here .

Not only is the failure of landlords to conduct simple credit and background checks bad business that inevitably results in predictable landlord-tenant disputes, it’s also a factor in the depreciation neighborhoods suffer and how adjacent property owners can actually lose value.

I can’t stress strongly enough how important it is to check out tenants.  More to come…

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