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Canada Landlords – Credit Checks, Rental Kits, Networking, Landlord Forum, Leases, More!

January 17th, 2013 · 1 Comment · Alberta Landlords Association, British Columbia Landlords Association, Ontario Landlords Association

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Using Quality Services and Networking With Other Landlords Is Essential For Canada Landlords To Succeed in 2013

The news from Barrie, Ontario on the Simcoe County online newspaper was shocking. It’s also an important wake-up call for landlords all over Canada.

According to the newspaper, Barrie police officers were called to go to an apartment after a fight between a landlord and her tenant.

The police heard allegations the tenant first punched the landlord.  Then, hit him with a brook handle. Then threw a knife at him.

It didn’t end there.

The 20 year old tenant proceeded to go inside the rental property and damaged it.This isn’t the first example why landlords need to protect ourselves.

How can a landlord protect themselves and be on the path for success?

Let’s take a look at the answers to your question.

1.  The importance of Tenant Screening

Inexperienced landlords will often accept the first tenant who applies and has money to pay for rent.

This rookie will deposit first and last, sign some sort of agreement and hand over the keys to the rental property.

Wow, it’s easy to be a landlord!

Except what happens when the rent isn’t paid? What happens when the tenants won’t answer the phone? What happens when the neighbors complain about cars parked on the front lawn and parties every second night?

You need to make sure you find a qualified renter who respects paying on time and respects your property.

*  Credit Checks

Running a formal credit check important information about a potential renter.

Credit checks reveal any past problems with bankruptcy, foreclosure or eviction.

A credit check will also tell a landlord about a tenant’s income history, which is important to ensuring that the tenant can pay rent each month and afford to keep the rental unit clean and well-furnished.

*  Use a Tenant Finding Company

There are some great companies out there who have experience in finding great tenants for landlords.

2.  The need to use proper leases, applications and other forms

As a landlord, being meticulous about record keeping and documentation is one of your best keys to success.

3.  Hiring top quality companies

We keep hearing stories about bad companies that claim to ‘help landlords’ but in reality are more interested in over-charging them. Some of the horror stories we hear are companies claiming to champion landlords rights who then charge excessively, charge huge rates, fail to get results, and then threaten legal action against the landlord if they dare make their concerns public!

Make sure you only hire companies recommended by your provincial landlord association.

4.  Networking with other landlords

Networking with other landlords allows you to learn from experienced landlords. It also allows you to discuss problems, issues and solutions to any problems you fact.

5.  Join a provincial landlord association

How can you network with other landlords? Try joining one of your provincial associations.

If you are small residential association be careful what association you choose to become a member in. Many of the large corporate landlord associations represent those huge buildings you see downtown. They are bureaucratic, have their own tiny groups running things, and don’t share your concerns as a small residential landlord.

We recommend:

*  Ontario Landlords go to the Ontario Landlords Association

Alberta Landlords go to the Alberta Landlords Association

*  British Columbia Landlords go to the BC Landlords Association

*  Saskatchewan Landlords go to the Saskatchewan Landlords Association

Manitoba Landlords go to the Manitoba Landlords Association

*  Nova Scotia Landlords go to the Nova Scotia Landlords Association

Wherever you own rental property in Canada, 2013 is a year full of potential pitfalls.  Whether you are an Ontario landlord, an Alberta landlord, a BC landlord or anywhere else make sure you do credit checks, proper leases, and network with other landlords.

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