The primary objective of every property owner is to find a suitable renter. One who does not create conflicts with neighbours, pays on time and keeps your building in good condition.
Experienced Ottawa property managers know the relevance of renting to qualified tenants. It means that the applicants must have an excellent credit score! Leasing to a tenant with an excellent credit rating implies the rental fee comes in on time, and your building will be treated with respect.
We’ve heard sufficient tales of property owners getting ripped off by delinquent tenants. You would certainly assume everybody investing in residential real estate would undoubtedly get the picture by now.
Nonetheless, we continue to find out about rookie landlords really feeling stress to lease their properties out fast to any individual who can pay first and last month’s rent. That is a big mistake. As a landlord, you have to take the time to screen a prospective tenant.
Choose a Tenant With Excellent Credit.
You can discourage half of your applicants when Screening For Good Tenants in Ottawa Ontario by telling each prospective renter in advance that credit and criminal checks are part of the selection process.
Those words will motivate the riff-rafts that showed up to view your rental to scamper out of the door like cockroaches.
The truth is you wish to try to find a good tenant who is financially accountable. If they are responsible with paying their expenses, there is a solid opportunity they will certainly pay their rent promptly and also be caring with your apartment or condo. Looking into a prospective tenants financial history is a two-step process.
First, you may want to do a credit check. Pulling a credit report is one of the essential things a landlord should be doing. As a property management firm in Ottawa, it is one of the first step we do in our elimination process. There is nothing worse in this business than signing a lease with a dead beat tenant. That’s why you need the services of a reliable property management firm like Stronkbackpm.
Secondly, you want to make sure that this person could afford to pay the rent. You will need to verify his or her income. Ideally, you will want to see monthly earnings that are equivalent to three times the monthly rent.
Ask for copies of their pay stubs. Call their company directly to validate their work, length of employment, recommendation as well as monthly revenues.
Perform A Criminal Background Check
A simple Google search can help your screening process and can reveal a lot, or nothing. But don’t stop there. Criminal offender details are public information in Ontario, and also can be viewed at numerous courthouses. This check will show up both significant and also small offenses. You will require the occupant’s name as well as the day of birth to run one. Keep in mind that those with a criminal record might try to falsify this information, so see to it to inspect a valid Government-issued ID to verify that they match the information on the identification.
Selecting the Wrong Tenants Can Be Expensive
If you happen to find yourself in this unfortunate position, allow me to explain to you the ugly truth about the Landlord and Tenant Board in Ontario. Many new landlords don’t know precisely how the system works, and they think by issuing an N4 a notice to end your tenancy early for non-payment of Rent, everything automatically falls into place. It’s not that simple. It can take you up to five-month to evict a dead beat tenant. During that time you’re not collecting rent, and you have to dig deep into your pocket to pay your mortgage. That’s why taking the time to screen for the ideal tenant is paramount.
When a tenant stopped paying his or her rent the landlord has the right to issue a Notice to End your Tenancy Early for Non-payment of Rent. That notice comes in the form of a Landlord and Tenant Board in Ontario type N4 vacate notice for the lessee to pay the rent entirely in 2 weeks or be kicked out. Well, that’s easier said than done. Most web-savvy dead beat tenants will Google the N4 document and find out that they still have lots of time to screw you around.
N4 Document No Mistakes Are Allowed
As the landlord, it is your responsibility to inspect the N4 document meticulously to make sure it is completed totally. The Landlord and Lessee Board might refuse to evict your tenant if the notification does not follow all these policies:
Provide Details of how mush is Owed
You have to provide information concerning what is outstanding to you.
The notice has to inform you tenant on how much is owed and details to demonstrate how you the owner came up with the amount.
Tells them how to cancel the notice
The notice should inform the tenant that he or she can terminate it by paying all the rent that you owe by a specific date. That date should go to the very least 14 days after you obtain the notice or 7 days if you lease day by day or week.
Is authorized by the owner
The notification has to be authorized by you the owner or your representative. It should have your full address of your rental and the names of all the occupants. Typically this suggests any individual who is accountable for paying lease or who is noted as a renter in your rental agreement.
Whenever the delinquent tenant moves out, chances are it will cost you hundreds if not thousands of dollars to get your property back in shape to rent it again. If you feel screening For Good Tenants in Ottawa Ontario is a lot of work then call us at Strongback Property Management we are experts at screening for suitable renters and nipping the unsuitable ones in the bud.