As a landlord, there are few things worse than having to deal with the frustration and even danger of a bad tenant. Dream tenants are wonderful – they pay on time, they cause no trouble, and they leave the home or apartment better than they found it. On the flip side, bad tenants can be a nightmare. While even with utmost vigilance and precaution it is possible to accidentally rent to a nightmare tenant, these tips and recommendations can help increase the odds of renting your Toronto home, condo, or apartment to a delightful tenant:
First things first, you want to advertise the vacancy with a thoughtful listing shared in places and on websites that will attract the types of tenants you desire. If you want to attract the most desirable tenants, your listing should be detailed, truthful, and include accurate images of the property. If you had your choice of any home or apartment in Toronto, would you book an appointment to see the detailed listing with vivid pictures, or the blank listing with no photos? Put the time in and put your property in the best position to draw in the right tenant.
When you meet with any prospective tenant, their behaviour and appearance go a long way to telling you whether they would make an appropriate tenant. While you don’t want to judge a book by its cover, consider the following factors: did they arrive on time? Did they respect your property by taking off their shoes inside? When you talk with them, do they seem evasive about questions concerning their employment or tenant history?
As a landlord, you have a responsibility to do your homework and take your time before approving a tenant. While there is an instinct to rent to the first potential tenant and wipe your hands of the situation, this could be costly on your wallet and psyche in the long run. Even if the potential tenant seems absolutely wonderful and trustworthy, don’t take any chances. Run a credit report. Verify employment records. Call references, especially former landlords. No matter how perfect the tenant may seem, do your homework or you may regret it.
Finally, working with a property management company in Toronto can ease the entire burden of hunting for the right tenant. Everything from determining a suitable rental rate to marketing the property to your desired demographic, scheduling viewings, performing credit checks, verifying employment, and contacting references is handled with professionalism and care. A property management company working on your behalf will also evaluate potential tenants based on your specific pre-defined criteria for what you want in a tenant. Finally, they will coordinate the tenant move-in, conduct a move-in inspection, and ensure a smooth process with rent collection, property maintenance, and even dispute resolution going forward.
You deserve peace of mind knowing that your property is in good hands and that the value of your investment is growing steadily over time. Contact Medallion Capital Group to learn more!