If you want your real estate property to be successful (or, in other words, profitable), then you need great tenants. But finding the “perfect” tenant isn’t easy.
As a landlord, you’ve got a lot on your plate—how do you find the time for the tenant selection process? Each month that your property sits vacant, you lose out on revenue. You need to find a tenant, and fast.
But not just any tenant will do. You’re looking for renters who will:
- Pay rent on time
- Treat your rental property with care
- Respect other tenants and neighbours
At Premier Property Solutions, we offer tenant selection services. We’ll help you find the right tenants for your rental property. Our property managers approach the tenant selection process from an owner’s perspective, which means we put your needs (and your investment) first.
What To Expect
If you find the tenant application process to be gruelling, you’re not alone. But if you want to do a thorough job, you need to put the time and the work in. The problem is that you rarely have the time. A property management company is just what you need.
Sometimes, a prospective tenant seems great on paper: they have a steady employment history, they’re friendly, and they’re eager to sign the lease. But once you speak to their prior landlords, you start to see the bigger picture.
The tenant screening process is time-consuming, especially when you’re requesting credit reports and background checks. Here’s a look at our process:
What Are The Criteria For Tenant Selection?
As a landlord, it’s important to treat all tenants fairly. According to local laws, discriminating against applicants violates the Manitoba Human Rights Code. You cannot decline applicants based on personal information like:
- Race
- Sex
- Religion
- Marital status
- A health condition or disability
With our tenant selection services, we use criteria that are fair, thorough, and non-discriminatory. What separates a good tenant from a great tenant? Oftentimes, it comes down to the following criteria:
Credit Check
If an applicant has a poor credit score, they may be unable to pay their rent on time, even if they make a high monthly income. This could be due to outstanding debts or other bills.
Rental Tenancies Branch Database Search
By reading about someone’s rental history, you can learn a lot about how they might treat your property. We search the RTB database to obtain information about any previous rent issues, repair orders, or disputes between tenants and landlords.
Background Check
You won’t know if a potential tenant has a criminal history unless you perform a background check. This is an important part of the tenant screening process. Someone who seems like the perfect tenant could have a criminal history that could endanger the safety of other residents.
Social Media Search
A potential tenant might seem responsible in person, but their Facebook or Twitter feed might tell a different story. We perform a basic social media search when screening tenants.
Employment Letter
An applicant might claim to make enough money to afford rent, but how can you be sure? Checking references is important for income verification. A letter from a tenant’s boss can speak volumes about their character.
Reference Checks
Be wary of any references that only include close friends or family members of prospective tenants. It’s more valuable to get information from a previous landlord.
What Happens If I Believe I Have A Bad Tenant?
Are your tenants causing problems? Perhaps they’re several months behind on rent, or they aren’t keeping your property well maintained. If you’re unhappy with a tenant, you might be wondering what your options are.
To evict a tenant, you must issue a Notice of Termination form, which you can obtain from the Residential Tenancies Branch.
The eviction process varies depending on why you’ve chosen to end the tenancy; it could be due to non-payment of rent, disturbing other tenants, or engaging in unlawful activity on your property. Our property managers can assist you with this process.
Find Out How Much Rent You Can Charge For Your Property Now!
If you own one or more investment properties, our property management services can help. Whether you’re renting out a house, apartment, or condo, our services can net you a higher return on your investment.
We strive to create positive renting experiences for tenants, and stress-free management for landlords. To learn more about our tenant selection services, and how much you should charge for the first month’s rent, contact Premier Property Solutions today.
