Best Practices for Residential Leasing
Great Tenants are out there! Having a comprehensive leasing process will help you in finding the best people for your Investment Property.
1. Have a Robust Rental Application
If you want to get to know your future Tenants, it all starts with asking the right questions and then verifying what they share with you.
2. Check their References
This is a big one! Call ALL of their references, ask great questions and have a zero tolerance for dishonesty. Not everyone gets along with past landlords. That’s OK! Understand why and the circumstances to know if this will be a future issue for you or not.
3. Run a Credit Check
This will hep you understand if they can afford the rent and if they are good at paying what they owe. Pro tip: Run a credit check on every adult who will be living in the unit.
4. Get to know People
The more interactions you can have with future Tenants the better. Get to know them! How do they communicate? Are they respectful? What language do they choose? Trust your instincts. If something seems unsettled, ask more questions and don’t be afraid to walk away.
5. The Lease
Start with the Ontario Residential Tenancy Agreement and then add your addendums and clauses to ensure all expectations and agreements with the Tenants are outlined. We suggest we add a Pet Addendum and Lawn/Snow Addendum. https://www.ontario.ca/page/guide-ontarios-standard-lease
Warning Signs! If you experience any of these warning signs during your leasing process, be wary!
Victim Speak including sob stories, done wrong, wasn’t my fault.
Half Truths and Untruths. Never a good character trait.
Vague, incomplete or changes in the information shared. Dig deeper in this case.
Impolite, short, curt, unpleasant or rude usually doesn’t get better. Is this the person you want to communicate with as your Tenant?
Past behavior is an indicator of future behavior. Take the time to know your future Tenants.
Have questions? We can help!