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Recognizing inconsistencies is
vital. It is important that you use a proper rental application form. Be sure
your prospective tenant fills in all required information.
Marijuana
is a growing problem for Landlords
their refusal or hesitation to fill in standard information should raise
suspicion as to the tenant’s intentions, as should insistence that the security
deposit and rent be paid in cash.
Don't believe everything your applicant tells you, find out about some of the
warning signs
you should watch out for.
Do not accept cash for rent; rather pick up the rent yourself if possible.
Keep records of all residents living in your rental unit. Record license
numbers, model and makes of all vehicles authorized to be on the premises.
Follow up on all references and remember many references are from friends or
family.
screen your tenant, check and record all tenant I.D.
How can you do that?
Checking your tenants credit history can be the best investment you ever make.
You pay your bills on time and when you’re counting on rental income, you want
to make sure your tenants will fulfill their obligations too!
The information they have
provided to you will either confirm your impressions or alert you to false
statements in the application and will check crucial information your applicant
may otherwise be trying to hide.
Some of the key benefits of checking credit include:
-
Significant reduction in
costs of delinquent tenants.
- Can the applicant afford to pay the rent?
-
Verification of personal
information. - Does
it match the information on the credit file?
-
Payment habits.
- Has the prospective tenant ever been bankrupt or was there ever a
collection filed against them?
-
Selection of more honest
tenants - Fraud
screening will alert you to potential problems and inconsistencies in
applications, providing you with an early warning to possible fraudulent
activity.
-
The ability to check for
future payment risks
- Find out how well they score
against other Canadians.
-
Faster approval times.
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