Some people build or purchase a house for the purpose of using it as a revenue stream. If you in the process of finding a tenant, one of the biggest issues is finding a good tenant. There are things to consider which include the law, the tenant’s financial situation as well as the tenant’s rental history.
A landlord who is renting should treat all his tenants equally. Canada has laws which discrimination is prevented and anybody who is discriminated against can file a complaint about it. The discrimination is done on the basis of the following
The landlord should be familiar with the law and should not discriminate any tenant.
You should have a tenancy application for any prospective tenants to fill out. You can get a pre-made application form online from Tenantsbc.ca. In this application, you will be able to ask questions that will help shape your arrangement with any prospective tenant. There are questions that you are legally able to ask and some that you are not allowed to ask.
Questions you can ask:
Personal Info like Name, Email, Phone, Age
Place of employment
Number of people who will be living in the rental unit
If they are smokers
If they have pets and what type
Permission to do a credit check
Permission to call rental references
Permission to call employers
Questions you cannot ask:
Social Insurance Number
If they will be having more children
Once you have all the applications, review them and do the necessary checks to see if they meet the standards below.
The tenant should be financially strong so that he can pay the rent along with other bills like electricity, water, internet, grocery, and any other monthly expenses. The tenant is responsible to pay the rent on time and if there is any delay, he should inform the landlord immediately. In most cases, the rent is paid on the first of every month but it may vary depending on when the rental unit becomes available.
The criminal background of the tenant should be checked before handling him the house. The landlord should inquire about the serious as well as minor offenses. In order to verify this, a criminal record check can be requested. A prospective tenant can go to the local RCMP office to get a criminal record check done.
The landlord should ask the tenant about his tenant history and can request references from previous landlords. Take the time to contact previous landlords and ask some questions that are relevant to your situation as well as the suitability of the tenant.
Unlike the past where the only place to advertise was in the newspapers, there are many more choices on where to advertise today.
Newspaper: A tried and true method and with the demographics some older generation of renters will look here before going online. One thing to consider is that newspapers will charge for placing a classified ad.
Online Classifieds: Craigslist, Kijiji, and RentBC are all places where you can put a place available for rent. A perk for online posting is that you most likely will reach more people and many of these online classified sites will allow you to post for free.
Social Media: If you have a place available for rent, posting it on Facebook or Twitter is another way to get the word out. A benefit is that your posting can be shared and reach people through online friends and friends of friends. This venue is also free.
Sign in the Window: Simple and easy but the number of people that see it will be limited. On the other hand, if someone sees it and is in the area you may get a higher chance of a good of someone that wants to live in that area
Landlord Insurance is something that all people that are renting out houses or apartments should have. It is also a great idea to enforce all tenants to provide proof of a Tenant Insurance policy. These types of insurance can save both the landlord and tenant money in the long run.