Being a landlord used to involve many stressful and time-consuming processes, like screening tenants. It’s hard to find the right person, someone who you’re confident will respect your property and make it a nice place to live.
Now, the task has been simplified by professional companies like Property Management Toronto that give landlords peace of mind and make important processes less time-consuming. Keep reading to learn how the right professional management company makes finding the right tenant easy.
Employment Letter
Management companies will take the proper steps to ensure prospective tenants are duly employed and verify that they work where they say they work. It’s essential to know that they have the financial wherewithal to rent your unitcomfortably. Confirming that they have an income is a big part of that.
Financial experts recommend that people should spend a maximum of 25-30% of their income on rent. Work backwards based on their income to determine if they have the requisite funds to rent the apartment.
Credit Bureau Report and Credit Check
It’s essential to get an idea of how much money the prospective candidate has coming in, as well as going out. If they have a steady income but significant debts, it could affect their ability to make monthly payments.
Somebody who regularly skips monthly credit card payments or pays them late may not be an ideal tenant. It’s better to have someone who doesn’t make you jump through hoops.
Reference Check
When renting out your property to somebody, it’s important to contact other people in their life aside from those with whom they have a strictly financial arrangement. This means reaching out to the people they list on their forms, like friends and family members.
But it also means contacting former landlords who know what kind of tenant they’ve been. It’s great to speak with people who can help provide a fuller picture of the person who’ll be renting your space. Their previous landlord is one of the most vital reference checks you can make.
Sometimes getting these people on the phone involves chasing them down on the phone, which can take a significant amount of time when you’re screening multiple candidates. That’s for the property management company to worry about.
Tenant Applications
Finally, the company you rely on will handle the entire application process and show you the applications once they’re complete. You can accept the candidate you like most based on their application and all the other factors above, and there’s no need to provide a reason for denying anyone’s application.
Landlords want to know that their property is being enjoyed, that they’re providing a safe and comfortable place for someone to live. They also have reasonable concerns about the condition of their property and the state of their investment. Linking with a professional management company is the fastest, simplest, and most effective way to secure a respectful and responsible tenant for your investment property.
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