Tenant screening is a crucial part of the leasing process that’s often overlooked by private landlords. A thorough screening process ensures that the potential tenants are reliable and suitable for the tenancy.
Without proper screening, landlords run the risk of allowing poor quality tenants to live in their property. This can lead to serious issues further down the line. It’s in a landlord’s best interest to implement a thorough tenant screening process.
As Toronto’s leading property management company, here are a few reasons why proper tenant screening can make all the difference.
1. Avoid Late Rent Payments
The primary prerequisite for a tenant is that they pay their rent in full and on time. Chasing tenants for late rent payments can be time-consuming and stressful, especially if you’re a busy professional or have a family.
Rent issues almost always result in evictions, which can end up costing you a significant amount of time and money in legal fees. This entire process is avoidable if you focus on implementing a strict tenant screening process.
What does a good tenant screening process look like? A good tenant screening process will look into the tenant’s financial situation in detail to determine how reliable they will be when it comes to paying the monthly rent. Details such as monthly income, credit score, and job security of the tenant or the tenant’s guarantor will all be taken into consideration. These are only a few of the things we look at when assessing the quality of a tenant.
By assessing this data, a professional screening service will then inform you of the various financial risks involved with each potential tenant.
2. Keep Your Property in Good Condition
Rental properties are inevitably subject to wear and tear. Between tenancies, there are usually general repairs that need to be done. However, in some cases, you will find that your tenants have left the property in exceptionally poor conditions. This damage may appear as carpet stains, holes in the walls, broken appliances, or something else.
To avoid this kind of unwelcome surprise at the end of a tenancy, we recommend working with a property management company. It can make all the difference and ensure the potential tenant will be clean and respectful of your property.
3. Protect Your Reputation
Your rental condo is located in a building with several other condo owners. You run the risk of jeopardizing your reputation with the other occupants if you rent your unit to an unfavorable tenant. Other tenants in the building will be affected by a poor quality neighbor and may even report you to your condo board.
A poor quality tenant may also cause turnover in the building, which could result in extra marketing fees on your end. You may also find that it becomes more and more difficult to find new tenants to take over other units in the building. Most tenants do their research about a building before moving in. If you have a bad reputation of allowing unsociable people to live in the building, new tenants may avoid your building.
Keep everyone in the building content by ensuring new tenants are neighborly. The tenant screening process will help to weed out particularly unsociable tenants. Through a rigorous interview process along with a reference check, the screening process can predict how your tenants are likely to act once they’ve settled in.
Del Condominium Rentals: We Are Tenant Screening Experts
Here at Del Condominium Rentals, we have decades of experience managing condominium properties on behalf of private landlords. With more than 2500 units under our care, we are one of the most trusted property management companies in the GTA.
By choosing Del Condominium, you will have access to our superb tenant screening process. Our thorough and fair screening process ensures that we find you favorable tenants for your unit. There’s no need to worry about late payments, property damage, or disgruntled neighbors ever again.
We also offer our clients a range of other services, including:
- Marketing service that lists your unit with professional photos to potential occupants
- A skilled accounting department that arranges rent collection and produces regular financial statements
- An in-house paralegal team that takes on any legal disputes
- A wide network of professionals to handle maintenance and repairs quickly and efficiently
Our goal is to take care of all of the burdensome jobs that come with being a landlord. Let us deal with tenant screening, rent collection, and maintenance, while you sit back, relax, and wait for your monthly rent cheque.
Contact Del Condominium Rentals today by calling 647-952-3644 or drop us an email at sales@delrentals.com
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