How to screen a prospective landlord

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CMcDavidOil
Posts: 131
Joined: July 3rd, 2015, 12:01 am

Re: How to screen a prospective landlord

#21 Unread post by CMcDavidOil » October 4th, 2016, 1:39 am

TOGeordie wrote:Being a landlord is a real business and should be treated as one. It's not just about cashing cheques, it's about managing relationships.

A lot of ink has been spilled around the perils of not screening potential tenants for rental properties. Troublesome tenants cost time, money, and a lot of aggravation for landlords.

But not all landlords are created equal. It’s equally important for tenants to screen potential landlords.

Beware of accidental landlords and those who are doing it out of financial necessity.

Being a landlord is a real business and should be treated as one. It’s not just about cashing cheques. It’s about managing relationships, maintaining the property, and providing a service to tenants, while protecting the investment.

If you show up to a viewing to find a property in disrepair, let this serve as a warning sign. Ask if the landlord is looking to make any enhancements before the move in date. Ask who emergency and day-to-day contacts will be for repairs.

You should also enquire about the length of the rental. Ask too about a future sale of the property or a plan for the owner to take occupancy.

Any landlord worth their salt, will be upfront, it only serves them to be honest. If they’re put off by your questions, walk away.

The landlord-tenant relationship is a professional one; if communication isn’t clear and honest from the outset, let alarm bells sound.

If you have the chance to speak with the current tenant, ask them for a reference on the landlord. Ask about any known issues with the property itself. And tactfully ask why they are leaving.

Beware of scams. In a city the size of Toronto with our low vacancy rate, beware of scammers. A deal that seems too good to be true may be just that. Verify the landlord you’re signing the lease with owns the property. Ask to see a property tax bill, or visit the City’s public records office to ensure records match.

We’ve heard of plenty of people who’ve lost last month’s rent to pretend owners showing properties they have no business being in.

What to note during your walk-through. As best you can, note any damage and signs of infestation during your walk-through of the property.

Make a list of questions to ask the landlord and consider adding these if they aren’t on the list:

• What’s included in the rental amount?

• Are utilities extra? If so, what do they typically run per month?

• Is the rental amount negotiable?

• How is rent paid?

• What kind of deposit do they require? Keep in mind in Ontario, landlords can only ask for last month’s rent as a deposit.

Before signing a lease, perform an internet search on both the property address and the owner. If the property was the scene of a crime, does this change how you feel about moving in? Any other info that pops up that makes you think twice about the owner?

What keeps us from taking on a property investor as a client. As a property management company we don’t take on just any property. We examine current lease agreements for irregularities.

We look to see if the property owner has been named in active or past cases with the Landlord Tenant Board. We ensure the property has been well-maintained and is up to current fire, health and safety codes. We also go with our gut. We want to work with folks who intend to do right in their obligations to tenants.

Be known doing the “right” thing is good business practice for everyone. Sadly, not everyone abides by this rule and so we all need to do our due diligence.
Buy your own house!

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TOGeordie
Posts: 461
Joined: August 4th, 2016, 10:55 pm

Re: How to screen a prospective landlord

#22 Unread post by TOGeordie » October 8th, 2016, 1:25 pm

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