Tenant Selection & Leasing
How hard can it be to find a great tenant? As a landlord, you learn quickly that the tenant selection process is a lot of work. The challenge is finding the right tenant, one who will respect your property and pay the rent on time.
You’ve listed your property and met with half a dozen prospective tenants. But how do you know which one to choose? A thorough tenant screening process is the key to finding a good tenant and maximizing the return on your investment property.
Even though our goal is to find you a tenant ASAP, we don’t skip out on the screening process. At Prospect Property Management, we offer tenant selection services that are timely, thorough and reliable.
Our Tenant Screening Process
How do we find the perfect tenant for your rental property? At Prospect Property Management, our tenant selection process is based on a multitude of factors, including:
- The application form
- The initial meeting
- Property showing
- And a mini-interview with the prospective tenant
Tenants need to submit the application form with identification and supporting documents. In this form, we gather information like contact information, current and previous residence information, photos of pets (when applicable), and information about any additional occupants. This form also includes income verification (or ability to pay rent verification) and/or immigration or student status documents.
At our property management company, we ensure that our screening process is compliant with local laws; we don’t discriminate against tenants based on race, religion, health conditions/disabilities, marital status, sexual orientation or gender.
We’re going to list a few factors we look for when choosing the right tenant:
Rental History & References
Checking references is an integral part of the tenant selection process. We aren’t just looking for what their family members say about a tenant; we want to know what their prior landlords and employers think.
What does the previous landlord have to say about the tenant? By talking to the tenant’s prior landlords, we gain insight into how that individual might treat your property.
We’re also concerned with the employment status of a tenant. That’s why we request their current employment information (or for students, information about their educational institution). We may request a reference from their current employer.
Social Media Check
What are your potential tenants posting on social media? We do an online search to check the character of those applying for your property.
Residential Tenancies Claim System Check
We’ll search the RTB database for any relevant information about the tenant’s rental history, including disputes, repair orders, and other rent issues.
Where appropriate, we also take additional steps to protect the property and assets:
- Criminal background checks. A criminal background check will give you a glimpse at the character of a tenant. We do background checks to protect the safety of neighbours and other residents.
Credit checks. A poor credit score may indicate that a potential tenant will not honour the financial commitment of a lease. By performing a credit check, you can see whether the tenant is consistently late on payments; this gives you an idea of how they might be with paying rent. If a tenant has outstanding debts or overdue payments, they may not be able to pay rent on time.
How Our Property Managers Help
One of the toughest and most important jobs as a landlord is choosing the right tenant. Ideally, you want a tenant who will stay for years, make payments on time, communicate when maintenance is needed and keep the place clean. But it’s hard to tell what kind of person someone is just by reviewing their application form.
At Prospect, our property managers have years of experience with the tenant selection process. We’ll help you fill vacant properties with tenants who treat your space with respect.
With our tenant selection services, you’ll find a good tenant much faster than you would on your own, saving you vacancy costs. We take care of everything from reference checks to credit report checks. Our goal is to find you the right tenants as quickly as possible, reducing the time that your property sits vacant.
Find Tenants for Your Rental Property Today
The success of your investment properties depends on your tenants. With our tenant selection services, we’ll help you find great tenants for your property.
At Prospect Property Management, we offer all the property management services you need, including property management, tenant selection, leasing, and more. Contact us today!