How Property Management Services Can Help You Secure Long Term Tenants
- 104 Views Real Estate
- June 19, 2020
Is a long term tenant a good tenant? On the surface, that would seem to be the ideal situation for a property owner and the company tasked with managing the property. However, renting property opens up a variety of opportunities and risks associated with managing tenants, and having a long term tenant can also be a long term nightmare if a bad tenant slips by your screening process. That’s why it’s important to ensure you’re looking at the right rental property management companies.
Secure Better Tenants And Reduce Property Management Issues
Getting good people to occupy your buildings to the goal of every property manager. That said, a bad landlord can turn good people into bad tenants very quickly. The balance between finding the right tenants and providing exceptional rental experiences is one of the tasks of residential property maintenance services. Tenants are like candidates for employment; they present themselves in the best possible light, padding the resume to appear as an ideal candidate. However, there are some simple steps a rental property management Toronto service can take to ensure incoming tenants will be low-maintenance tenants.
- Ensure your prospective new tenant has proof of employment. That means producing current pay stubs to verify steady income, in concert with a credible letter of employment. Many people earn extra income that could potentially cover rental costs that is often undeclared on taxes or earned on a cash basis. This is difficult to verify and should not form the basis for primary income. Unfortunately for tenants in this situation, a property manager has to be able to prove to a property owner that a prospective tenant is a financially viable tenant. There is no bigger challenge to rental property management companies that collecting rent; this helps in reducing eviction cases that could lead to long litigation and reduce the property owner’s ability to enjoy a steady return on investment.
- Always to do a thorough credit check. The fact is, rent is expensive in Toronto. If a prospective tenant has a long history of credit issues, they may be over-extending themselves renting properties priced beyond their capacity to pay. A credit check will expose all the financial commitments they may have and are failing to address. Rental property management Toronto experts can quickly see from a credit check whether a prospective tenant poses a financial risk coming into your building.
- Get credible references. There is no invasion of privacy in asking for references from tenants. It’s actually just proper due diligence on behalf of your residential property maintenance services to find out if a prospective tenant has a history of non-payment or non-compliance with building rules. Even the most financially responsible tenant can be a burden on property managers if they are bad neighbours or quick to escalate disagreements into major issues with the landlord.
Count On Ashbridges Property Management To Find Great Tenants
Ashbridges Property Management can ensure your building is occupied by great tenants and your building well-maintained.