Technology has permeated every aspect of our lives, and property technology or PropTech has found a solid foothold in the property management sector.
According to Deloitte, PropTech start-ups have already raised over $43 billion in funding worldwide since 2012. In 2018 alone, there was an 82% increase from the year before.
Covid -19 forced shifts in the way property managers were using technology in 2020 due to the risk of spreading disease. Virtual reality or VR came to the rescue by facilitating virtual tours with a mobile phone or tablet. …
When you’ve finally had enough — how do you evict your tenant from hell? Non payment or late payment of rent, noise, illegal activity, unregistered guests or pets, are all reasons for eviction.
Despite your best efforts with your screening and application process, you may still end up with a bad tenant. The best RX is to focus on evicting the tenant as quickly as possible. But the question is, once you’ve made the decision to oust them, how is it done?
Once you’ have grounds for eviction you can begin.
A tenant credit check is a wealth of information and is the final step in the tenant screening process. It shows you a snapshot of the tenant’s financial history, spending habits, and most importantly, their payment habits. Based on the credit history, you can make an informed decision about the tenant’s creditworthiness and financial condition.
But…credit checks are so much more than that. Tenant credit checks vary in the amount of information they provide. Some provide a very comprehensive overview of financial history, bankruptcies, loans, and evictions. Others only offer a credit score, recent addresses and employers, and recent loans.
Screening your tenant with reference checks follows pre-screening in the vetting process and should not be overlooked. Although there is some preparation involved, reference checks done well save you time, money, and heartache. Following these three tips for screening your tenant references will put you on the path to success.
1. Prepare your questions
2. Investigate and validate
3. Commit to a phone conversation
The residential tenant application form is a critical part of your tenant screening process. This important document provides information that will help you make an informed assessment of your potential tenant’s suitability.
There are many rental application templates available to landlords. Online platforms such as Rentfaster.ca and Rentboard.ca include free residential tenant applications on their websites. Landlord/tenant organizations such as ARLA.ca and CRRA.ca have very comprehensive rental applications for a small fee, and Staples and the Law Depot also sell rental applications.
Whichever residential tenant application you choose, your form should request information in six key areas.
Pre-screening your tenants is the best method of ensuring occupants meet your minimum requirements.
Let’s say you have advertised your bachelor suite condominium. You check with your condo bylaws and Minimum Housing Standards Act and discover only one person is allowed to live in your suite, and no pets are permitted in the unit.
Your advertising is going well, and you receive a text from an interested potential tenant. You set up a showing and drive out to meet them. During the showing, the applicant says he is…
Advertising your rental property is the critical factor in finding the right tenant, and luckily it can be learned quickly by following three easy steps.
Before you jump into listing the features and benefits in your property advertisement or begin taking any of the necessary steps to rent out your property, do this first. Think about the type of tenant/tenants you want to live in your property.
The minimum housing standards outline the maximum number of allowable people in your unit, however; you decide your tenant preference. If you have a bachelor suite condo in a university area, it’s logical…
What critical questions should you ask a property manager before turning over your keys to your hard-earned rental investment? Lots! Why should you even interview a property manager? Because hiring the wrong property manager can lead to tenants from hell, lost rent, costly repairs, and lots of headaches!
How do you start?
Ask Friends and Colleagues for Referrals
Although my mother has been gone for over 30 years, I want to acknowledge and honour her memory.
My mother worked as a teacher in an era when most married women were housewives. Her mother believed that all women should stand on their own two feet and earn their own wages. This was very unusual thinking in my grandmother’s generation. Especially since my grandmother emigrated to Canada from Russia, had no formal education, married at age 15, and produced 14 children. My mother was number 10. As a result of my grandmother’s belief, each of my aunts had careers as…
Nelda Schulte is a freelance writer based in Calgary, Alberta, Canada who specializes in real estate.