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Tenant Screening Vancouver: Use Tenant Credit Checks To Find Great Tenants

November 23rd, 2013 · No Comments · Tenant Credit Checks, Tenant Screening Vancouver

 Vancouver landlords tenant screeing credit check

Welcome to our second post for all the Vancouver landlords out there.

Our goal is to provide you with news, tips, advice and chances to network.

With the high prices of properties in Metro Vancouver many homeowners are interested in creating a secondary basement suite to help rent out.

This rent will help pay for the mortgage.

The Canada Mortgage and Housing Corporation (CHMC) estimates there were more than 39,000 secondary rental suites in Metro Vancouver in 2012.

Opportunities for Vancouver Landlords

And being a landlord in Vancouver can be a great business opportunity.

According the Canada Mortgage and Housing Corporation the vacancy rate in Metro Vancouver is very low.

It’s only 1.8% in 2014 and there are lots of tenants looking for nice properties to rent.

In fact, many renters in Vancouver say it’s tough to find a decent place to live.

This presents a great opportunity for good landlords in the city.

Bad Tenants

It’s important Vancouver landlords know there are lots of great tenants out there, but there are also some bad ones.

What Are The Characteristics of Bad Tenants?

Bad tenants do things like:

1. Bad Tenants Refuse to Pay Rent

Yes, believe it or not there are tenants out there who just won’t pay the agreed to rent.

There is a story at the British Columbia Landlords Association website of a landlord who rented to what she thought was a nice family.

The family said they were victims of a previous bad landlord and needed a place to move in to.

They moved in on September 1st, paying September rent via cheque.

After they moved in the landlord found the check bounced.

The tenants didn’t pay any rent at all.

The eviction process took four months.  In those four months the landlord didn’t get one loony in rent money.

2. Bad Tenants Leave Garbage and Damages Behind

After she evicted them, the landlord saw the damages and mess left behind.

It cost her thousands just to hire dump trucks and start cleaning up the rental property the ex-tenants had destroyed.

3. Bad Tenants Cost You Money

When it was all totalled the tenants ended up costing this landlord not only months of stress but also a bill over more than $20,000!

How Can Vancouver Landlords Find Great Tenants?

Most tenants will respect you and your rental property.

However, as the above case illustrated there are tenants out the who will take you to the cleaners.

Not only are these bad tenants out there, they are growing.

They use social media to learn now to manipulate the system and share advice on how to cheat landlords out of tens of thousands of dollars.

Tenant Credit Checks

The landlord who lost over $20,000 because of bad tenants handed over the keys to her rental unit based on a feeling in her gut they were ‘good people.’ 

She also called an employment reference.  It turned out to be a fake company.

A tenant check doesn’t lie.

It provides you with a comprehensive financial history of the person who wants to rent your property.

Vancouver landlords know have the opportunity to do incredible tenant credit checks for a low time fee by joining the BC Landlords Association.

Invest in your rental property and make sure you rent to great tenants!

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