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How To Find Good Tenants Vancouver: Landlord Credit Checks

March 16th, 2014 · 3 Comments · BC Landlords Association Review, Landlord credit checks

 Vancouver landlords find tenants landlord credit check

According to the Vancouver Sun landlords don’t mind sharing their homes with tenants as long as some conditions are met.

For example, landlord Faisal Yonadim rents out his basement.

It’s a two bedroom unit and it helps him pay his mortgage each month.

Besides getting rent paid on time Yonadim asks for three main things of his tenants:

1. Please don’t be loud

2. Please don’t have all-night parties

3. Please be polite and considerate to our neighbours.

A Growing Number of Landlords in Vancouver

Yonadim’s situation isn’t unique

More and more homeowners in Metro Vancouver are renting out part of their homes and becoming landlords.

After all the typical price for a single family home here is over $900,000.

Having extra income from a rental suite helps pay the mortgage.

Yonadim became a first time landlord after his kids moved out and he had extra space in his home.

He admits he has been ‘lucky’ to rent to good tenants. 

He know there are lots of bad tenants out there.

He hears the stories from other landlords.

Lots of Great Tenants Out there…and the professional tenants you need to avoid

A CBC news report last year had the headline “Landlords Are Powerless as Tenants Get a Free Ride.”

This was about a small landlord who trusted a tenant and ended up losing thousands of dollars in lost rent, damages and garbage clean up after they finally moved.

This case was discussed at the British Columbia Landlords Association.

It’s must see reading for BC landlords.

Landlord Yonadim is Extra Careful in Choosing Tenants

He says he has heard lost of stories from landlords who weren’t as lucky as he was.

For example, landlords faced the following situation recently:

1. A tenant who turned out to be a violent meth addict.

2.Tenants sign a lease, agree to the rent, and then stop paying it.

3.Tenants change the locks without permission and deny entry

4.Non-smoking tenants who start smoking marijuana in the basement.

5. People claim they don’t have pets. Once they move in pets appear.

These are only some of the examples of the challenges Vancouver landlords face. 

How would you handle each one?

How Can Vancouver Landlords Find Good Tenants?

As we’ve written before, professional tenant screening is the key to success.

This includes employment and reference checks.

It should also include landlord credit checks.

Landlord credit checks go beyond what someone says and shows you the truth.

Here is what you find out.

-Does the tenant owe past landlords money?

-Do these potential tenants really live & work where they say they do?

-They want to rent from you but are they who they say they are?

These and many other questions are answered with landlord credit checks.

It’s why experienced Toronto landlords are joining associations and conducting landlord credit checks to fight off professional tenants there. 

And even Alberta landlords in a ‘landlord friendly’ province are doing so.

No matter where you are we live in a modern age where you can “trust”…but you also need to “verify.”

Join the BC Landlords Association

Once you become a member you can do credit checks for only $10 / check from your own home or office computer.

Services from the BC Landlords Association are excellent (see this review of the BC Landlords Association) and they will help you avoid professional tenants and rent to great tenants!

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