While we at AntsLabor offer software to assist with automating many of the processes necessary to manage a property, one process that cannot be automated is finding good tenants.
Being a landlord can be stressful, even if you have been doing it for years. To make the process less stressful, you should focus your resources on finding good tenants. Initially, doing this will introduce the cost of attracting and vetting quality tenants. However, once you acquire good tenants, you'll recoup these costs quickly as good tenants often keep the property in a good state of repair and pay their rent without any hesitation, making the original investment worthwhile.
1. Improve The Property
To attract good tenants to your Ontario Rental Unit, you should focus on the unit’s appearance, especially if you are renting a home. The facade is a great place to start. Improving your curb appeal would be excellent for the exterior, and working on minor renovations would be ideal for the interior. Tenants will appreciate that the home appears homely and less like a rental unit.
2. Do Background and Credit Check on Tenants
Apps like Naborly do background, credit, and employment history checks on tenants and then give them a total score to determine the kind of tenant they are. These reports cost $25 to run and include a comprehensive overview of the tenant. However, by joining the Ontario Landlord Association, you can also get credit and background checks for $10.
3. Screen Your Tenants’ References
Beyond background and credit checks, you should also follow up with the references your tenants give you. Even if red flags aren’t present during the background check, a reference check can reveal the type of tenant your tenant was. Remember, tenants are unlikely to give you the details of a landlord that has had a bad experience with them, so verify that previous addresses are the same on their references as they are on their background check, and do your own digging to find contact information for the landlords or property managers of those properties.
4. Offer Market-Friendly Perks
The rental market is becoming more competitive. Therefore, as a landlord, you need to consider what other landlords are doing and either match it or find ways to better it before you put your unit on the market.
To find ideas on what other landlords in your area do to entice good tenants, you can check out the Landlord Forum, which will have tonnes of ideas on what you can do to make your property more appealing. Alternatively, you can hear directly from tenants regarding what they find appealing when looking for property.
5. Get Referrals from Previous/Other Tenants
Consider getting your existing tenants to refer friends or acquaintances. These tenant referrals will remove the stress of having to find good tenants and help you utilize an existing resource. It also gives current tenants incentive to recommend your properties to their trustworthy acquaintances as they receive remuneration.
Don't be hesitant about the money you need to spend to find a good tenant. Remember, you can also use the savings you’ve made by using AntsLabor to contribute toward improving your property or conducting tenant screening.
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