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- 278 Manitoba Street, Toronto, ON. M8Y 4G9
- (416) 255-7300
- (416) 255-7722
Owning a condo offers many benefits that make it a rewarding investment, but the tenant selection process is not one of them. Often, it’s the most time consuming aspect of owning and managing a condo, as you want to ensure a thorough inspection that will provide you with tenants you can trust.
Investing in affordable property management gives you the chance to collaborate with an experienced team that makes the right tenant selections in a timely manner, so you’re never left with vacant rental space. Our management team takes the following three steps to adequately screen your potential tenants as efficiently as possible.
A quick and valid way to make sure your potential tenant will be able to make monthly payments is through acquiring a letter from their place of employment. We require the letter to include proof of employment at the establishment that was stated in their application, as well as a verification of recent income from this workplace.
Solid employment is a major factor that will protect you from missing rent and frequent evictions which will only cut down the return of your investment. That’s why this step is a crucial measure to take not only for the reliability of your tenants, but for a direct, and efficient selection process.
It’s one thing for your tenant to have reliable employment, but if this tenant neglects to make payments in other financial areas, they may very well treat your condo payments the same way. So, taking a look at the tenants credit score tells a lot in the way of their financial commitments.
For example, if they fail to make payments on their credit card from 2 months ago, how likely is it that they will be able to pay monthly rent, every month. We heavily inspect their credit bureau report to get an idea of how this tenant treats existing financial obligations, and we can then make a judgment of whether or not they will be able to handle a new one.
This process is made significantly quicker with a management team that knows what to look for, so you don’t have to credit check and manage each individual tenant on your own.
Aside from financial responsibility, getting feedback from past landlords or friends or family members achieves a much more personal and applicable tenant background check. You get a true sense of what kind of tenant experience this applicant will provide you when you look to the those who have experienced it first hand.
We make sure to ask for the contact information of all of the above references to ensure a thorough check, and then we analyze the data and information they provide us. It’s not uncommon to have to make a couple attempts to reach a past landlord, but it is one area we make sure to follow up with as quick as possible, so you don’t have to monitor individual cases. This steps acts as the last tenant inspection step that provides an evidence based selection process, as quick as possible.
Tenant selection should never be an arbitrary decision, but it often can be when you’re bogged down with a long list of applicants. Affordable management takes care of the important aspects of your investment that make it worthwhile.