Quality over Quantity! The importance of finding a qualified tenant
As a Property Manager, I am always asked by clients, friends, and strangers about how they can maximize their investments. Buying real estate will likely be the largest purchase one will make in their entire life and ensuring it is taken care of is crucial. Whether you have purchased a property for investment purposes or are renting out your personal home while you adventure off to live in Columbia for a year (sounds nice, right?). My immediate response is “find a good tenant”. I can confidently say that finding a good tenant is one of the most, if not the most, important aspects of Property Management. There is nothing worse than having a bad tenant. You are placing someone in your property and trusting them to treat it respectfully and maintain its condition. Of course, normal wear and tear happens and that’s okay. We want to make sure that no major damages are incurred while tenanted. I’m sure many of you have heard of horror stories about “bad” tenants they cannot get rid of. A tenant can be considered “bad” for many reasons. They can pay their rent late (or not pay at all), damage the property, neglect to maintain the cleanliness of the unit, or refuse to leave at the end of their tenancy. I will get more into detail on identifying trouble tenants in a later post, so stay tuned.
At Rent It Furnished, we work with a wide range of qualified tenants for landlords to select from. It is vital that you are picking your tenants and not vice versa. There are several factors that determine the type of tenants you will attract. Overpricing your property is perhaps the best way to keep good tenant from applying. Here’s the thing – bad tenants will overpay for units, good tenants don’t need to. End of story. They are willing to pay well above market value in lieu of employment, credit, or any credible references. In my experience, this is where I have found the most trouble. Just because somebody can pay a premium on rent does not mean they will make a good tenant! I think this is one of the biggest mistakes that landlords make. They want their unit rented, they want a premium that is well above what should be paid, thus they are not getting applications and when one does come in, they are willing to go with the first tenant who offers them their desired price. Unqualified tenants who have been rejected numerous times are usually willing to pay a premium. Quality over quantity is key here! It is more important to secure an amazing tenant rather than get a high rent rate.
Although we deal with all situations, many of our tenants are relocating for work purposes. We are contacted by reputable companies who are looking to arrange housing for their executives while they are in town on a work contract. These tenants come from all over the world- from New York City to the United Kingdom and Dubai. These are the dream tenants. They come with credible employment, excellent credit, and have fantastic landlord reviews. They always have their supporting documentation on hand and the process is generally very easy. Corporate clients tend to be excellent tenants that maintain a clean home and pay their rent on time (and sometimes early!)
Perhaps the most exciting tenants we get are celebrities, actors and professional athletes. We often deal directly with the production company in securing their rentals. It is always a pleasure dealing with reputable companies and professionals as we know they are going to make sure the rent is paid and the unit is well kept. From Real Housewives of Vancouver to American Gods, we’ve had the opportunity to work with super talented people. Discretion is paramount with these tenants and we never disclose who is where. We are all about privacy and confidentiality at Rent It Furnished and maintain close relationships with all our relocation clients.
The last pool of tenants I want to discuss are local families who are renovating their home or are dealing with unfortunate circumstances due to floods, fires, etc. We commonly deal with the insurance company to make all the arrangements. Sadly, these tenants have lost all their personal belongings thus are in need of fully furnished and often high-end properties. We have the ability to move quickly to get these tenants situated in their new home as soon as possible.
We take vetting potential tenants very seriously at Rent It Furnished. Of course, we want to see your unit rented, but the priority is the quality of tenant. We are very lucky to have a wide data base of qualified tenants and a Property Manager who recognizes the importance of screening fantastic tenants for our property owners! Learn more about how our Property Management services can help you find the perfect tenant in Toronto and Vancouver. Or contact our Vancouver and Toronto offices directly to speak to a qualified agent.
Written by Nicole Nusca