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Tenant Screening Lethbridge Landlords: Credit Checks

· No Comments · Lethbridge Landlords, Tenant Credit Checks

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Let’s continue to network, share news and tips and advice for Lethbridge landlords.

One of the topics we said we would discuss in our first blog post was how to find good tenants.

There Are Lots Of Good Tenants Out There

The Alberta economy continues to grow.

Our economy is expected to continue to outperform provinces such as British Columbia, Ontario and Quebec.

Things are expected to be even better in 2014.

Real estate prices are predicted to continue to rise.Wages are going up and drilling for oil and gas will increase next year.

A growing Alberta economy means more jobs.

And more jobs means increased migration in Alberta from people from across Canada.

More people means more tenants.

It’s a great opportunity for residential landlords in Lethbridge and all over Alberta.

Good Tenants Like To Rent From Professional Landlords

Not only are there lots of good tenants out there, they want to rent from you

Just by reading this blog you are interested in being a landlord and succeeding.

Let’s be honest, there are landlords out there who see owning a rental business as being a passive business and easy money.

These old style landlords don’t maintain their properties and don’t treat their rental business a ‘real business’.

You are different.

That’s why you will attract good tenants.

Tenants want to rent from landlords who take care of their properties, do repairs, and act professionally.

There Are Bad Tenants Out There

There really are bad tenants out there.

They also like to rent attractive properties from landlords who care.

Some of these bad tenants are on the record saying they don’t like to rent run-down slummy properties owned by landlords who don’t care. They don’t have any leverage over landlords who don’t give a darn.

Some Examples of Bad Tenants

Lots of these tenants are coming from other provinces.

We all know there are some bad landlord/tenant stories coming out of the Ontario and British Columbia.

Some are coming from other cities in Alberta such as Calgary and Edmonton.

There was the huge media story about the Freeman on the Land who lived rent free in Calgary for years.

He was the one who came from Quebec (where he had assaulted his last landlady) and called his Calgary rental home his embassy.

This terrible ordeal an Alberta landlord had to go through is just the tip of the iceberg.

How Can You Protect Yourself and Your Rental Property?

In the Freeman on the Land case the landlord rented to him based on a meeting where they go along and a recommendation from a friend.

In fact, many of these tenant from hell cases begin with the landlord:

1. Getting a nice warm feeling when meeting the tenant

2. Having sympathy for the tenant’s hard-luck story

3. Handing over the keys without having done any real investigation

Tenant Credit Checks

A tenant credit check is one of the most important things a landlord can do before renting to someone.

Potential tenants can tell tall tales and stories of victimhood and how they will treat your property ‘like it’s their own’.

A tenant credit check will show you, the prospective landlord, the real details about a tenants current and past financial situation.

How Can I Do Tenant Credit Checks?

Don’t use a friend who is a Realtor or a Mortgage Agent.

Equifax and Transunion are cracking down because this is ‘fraud.’

Your tenant isn’t buying a house or getting a mortgage.

Alberta Landlords Association

The Alberta Landlords Association provides landlord tenant credit check services from Equifax and Garda.

You can check your tenants right from our own home or office computer.

Take a look at ALA membership Here

Lethbridge Landlords Be a Professional Landlord and Make Tenant Credit Checks Part of Your System to Find Good Tenants

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