Toronto Star– Join the Ontario Landlords Association where after becoming a member, you can do a credit check for as low as $10, and use their supporting materials to assist you
There has been a lot of news that is important for Waterloo landlords over the past couple of months.
It began with a Toronto Story investigation informing readers Nina Willis, the “Tenant From Hell”, was in the process of not paying rent and using the Landlord and Tenant Board to delay being evicted yet again.
This tenant has done this numerous times. She likes to target small landlords who believe the ‘story’ she tells to get small landlords to rent to her.
The landlords have the Ontario Landlords Association have written about this Tenant from Hell before. Once she rents to the tenants she stops paying rent and brings up maintenance issues to delay evictions for months on end!
Tenant Credit Checks
One of the mistakes each landlord made is when they interviewed this tenant. The small landlords didn’t run credit checks on her.
Like we wrote earlier, the tenant had a tried and tested method of telling a story and convincing small landlords to hand over the keys to her.
What was so convincing about her story?
She has an Oscar award winning act that ‘made sense’ to small landlords looking for a good tenant to rent to. Unfortunately for the landlords her story was filled with false information and lies.
You Also Need To Be Careful Renting To Students
A lot of landlords in our area rent to students.
It’s important to run credit checks on the co-signers for student rental properties.
There is a story in the Peterborough Examiner of a Peterborough landlord who found his student tenants caused over $35,000 in damages to his rental property.
It’s a must-read story of what can happen if you don’t screen students (and their parents) carefully.
Why Should Landlords Run Credit Checks On Your Tenants?
Running credit checks on your tenants will show you if they pay their bills on time.
A check will also give you current and past addresses and show you if the tenants owe other landlords money.
A tenant credit check would have saved landlords from losing thousands of dollars renting to the Tenant from Hell.
Landlords across Canada are waking up to the importance of running credit checks on tenants to protect yourself.
B.C. landlords are facing their own Tenants From Hell who have ripped over landlords (none of them did a credit check).
Even Alberta landlords are running credit checks now to make sure they rent to good tenants who pay rent and respect their rental property. Some cities in Alberta have very low vacancy rates and when you post an ad you get a lot of replies.
Still, Edmonton landlords are making sure they now include tenant credit checks as part of their process to choose good tenants.
How Can Landlords Run Tenant Credit Checks on Tenants?
Take a look at what the Toronto Star wrote about how Ontario landlords can avoid bad tenants:
The Toronto Star recommends you join a group like the Ontario Landlords Association where after becoming a member, you can do a credit check for as low as $10, and use their supporting materials to assist you.
That’s a tremendous recommendation!
Join the Ontario Landlords Association for only a one-time set up fee and get access premium credit checks, rental kits, networking and more.
Protect your Rental Business and Rent Only To Good Tenants!