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Landlords in British Columbia

 

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Selecting responsible Tenants is key in keeping your real estate investing business afloat.

 

Avoiding Bad Tenants

Being a Landlord means you are in the business of managing Tenants.  If you treat landlording as a business and have processes in place to do background and reference checks, you should be able to avoid any trouble. 

As a Landlord, you have to believe that there is some ounce of truth in stereotypes.  A young unemployed tenant will most likely be more problematic than a middle-aged working professional.  You may decide to give someone the benefit of the doubt, but you are increasing your chances of problems down the road.  Don't be a bleeding heart.

Always ask for proof of identity such as a valid driver's licence or passport.

Always ask for references of previous Landlords, as well as current/previous employers.  And don't just relax contently once you have the references.  Phone them and ask questions. Here is a list of Reference Check Questions.  Make sure the references are legitimate. Professionals may use family and friends to pose as employers or previous Landlords.

Be wary of cash payers.  If you meet Tenants that offer to pay rent upfront for a large period of time such as 6 months, you should be wary.  The two most common reasons are: the Tenant doesn’t want to be disturbed and wants the Landlord to stay away from the property because something illegal is happening on the property; and/or the Tenants have terrible rental history so the offering of large some of cash is a diversion.  While it's not unheard of for Tenants to pay cash upfront, just be careful.

Employment records. Ask the Tenant to bring along a very recent pay stub or a letter from their employer to confirm their employment.

Check the applicant's financial suitability through a credit check, but make sure you have their permission to do so. 
Use our Rental Application.

 

Don’t accept the first Tenant that comes along. It’s true that the longer a property remains vacant, the more expensive it becomes for you as the Landlord. While it may seem like a financially safe solution to accept the first Tenant that comes along, it can often have the opposite affect. The fact is, finding a bad Tenant quickly will cost you more than finding a good tenant slowly.

 

Smart Landlord Tip

Even though you may want to, according to the Personal Information Protection Act, a Landlord should not disclose a Tenant on a “Bad Tenant” list or “Eviction List” or similar database.

 

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