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Landlords in British Columbia

 

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Your gut instinct will go a long way in keeping you out of hot water, but don't skimp on the due diligence.

 

Due Diligence for Landlords

"Due diligence" is simply an investigation of a business or person prior to signing a contract.  Likely, if you own the property that you are renting out, you've already done a fair share of due diligence.  You have had to check into the zoning, the cost of utilities, taxes and so on.  And now that you own the property and want to rent it out, there is more care and attention to give.  You now need to do your due diligence on the prospective Tenant that wants to rent your property.

Credit Checks

Although not necessary in every situation, conducting a credit check on a prospective Tenant is a great way to weed out the good Tenants from the bad ones. Once you find a reasonably priced service and do the paperwork, credit checks are easy and very valuable.  There are several businesses providing this service and an online search for "rent credit check BC" recently resulted in these results:

Rent Check - www.rentcheckcorp.com | TVS - www.tenantverification.com

Background and Reference Checks

Thanks to the Internet, there are a lot of ways to find out about a prospective Tenant such as through social media and online searches.  Reference checks, and in particular rental reference checks are crucial.  Plus, we have some tips that can help you determine if a Tenant is telling the truth. Read more about Background and Reference Checks here.

Run It Like A Business

Treat your rental property like an active business.  If you do, you will have far more success and fewer headaches. 

Know The Law

Too often, Landlords of one or two properties don't educate themselves well enough about the provincial laws that govern this type of business transaction.  Get familiar with the BC Residential Tenancy Act, and refer to it often, even in conversation and in emails with prospective and current Tenants.

 

Smart Landlord Tip

Never accept a damage/security deposit unless you are absolutely in favour of renting your property to that particular Tenant.  When money exchanges hands, whether or not any paperwork has been signed, you are in a contract with that Tenant. 

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