As a landlord, it's incredibly important to get to know who your tenant is going to be. Not only will you be getting into a long-term relationship, it also involves the maintenance and wellbeing of your own property. Essentially, you're going to be trusting your tenant with your home so it's always best if both parties are clear about each other's expectations from the get-go. Here's our guide on how to navigate your landlord-tenant relationship:
Make sure your tenant's documents are complete.
Your knowledge of your tenant's qualifications is highly determined by the documents they provide you. These include but are not limited to a Rental Application, Credit Report, and a Letter of Employment.
The Rental Application will allow you to assess the applicant's financial history, while their Credit Report gives you a real-time snapshot of their current financial standing. A Letter of Employment or Multiple Pay Stubs verifies their employment status and their ability to pay rent.
Ask for more.
You may come across applicants with a bad Credit Score or other insufficient documents. On the other hand, some applicants like students or newcomers may lack these documents completely. In either case, you have the right to ask for additional documents to clarify the situation. Additional and supplementary documents could be a signed Landlord Reference Letter, a Bank Statement, or a personal letter written by the tenant addressed to you, the Landlord.
Communicate your expectations clearly.
We encourage you, as a landlord, to think of your own best interest and that of your property. Aside from the length of the lease and the monthly rent amount, you are able to add any additional terms or clauses of your own that will ensure the condition of your property. Additional terms may include restrictions on decorative changes to the property, cleanliness and banning sublets without consent.
Leverage their references.
Your potential tenant should provide you with references, such as previous landlords or employers. These references are at your disposal, so we encourage you to take the initiative of contacting them and getting their feedback or opinion regarding the applicant. This will provide you with more perspective when making your decision.
For more info or assistance with screening tenants, feel free to message us via the live chat on Dwelly.ca or email us at [email protected]