Experienced Ottawa landlords know the importance of renting to qualified tenants and that means good credit scores! Renting to a good tenant means rent comes in on time and your property is treated with care.
We’ve seen enough stories of Ontario landlords getting ripped off by bad tenants you would think everyone investing in residential rental properties would get the picture by now.
However, we continue to hear about new landlords feeling pressure to rent their units out fast to anyone who can pay first and last. They don’t spend much time on screening their these new tenants and if they do a credit check they do it the wrong way which can give your tenants power to cause you and your friends a lot of problems.
We wrote about some unscreened tenants who moved in on a Friday, started a fire the next day and moved out on a Monday before.
We have another media story about a landlord who didn’t screen his tenant carefully and has paid a big price for not doing so.
Renting To Bad Tenants Can Be Expensive
It’s a story from InsideHalton about a Peterborough landlord who can’t believe what his ex-tenant did to his rental property. Click on the link to watch the video.
When his tenant stopped paying rent the landlord issued a form N4 eviction notice for the tenant to pay the rent in full in 14 days or be evicted.
Many new landlords who have no experience with the Ontario Landlord and Tenant Board (LTB) think the form N4 is a simple and easy way for landlords to evict non-paying tenants.
They don’t know the truth about the Landlord and Tenant Board and Residential Tenancies Act.
This tenant was knew how the system works (or doesn’t work, at least for landlords) and it took the landlord four months to evict him.
That’s right, four months to evict a tenant who didn’t pay rent
And during these four months the landlord still had to pay the mortgage every month. Could you carry your investment property through four months (or more) of not getting a dime in rent paid to you?
When the landlord believed the tenant had finally moved out he went over to inspect the property.
Here’s what the tenant left him with:
1. Pipes and plumbing that was clogged and need to be replaced
2. Broken doors and door frames
3. Damaged windows and window frames
4. Light fixtures that have been taken
5. Junk and a huge clean up
The landlord says this mess is what makes landlords suspicious of tenants. It will cost him thousands of dollars to get the rental property in good enough shape to re-rent it.
Avoid Renting To Bad Tenants
You can now run a credit check on your tenants for only $10/check when you join the Ontario Landlords Association for a low one-time fee.
Even in a landlord friendly province Alberta landlords are now using Equifax and TVS credit checks before signing a lease and handing over the keys to their rental property.
Credit checks from the Ontario Landlords Association come with a credit score, employment and residence information, and even a recommendation on whether your tenant is a risk or not.
You also get to network with thousands of experienced landlords and property managers in the Private Members forum, get the Ontario Landlord Rental Kit, and get premium tenant credit checks you can run from your own home computer…they take about 2 minutes to get a result for you!
Ottawa landlords – Spend 2 minutes and $10 to run a TVS or Equifax credit check and make sure you rent to good tenants!