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How To Be A Successful Alberta Landlord

August 3rd, 2015 · No Comments · Alberta Evictions, Alberta Landlord Credit Check, Alberta Residential Landlords Association, Tenant screening

 Alberta Residential Landlords Association

 

Experienced Alberta Residential Landlords Know the Importance of Screening Tenants Carefully

Recently there was some excellent advice on the Alberta Landlords Association forum that has must read information for anyone who owns a rental property. It was from an Alberta residential landlord who has a property in Edmonton.

The question was asked by an Edmonton landlord who wanted help trying to find new tenants for his investment property. He had applicants that he wasn’t sure how to handle and wanted to know what experienced and successful would do in his situation.

His complicated situation was he had a couple of people from another province apply to rent from him. The two people were two men who after viewing his rental told him how much they liked it and how much they wanted to move in.

The landlord wrote that he like the two applicants. During his chat with them when they viewed the property he admired their strong vision for a successful future and their willingness to work hard to achieve their goals.

They told him their last landlord in Ontario wasn’t very professional and they had to take him to the Landlord and Tenant Board (the Ontario equivalent of the Alberta Residential Tenancy Dispute Resolution Service) to make repairs to the property they rented. His lack of making any repairs created a bad relationship. Because of the conflict they didn’t provide their last landlords contact information because they know the landlord would lie about them.

The Edmonton landlord wanted to believe the two applicants but wanted to know if there was a way he could find out if they were telling the truth or not.

Tenant Screening

The question is an excellent one. Tenant screening is essential to find and rent to good tenants. This landlord had a good ‘gut feeling’ but no concrete information.

The replies he received were helpful for anyone investing in and managing income properties.

1. Run A Credit Check

The first response to the question was from a fellow Albertan who advised him not to believe a word the applicants said without checking them out. You need to run credit checks to find out who they really are and what their background really is.

They might be telling the truth. Running a check through the Alberta Landlords Association will show you if they are the real deal or not.

2. Due Diligence

Another reply urged him to do his due diligence. This means calling the former landlord and finding out what he says about them. If he is negative that’s okay because you are getting another side of the story from the original source, unfiltered by the potential renters.

If the tenants went to the Landlord and Tenant Board, that’s fine. But what about other landlords they might have had? Was that their first time renting? Do you believe it? It’s up to you to find out.

3. Dodged a Bullet

The thread went on with another experienced landlord telling him he should count his lucky start because he probably dodged a bullet. By this he means these could very well be professional tenants. He said if applicants don’t provide him with everything he needs to know to screen carefully he won’t rent to them. The risk of damages and unpaid rent is just too high.

How Can Alberta Residential Landlords Screen Tenants?

Experienced landlords know the important of tenant screening. Renting to a bad tenant can end up easily costing you thousands of dollars. There are many examples of this in our province.

You can screen tenants with Alberta Landlords Association membership. You get all the documents you need, can network and learn from others, and you can run credit checks for an affordable price. You can become a member for only a one-time registration fee.

Make sure you do what it takes to avoid bad tenants and rent to all the good tenants out there who are also looking to rent from a good landlord.

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