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The report of the CBC investigation of serial bad tenants is a huge wake-up call for landlords all across our province.
The report is about serial bad tenants who don’t pay rent.
It has landlords demanding a bad-tenant registry in British Columbia.
We had a Vancouver landlord email us the following:
“I also rented to some bad tenants. I was lucky they left owing only a month of rent and left the rental property pretty clean with the keys in the door.
I know see how lucky I was and will never rent to anyone without screening them properly!”
A landlord in Kelowna wrote in:
“This type of tenant scam happens all the time. Only now the media finally reported it!”
We even had an Alberta landlord write in with advice:
“Don’t wait for the government to do anything because they won’t. Make sure you check out anyone who wants to rent your property because this type of bad renter behaviour is happening not just in British Columbia.”
What Makes a Tenant A Good Tenant?
The good news is most of the tenants are there are good. These are the people you need to rent to. They treat you and your property with respect and pay the rent on time.
What is a Bad Tenant?
As we see from the CBC news report, bad tenants don’t pay the rent.
It’s also common for these types of tenants to cause damages to your rental property, leave a lot of garbage behind when they finally move, and cause a lot of drama with other tenants (and give their drama to you, the landlord).
How Can A Landlord Find Good Tenants? (And Avoid the Serial Ones)?
The most effective way is to be careful who you rent to.
A good tenant screening process includes a credit check.
It will provide you with a window on your tenant applicants financial history, as well as verify employment and past addresses.
What Will A Tenant Credit Check Show Me?
It’s exactly what successful landlords need to rent to the great tenants out there!
1. Credit Score
A credit score reveals the credit worthiness of a potential tenant.
If they have a history of paying their bills on time and being careful with the debts and finances it will result in a high credit score.
2. Current and Past Addresses
If any of the landlords had check their tenant’s credit they would have been able to see where they lived before and contacted those former landlords.
This way they would have found these tenants had a history of not-paying rent.
Are they currently employed? What about past employment?
4. Identification verification
Are they who they really say they are?
5. Past court judgments and other important information
Has anyone sued them and won a judgment against them? Do they owe anyone money? Are people chasing after them to try to collect debts owed?
All this is vital information about the people who are thinking of allowing into your investment property.
How Much Will This Cost?
Other groups charge members an annual fee to become a member.
Yikes! Those fees add up!
We don’t believe this is fair for small landlords.
For small landlords this large fee can add up, especially as you have to continue to pay year after year.
British Columbia Landlords – Get our services for only a one-time fee of only $99 and get access to the best credit checks available at a great price!