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Property Management 101: Finding High Quality Tenants

A big part of our work at Primecorp Property Management, in Ottawa, involves effectively screening prospective tenants for our rental properties. Our goal is to attract high-quality tenants that will take good care of their rental units, have pride in their homes, pay their rent on time, and be respectful and considerate of their neighbours. As a result, our property owner’s investments are protected, the immediate neighbourhood is enhanced and everybody wins!

As we all know “Attracting and Retaining Long-Term Tenants is a Vital Aspect of Effective Property Management,” but it is also a matter of choosing quality tenants and resisting the urge to fill up the rental units as quickly as possible, without properly screening new applicants.

A successful property management company depends on finding the right people to live in their apartments. The right tenants will pay on time and stay for years, so you are not revisiting the tenant search process every few months.

Here are some suggestions to find the right tenants for your building(s):

Choose People Who Are Stable and Stick Around

A thriving building needs people who are going to pay on time, month after month. Tenants who have lived at the same address for many years, as well as those who have a steady job and decent credit history, are strong candidates for stable additions to the building.

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Ask Previous Landlords About Their Rental History

If the prospective tenant provides you with contact information for their previous landlord, you have every right to ask them if your applicant paid on time, how long they stayed, and if there were any complaints or issues with the neighbours. Tenants in good standing at their previous address, usually benefit from such reference checks. This kind of reference check will often give you a clearer picture of tenant’s behaviour and rental track record, flagging any issues that might arise again.

Make Sure that Prospective Tenants have Enough Income

Asking tenants to provide proof of income or employment ensures that there is a flow and pool of funds for rent and amenities. The ideal is that they bring home about three times the amount of their monthly rent. If their income doesn’t adequately match what you are charging for rent, then funds will need to go to food and other basic needs without providing any room for extras that enhance quality of life. The three times benchmark gives the tenant some leeway, especially if they are hit with unexpected expenses… which can happen to any of us.

Check A Rental Applicant’s Credit Score and Credit History

A credit check can provide clear indications as to whether a potential tenant pays their rent and other bills on time, and can also flag any financial issues. Past evictions, or bankruptcy, are major red flags and can show a pattern of behaviour unsuited for an ideal tenant in your building.

The Right Tenants will make Managing Your Property Much Easier

Having the consistency of on-time payments, low demand for maintenance or mediation, and low tenant turnover will reduce the strain on your property management staff and resources, and allow your building to flourish while running efficiently and effectively.

Are you looking for a property management company in Ottawa to attract high-quality tenants to your apartment rental unit?

If you own an apartment building, or rental unit, and are looking for a professional property management company that will take excellent care of your property and its occupants, contact Primecorp Property Management today to see what we can do for you… we’d love to hear from you and are happy to answer any questions you may. We’ve also recently compiled a list of Frequently Asked Questions about our property management services.

Primecorp Property Management