Here Is Everything You Wanted to Know About Our Tenant Selection Process
At Property Management Toronto, we’re proud to be one of the city’s top property management companies. We love to serve our clients and give them the professional help they need. And as evidenced by our excellent rating on Google from countless satisfied customers, our clients love us too!
With over two decades of experience in the real estate business, we understand our Torontonians’ needs, especially landlords — we offer a complete set of essential services to those in the rental property business.
More newcomers settle in Toronto than any corner of the country. Of course, the metropolis has a lot to offer. There are jobs, business opportunities, world-class schools, eateries from every part of the world, and unique attractions. These characteristics make Toronto one of the greatest cities in the world.
Matching the excellence of the city are some top-class places to live. Toronto has impressive houses, townhouses, and condos. Many of these homes feature world-class architecture, a generous list of amenities, and great locations.
With so many perks on offer, it’s no wonder that Toronto is the fastest growing city in Canada. And Just like any other major city, Toronto’s rental market fluctuates. As of late, the Toronto rental market has softened due to the current climate.
As a landlord, your expenses don’t stop even if the rent checks do. You have regular costs such as mortgage, taxes, membership fees, repair, maintenance, and upkeep. In Toronto, these expenses add up.
In a varying market where rental prices are temporarily lower, and vacancy rates are higher, landlords need a capable marketing system to rent out their properties to quality renters as quickly as possible in order to generate revenue.
At Property Management Toronto, we find tenants in any market — whether the market is bullish or bearish, through our proven marketing system. We advertise your rental property on various high-volume channels to raise your market reach, including MLS, ensuring that every interested party sees the property in the real estate community.
We also list your property on our own popular platform, where prospective renters search for their dream home. We list all kinds of rental properties, including detached houses, townhouses, and condos.
Moreover, we list properties in distinguished publications like Toronto Life, which helps us match top-notch rental properties with top-notch renters.
Our team does all the heavy lifting. You don’t have to worry about taking excellent photographs, noting various details of your property for the picky renter, or answering dozens of questions every day when you take advantage of Property Management Toronto landlord services. We represent you professionally in all these aspects of your rental property business.
Tenant Selection in Toronto
As landlords ourselves, we know that the most important factor in a rental property business’s success is tenant selection. While most renters are good, reliable people, a minority of undesirable tenants can make your rental property business very challenging. Your goal is to avoid the following type of tenants:
- Tenants who don’t pay their rent on time
- Tenants who damage your house
- Tenants who abuse their privileges
- Tenants who break amenities
- Tenants who don’t report maintenance or repair concerns in a timely fashion
- Tenants who break condominium rules, putting your ownership at risk
- Tenants who use your property for outlawed activity, resulting in legal headaches for you
- Tenants who take advantage of the rules to stay as long as possible without meeting their payment obligations on time
Our tenant selection process is so thorough that we consistently find the best renters for our esteemed clients. Here is how we achieve these impressive results:
#1 We Don’t Leave Anything to Chance
You can consider us to be a buffer between you and your list of applicants. We have the best tenant selection services in Toronto because we never compromise on the rules to ensure that you only get applications from reliable candidates. Our criminologist helps us identify all kinds of red flags.
#2 Income Check
A good way to determine if your future renter can reliably pay their rent is to ask for an employment letter. This letter verifies whether the candidate is employed where they claim to be. We also ask for an income verification document for an extra layer of security. It’s a plus if the candidate has been solidly employed for a respectable amount of time.
#3 Credit Report
While an employment letter helps us determine a candidate’s current financial status, a credit report helps us ascertain their financial responsibility. A candidate who has a history of skipping credit card or car payments is also likely to do the same with rent payments, even if they currently have a steady income.
#4 Reference Checks
We ask for a list of a candidate’s references for a more in-depth check. In addition, we also ask for reference letters from landlords. It’s a red flag if a candidate refuses to provide the contact information of previous landlords.
The data we receive from the landlord is an excellent way to gauge whether the candidate is a reliable renter. Unlike personal references, a landlord is more likely to give an accurate picture of the renter’s history out of professional courtesy.
We take all of these steps to ensure that your property matches with a good tenant, who treats your property like their own, respects their neighbours, and meets their obligations.
Remember, the final decision lies with you. Our job is to bring you excellent applications. It’s entirely your call if you disapprove of a candidate. It’s your property, after all.
Once you match with a great tenant, your goal should be to keep them for as long as possible. Our outstanding tenant relation services ensure that your renter stays content. We offer complete support and provide professional, prompt, and courteous service to everyone, including renters.
We are available at all hours to our renters to troubleshoot problems. If they need help with maintenance, we contact qualified suppliers and contractors. We streamline these requests through our tenant cloud service. This software is accessible on phones, tablets, and computers.
Our tenant selection process is thorough because we look for the best tenants. Once we find them, we know rental property owners want to keep them. That’s why we offer both landlords and renters the same world-class customer service. When a tenant’s concerns are addressed quickly and effectively, they’re more like to be happy, making for a happier tenancy for both you and your renter.