How To Effectively Pick Your Tenants
As a full-time Canadian real estate investor and landlord, one needs to choose their tenants wisely. Why? Because we want to set ourselves up to have as little stress involved in our business as possible. We want to spend time making more deals, making a massive and passive income for ourselves.
Choosing your tenants wisely will keep your stress to a minimum, and obviously you time involved with that tenant to a minimum. Screening is the most integral part of making this happen.
Screening your tenant begins from the very first contact that that tenant has with you, and that will be our ad. If you have a unit that you are specifically advertising for, have on your outgoing message the address of the property, and say in your outgoing message “if you are interested in this unit, please drive by this property”. If you see it is in an area that will suit your needs, please call this other number.”
Once that is done and they call back, you tell them that there will be an application fee. Now this is going to screen out tons of riff-raff obviously, and they will ask “why would I pay to fill out an application to live in your property?” You tell them that “I will be doing a credit check and a criminal check, and I use this money for that. Will that be a problem?”
Secondly, how many people will be screened out if they realize that you are doing a credit check and a criminal check. In most cases you will hear the person hang up, which is fine because you may have just screened out a potentially disastrous tenant in 30 seconds.
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