Marketing your rental unit
Sun
Every landlord wants to find the ideal tenant — the person who always pays rent on time, never disturbs others, doesn’t complain or cause conflicts and keeps the premises in better condition than when he or she moved in. While this theoretical ideal may be unattainable, the way you maintain and market your property will affect what type of tenants you attract.
Effective marketing will increase your chance of attracting the ideal tenant for your situation. The more clearly you state the benefits of your premises, the greater the odds of attracting appropriate prospects.
Someone offering a tiny bachelor apartment will have a different market than someone renting a spacious penthouse with extra features, such as a fireplace and a fantastic view. Consider the profile of the people you are trying to reach and then advertise in the places where they would be likely to look for rental premises.
If you are renting a fairly basic basement apartment, you have a good chance of attracting people willing to live in a basement for the benefit of a lower monthly rent. University campuses, postings in local supermarkets or “accommodations available” advertisements in newspapers might be the best place to advertise this type of rental.
If you have an expensive condo to rent, advertise where people with the appropriate income might search. The business-focused newspaper classifieds, or working with a rental locator at a real estate agent’s office might work best.
If you are not sure where people look for rentals, ask. Talk to several people in the same demographic as prospective tenants.
EVALUATING PROSPECTIVE TENANTS
Every landlord wants to find good tenants – ones who pay the rent on time and take care of their rental property. Finding the best tenant can be offset by the need to have the premises rented within a narrow timeframe. While time to show the unit, accept and review applications and do background checks may be limited, a hasty decision could cost you money in the long run. If the wrong tenant moves in, you may end up losing money due to damages or disputes.
CHOOSE WISELY
If you can afford a possible rent loss while waiting to fill the unit, take the extra time to make the right choice of tenant.
You should thoroughly research a prospective tenant before making a final decision. Getting candidates to fill in a rental application and properly screening for applicant suitability before accepting a new tenant are vital. If you accept tenants without screening and verifying their information, terminating the rental agreement may be difficult even if you discover that they provided false information.
Beyond credit information, try to discover what kind of tenant will be living in your unit. Ask former landlords about the tenant’s character and past rent-payment patterns. Consider talking to even the last two or three landlords to get a clear idea.
CHECKS FOR SCREENING TENANTS
? Check the applicant’s credit bureau history and banking history.
? Confirm the applicant’s employment situation.
? Check the applicant’s tenancy history/evictions, if available.
? Check court records, if available.
? Check the applicant’s references and consider contacting previous landlords going back two or three tenancies.
Information provided by CMHC. For more landlord/tenant information visit www.cmhc.ca or the Residential Tenancy office at www.rto.gov.bc.ca
