When to say no to a Tenant!
Tenant selection may be the single most important decision you can make in regards to your rental property. The right tenant can add value to your property, keep your investment income safe and cause you very little day to day issues. The wrong tenant can cause you time, money and aggravation and with the current state of the Land Lord Tenant Board, getting rid of them can be extremely difficult.
I frequently ask potential clients "what process do you follow?" You would be surprised to hear this but the answer I get most often is "I use my gut."
At GMP we utilize a 4 phase system for all of our potential tenants, we want to be extremely sure about the selection we make. Here are some flags that should have you looking for a new candidate:
- The candidate can't provide more than one past landlord.
- His current landlord gives and extremely glowing reference.
- Pay stubs are not current.
- They have their own credit report.
These are just a few things to watch out for, if you would like to discuss these or anything else regarding tenant selection please feel free to contact me.
Managing Partner - GMP Properties