Qualities of an Ideal Tenant

Late rent, or no rent at all. Damages to your property. Fines resulting from bylaw violations. Tenants who disappear before the lease expires. Tenants who need to be evicted but refuse to leave. Court applications, bailiff fees, attending eviction hearings…  Placing the wrong tenant is expensive. And in a market with strict residential tenancy laws, placing quality residents has become more important than ever. Be diligent and ensure you don’t pay the price by considering what Real Property Management Executives considers qualities of an ideal tenant.

Stable Job

A great tenant is one who pays on time, and the key to paying rent on time is having stable job. Before you offer a prospective tenant a lease, make sure you confirm their employment and income. RPM Executives contacts all previous employers and confirms facts such as length of employment and salary. If a tenant is self-employed, RPM Executives asks applicants to provide annual financials from their accountant or past income tax returns.

Reliable references

The best confirmation of character are personal references that are without bias. Be sure the applicant provides the names and contact information of up to three personal references, preferably ones who are not family members or close friends. Past coaches, teachers, previous employers or members of the community who have known the applicant for more than two years can offer great insight into the applicant’s character. RPM Executives asks specific questions that encourage the reference to provide examples of good character and reasons why they are confident in their referral.

Good rental history

Previous landlords are a potential landlord’s most important source of information. They will tell you whether the tenant payed rent on time, respected the property, abided by the lease terms, and left the property in good condition. RPM Executives requires all applicants to provide their rental history on their previous two residences and makes sure to talk to all past landlords. Some applicants will also provide the contact information of previous roommates who can also verify the tenant’s level of maturity and responsibility.

Respectful of your time

No one likes to be stood up. If an applicant is late for appointments, or doesn’t show up, or has a tendency not to reply to your enquiries, consider those an indication of their character. Follow your intuition. RPM Executives knows that when it comes to paying rent and taking care of their client’s properties, a good tenant is one who respects deadlines and is considerate of others.

Respects the rental terms

The BC Residential Tenancy Laws are complex, ever-changing, and the penalties for violations can be costly. RPM Executives makes sure to draft leases and lease addendums that are compliant with the law and covers all the variables. If a tenant questions the rental terms or challenges the legalities, consider it a red flag. A good tenant will understand the importance of the lease being a sound legal document. They also know it will protect the rights of the landlord as much as it does their own.

Honest and forthright

A quality tenant should provide you with all the information you are legally permitted to ask of them without hesitation or complaint. Whether it be references, past residential history, confirmation of employment or verification of identification, it’s important to find a tenant who is honest. After all, a tenant who is forthright will be more likely to report maintenance issues in a timely fashion. RPM Executives works hard to develop respectful relationships with all our tenants. We know open communication between the landlord and the tenant is key to successful property management.

Placing the wrong tenant can cost you, on average, four to six times the monthly rental rate. At RPM Executives we know that finding and placing quality tenants is key to a successful investment property. Although it’s time consuming and often painstaking, taking the time to thoroughly screen applicants can save property owners the unnecessary expense of maintenance repairs and eviction proceedings. Don’t take chances. Protecting your investment and maximizing on its return begins with placing a quality tenant.