How Property Management Companies In The GTA Find (And Keep) The Perfect Rental Tenant

18 January 2023 - 10:42, by , in Property Management, No comments

As a property management company in GTA, one of our most important responsibilities is to select the right tenants for the condos we manage. This is essential for the safety and well-being of current residents, as well as for the maintenance and financial stability of the building. Here are some steps that we take to ensure that we are selecting the best tenants possible:

Designing the Right Ad: 

The first step in tenant selection is to create an ad that will attract the right kind of tenant. This means making sure that the ad is clear and concise, and that it highlights the key features of the condo and the building. As a property management company in GTA, we know that the area’s renters are looking for specific features, such as parking, security, or easy access to public transportation. So we make sure that these are included in our ad.

Pre-Screening Criteria: 

Before we even begin to show the condo, we establish a set of pre-screening criteria that potential tenants must meet. This is an important step in the tenant selection process, as it allows us to quickly eliminate any tenants who do not meet our standards. Examples of pre-screening criteria that we use include:

  1. Minimum income requirements: we typically require that tenants earn at least three times the amount of rent in order to be considered for the condo. This ensures that they will be able to afford the rent and will be less likely to fall behind on payments.
  2. Credit score: We require tenants to have a minimum credit score to be considered. A good credit score indicates that they have a history of being financially responsible and are less likely to fall behind on rent payments.
  3. Employment status: We typically require tenants to be employed full-time and provide proof of employment, such as a letter from their employer or a recent pay stub. This ensures that they have a stable source of income and will be able to afford the rent.
  4. Rental history: We contact the tenant’s past landlords to ensure that they have a history of being reliable and responsible renters. We are looking for tenants who have a good track record of paying rent on time, taking care of the property and not causing any disturbance to neighbors.
  5. Leasing Agreement That Works: Once we have found a tenant that meets our pre-screening criteria, we then work with them to create a leasing agreement that is fair and beneficial for both parties. This includes details such as the length of the lease, the amount of rent, and any additional terms and conditions.

Choosing the Right Term Length: 

It’s important to choose the right term length for the lease. While some tenants may prefer a short-term lease for flexibility, others may prefer a longer term for stability. We work with the tenant to find the best option to meet their needs.

Verifying References and Income:

Before finalizing a lease agreement, we verify the references of potential tenants. This includes contacting their past landlords, employers, and personal references to ensure that they have a history of being reliable and responsible renters. At Mareka, we understand the importance of thoroughly screening tenants to ensure the best fit for your condo property. In addition to credit check, we also verify the tenant’s income to ensure that they can afford the rent and that they meet the building’s income requirements. We take a thorough and comprehensive approach to tenant screening, ensuring that only the most qualified renters are placed in your property. Our income verification process goes above and beyond to protect your property and investment by ensuring that tenants are financially stable. By conducting both credit and income verification, we provide peace of mind for landlords and ensure a smooth tenancy for tenants.

We also run a credit check on all potential tenants to ensure they have a good credit history and are financially stable. 

Deciding What Reasons to Accept or Deny a Tenant: 

Based on the information gathered from pre-screening, reference check, credit check and income verification, we make the decision of whether to accept or deny a tenant. Factors such as poor credit, negative references, or insufficient income can result in denial. We ask plenty of questions to get a sense of the tenant’s lifestyle and habits. This includes asking about their work schedule, whether they have pets, and if they smoke. This information is important for the well-being of the building and its residents.

We understand the importance of tenant selection and take it very seriously. By following these steps, we can ensure that we are selecting the best tenants for the condos we manage, which ultimately leads to a safe, stable, and financially sound building.

At Mareka, we are proud to offer top-notch property management services from our seasoned team of experts. With decades of experience and a network of the most trusted contractors in Ontario, we ensure that your property is always in good hands. Our personalized approach sets us apart from larger companies, guaranteeing that your needs are always top priority. And the best part? We do it all at an unbeatable value. Don’t settle for anything less than exceptional service. Contact us today for a quote and see the Mareka difference for yourself

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