Nightmare Tenants and You
As President of HomeGuard, I spend a lot of time working with Realtors & Financial Planners. I recently read a great article in Canadian Real Estate Wealth that I feel is a MUST READ for both Realtors & Financial Planners.
Written by Neil Sharma, “How to avoid renting to the tenant from hell” hammers home the importance of due diligence when selecting a tenant. I encourage you to read the full article via the above link, but here are some of the key points.
A tenant named Mike Lemke had documents forged and friends acting as references—he even enlisted a legitimate real estate sales agent, who happened to be his friend, to represent him—to move into a high-end Liberty Village condo rental. Having experience exploiting the system, he stopped paying rent and refused to move out.
In order to avoid tenants like Lemke, Sharma suggests checking out Naborly.com or the Rent Check Credit Bureau, which bills itself as the housing industry’s credit bureau and screens potential tenants in depth.
Naborly is a particularly interesting tool that has an impressive list of clients ranging from small, single-property owners to some of the largest property management firms in North America.
Even with detailed background checks and cutting-edge screening technology, Realtor Steve Arruda reminded Sharma that a landlord’s instincts remain important.
I’ve been a landlord for a long time and I find the best thing is meeting the person.
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