Landlords across BC are learning how bad tenants target small landlords and can abuse the system. Make sure you run a tenant credit check to protect your rental property investment!
We don’t mean to sound alarmist but we wrote about a couple of serial bad tenants who would target small landlords, move in, and then stop paying rent a few weeks ago.
Now the story continues with more facts from CBC news. It appears these serial bad tenants ‘might’ face jail time, although we doubt it.
Why Run A Tenant Credit Check?
If any of these seven landlords had done a credit check on these tenants they would not have been cheated and end up losing thousands of dollars in lost rent.
Why Don’t Small Landlords Do Tenant Credit Checks?
There are many reasons.
Small landlords are good people who trust others.
Even Alberta landlords are facing problems after trusting tenants.
And of course Ontario landlords know trusting tenants is a recipe for disaster.
Let’s look at why small landlords trust tenants and don’t screen carefully and don’t run tenant credit checks.
1. Landlords are Financially Responsible People
Small landlords are financially responsible. After all, it’s not easy to save enough money to own an income property.
Many BC landlords believe tenants will be the same. It’s hard for them to imagine some bad tenants will not pay the rent they legally agreed to pay.
2. Small Landlords are Trusting and Want To Help People
Many landlords want to believe the best in people and if they hear a sad story they want to help them.
For example, these serial bad tenants said their current landlord had taken their rent money and they had nowhere to go.
Unfortunately, while some tenants are telling the truth there are many out there who will act as ‘tenant victims’ in order to trick you into renting to them.
3. With Mortgages to Pay Small Landlords Are Can’t Afford Vacancies
With property prices (and mortgages) so high many landlords need tenants to pay rent to help cover their mortgages.
For many landlords, having a vacant unit for a few months means they might have to sell their rental property.
4. Running Tenants Credit Checks Can Be Confusing
How can landlords run credit checks on tenants? It can be confusing and many of the companies out there aren’t helpful at all.
5. A Tenant Credit Check Can Be Expensive
Many small landlords are operating on a few tight budget.
How Can I Run A Tenant Credit Check in BC?
A Vancouver landlord emailed us a few days ago with the following:
“Hi, I have been reading your site and it is a wonderful resource for landlords.
I want to protect myself and rent to only good tenants. I’m a bit scared after reading about those tenants who just keep moving from one rental to the next without paying.
And they are so arrogant and happy they are getting away with it! It’s crazy!
What is the best way for me to run a credit check on my tenants? I own a couple of condos and as you are aware there is no cash-flow so I want the most affordable option available.
Thank you! Signed… Andy Mak”
Easy To Do, Affordable BC Landlord Credit Checks
Small landlords now have a terrific option.
You can sign up with a low one-time registration fee at the BC Landlords Association and start doing credit checks today.
For only a low one time registration fee (no yearly fee) you get great savings on a “full check” on your potential tenants.
Once you join you can start doing tenant credit check immediately!
BC Landlords Asking How You Can Do Tenant Credit Checks? We Have the Answer! Protect Your Property and Make Sure You Only Rent To Good Tenants!