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BC Landlords – Challenges And Opportunities

July 1st, 2014 · No Comments · BC Landlords, Tenant Credit Check

Choose Good Tenants and Avoid the Pros

Choose Good Tenants and Avoid the Pros

BC Landlords – A Couple Of Recent News Stories Illustrate the Challenges and Opportunities For Landlords And Why Tenant Screening Is So Important

A couple of recent stories in the news really spells out the different paths your rental business can take.

Successful BC landlords know the importance of good tenant screening including running credit checks on tenants.

When you choose the right tenants to move into your rental property you are on the path for success.

There’s nothing better for your landlord business than renting to people who pay their rent on time, follow the law, and treat you and your property with respect.

Lots Of Good Tenants Out There

The good news is there are lots of these types of good tenants out there and they are looking for good landlords who own nice rental properties. These are people who you want to find, and they want to find you too!

Let’s take a look at the Kelowna rental market.

According to a news story from Global News there are now renters desperate to find vacancies in Kelowna. Why?Renters are getting frustrated because there are few good rentals available and Kelowna has one of the tightest rental markets in Canada.

The Canada Housing and Mortgage Corp. says Kelowna has the third lowest vacancy rate in Canada at only 1.5%

(Alberta landlords are in the best situation, with Calgary and Edmonton being the top two cities).

Last year the Kelowna vacancy rate was almost 5%.

Brian Pedersen is the manager of a property management firm called Premier Canadian Properties in Kelowna. Pederson says he has no vacancies and if he did he could have it advertised and rented out in hours.

There Are Also Dangers For Landlords

With the good news about the vacancy rates in the province there is also recent news that should act as a warning for landlords to remain vigilant in choosing tenants.

CTV news reported on a tenant who became violent and ended up in a shoot-out with police.

It began with a dispute between the tenant and his landlord that escalated until the police were called.

The tenant was evicted not long ago and shot his landlord for revenge.

The tenant then started a shoot-out with police as the landlord was taken to the hospital for emergency surgery and is in critical yet stable condition from the gun shot wound. While this is an extreme situation, it’s just another wake up for small landlords to be careful and screen your tenants carefully.

BC Landlords – Challenges And Opportunities

What path do you want to go down?

It’s important to remember that a landlord has the most power before handing over the keys. This makes it vitally important for you to know you are renting to.

Make sure you screen carefully. This should always include a tenant credit check to make sure you can verify everything your potential tenant tells you.

You can start running premium credit checks for an affordable price and no complicated paperwork by joining the BC Landlords Association.

You can join for only a low one-time registration fee (no annual fee) and start running tenant credit checks and also get access to a Rental Kit with leases, applications, and everything you need to get started.

That’s right, for only a one-time registration fee to join.

BC Landlords – Make sure you choose the right path to find good tenants. Screening your tenants carefully will show you the way!

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