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Oil Prices Dropping? Economic Challenges? It Means Tenant Screening Is More Important Than Ever

August 2nd, 2015 · No Comments · Latest News, Tenant Screening Edmonton

 Tenant Screening Edmonton

With our economy facing some challenges in 2015 it’s more important than ever for Edmonton landlords to screen your tenants carefully.

The good news is we are still outpacing the rest of Canada and experienced Alberta landlords know we are still getting a lot of tenants from other provinces wanting to rent our properties.

Many young adults and people of all ages are moving here to find good jobs. Many are looking for a fresh start and plan on laying down roots here. This is all good news for us because attracting talented newcomers means we have more skilled workers who want to save money, buy properties here, and become part of the community.

While the huge majority of these newcomers will be good tenants who pay the rent on time and respect your property smart landlords know it’s still important to screen carefully. After all if you rent to just one group of bad tenants it can lead to big problems and huge financial losses for a small landlord.

How Can Choose Good Tenants From Other Provinces?

This is a common question we hear. When you have someone local wanting to rent from you it’s easy to call their place of employment and know where it is (and if it’s a real company). Many times tenants live in the same city and you can drive by their current place to check it out and maybe even talk to the current landlord.

But how can you find out if a tenant will be a good tenant if they are from let’s say Toronto? Or Prince Edward Island? Or Nova Scotia? Or British Columbia?

No matter where they are coming from it’s important for Calgary landlords to know who you are renting to.

Run a Credit Check On All Prospective Tenants

There’s a terrific post over at Alberta Landlords Success on this topic. Their main point is it’s more important than ever to run a credit check on the tenants who want to rent from you.

A credit check on a tenant is Canada-wide. This means when you do a credit check what someone did while living in Manitoba or Ontario or Newfoundland will show up for you to see, even when you are in Alberta.

When you run a credit check you get to see their credit score. This is an key indicator in finding out if the renters are financially responsible people who have a history of paying their bills on time. People with a high credit score (meaning they pay their bills on time) don’t want to risk that high score. Why? Because a high credit score will allow them to get a mortgage, a car loan, credit cards, etc.

How Can Alberta Landlords Run Credit Checks on Tenants?

It’s now easier and more affordable than ever before. No need for ‘annual fees’, different prices for how many rentals you own or anything like that.

You become a member of the Alberta Landlords Association for a one time registration fee and you can start running premium TVS credit checks for only $10/check.

TVS checks are excellent and they include a credit score, employment information, past addresses, and lots more. They even include a recommendation to you based on the tenants financial history!

Successful Alberta landlords know that when there are economic challenges it’s more important than ever to screen your tenants carefully!

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