Renting your investment property is an emotional and stressful process. Performing proper due diligence helps select quality tenants, and that still may result in a negative rental experience. 

There are many places to search for tenants, recently I heard a suggestion that your network of friends, family, co-workers and neighbours are good places to find tenants. You may find a quality tenant in one of these groups. The important part of searching for a tenant is “due diligence”. When we take the recommendation of friends, co workers or family we may reduce the amount of due diligence we perform, allowing a person to rent who may not be the right fit for your property.    

When a co-worker recommends a person to rent, do they really know their financial history? Maybe they buy coffee at the office, but are buried in debt and won’t be able to or are currently not paying their rent. How many people truly know how much their co-worker is earning, many wages and salaries are kept private.

When a friend recommends a person do you gloss over the possible red flags because they were recommended by your friend. If something comes up that appears inaccurate or untruthful are you prepared to reject the friend’s recommendation and how will that affect your friendship.  

The goal of finding a tenant is, find a person who matches the rental property needs with your expectations, which will then result in a positive rental experience for both the landlord and tenant. 

You may find quality tenants from friends, co-workers and other close relationships. What is important is you continue to perform your due diligence when checking their information, and be prepared to take the necessary actions if the tenancy becomes a negative situation, including eviction. 

Evicting a person for non payment of rent or damage to your rental property can be a very stressful and emotional experience. Having to perform these actions against a friend, or co-workers recommendation would be more emotional than normal. 

People prefer to avoid conflict, so eliminate the conflict by performing your due diligence or find other sources to rent your property. Using a property Manager can also reduce the emotions and stress of renting your property. 

Need assistance with your rental property contact us for an evaluation of your needs.

Cartref Properties specializes in managing rental units located within Strata Corporations. 

www.cartrefproperties.com