Searching for Tenants

Once you've got possession of your new rental property you will want to start the search for a new tenant. (Provided your current purchase didn't already come with tenants. If your new property comes with tenants already living there then you will be bound to their current lease with the old landlord)

Where to look:

Place an ad in the local paper

Place a sign in the window or on the front lawn

Place an ad on Kijiji

Place an ad on a board at work

Etc...

When someone is responding to an ad make sure you ask them for their full name and what they are looking for (Long term, etc.) Ask them how long they've been in the area for or if they are just moving here. Try to get to a quick snap shot of who you will be showing your apartment or house to.Try to arrange for multiple viewings on the same day. Be sure to carry a book with you that you can take notes on the tenants that come through so you can go back and review your options later.

Ask for references, proof of employment & income. Be sure to contact them! Ask questions such as:

How do you know this individual?

How long have you known them? (You are encouraging the reference to talk about the individual(s) )

*If they rented from them ask the following:

How long have they rented from you?

How were they at reporting issues/problems?

How were they at paying their rent? Ever miss a month or ever late with payment?

Overall cleanliness of their unit?

Any issues as a tenant?

What should you ask for rent?

Do a search of rentals available in your region and make sure that you price yours accordingly. It doesn't hurt to aim a little higher with your rental price. Collect first and last months rent prior to giving them the key to the unit.

*It is a good idea to walk your tenant through on their move in date and do an inspection with them. Take pictures while you walk around. Show them that all of the windows operate correctly. Show them the fridge is clean and works properly. Do this with the stove, the furnace, etc. Test the smoke alarms and show them where they are. At the end of this have them sign a sheet of paper stating that all of the items shown and talked about are in perfect working order at move in date. This could come in handy if you ever need it. At the end of the lease when they are moving out you can do the same checklist to make sure they are leaving the unit in as good condition as when they moved in.*