When it comes to renting out your property in Ontario, finding the right tenant is crucial for a smooth and stress-free landlord experience. To ensure you’re selecting a reliable and responsible tenant, follow these step-by-step guidelines:
1. Craft a Professional Listing: Start by creating a detailed listing that clearly outlines the type of tenant you are looking for. Reference your guidelines and highlight any specific requirements. A professional listing not only attracts the right candidates but also sets the tone for a serious and responsible tenant.
2. Initial Phone Screening: Once potential tenants show interest, initiate an initial phone conversation. Use this opportunity to ask them key questions about their employment, current living situation, reasons for moving, and if they can provide a reference from their existing landlord. Pay attention to their responses and assess if you connect with them on a professional level.
3. In-Person Meeting: After a successful phone screening, schedule an in-person meeting at the property. This step is crucial as it allows you to observe the tenant and establish effective communication. Treat the meeting like an interview, asking questions about their employment, tenure at their current job, their current landlord’s details, and their rent payment history. Trust your instincts and ensure you have a positive feeling about moving forward.
4. Offer a Tenancy Application: If the in-person meeting goes well and you’re willing to proceed, provide the tenant with a proper tenancy application. This application should include detailed information about their personal and financial background.
5. Application Review and Verification: Review the application thoroughly and take the necessary steps to verify the information provided. Call their workplaces to confirm employment, contact their previous landlord to assess their rental history, and ensure that everything on the application aligns with the truth.
6. Request a Credit Check: Ask the tenant for a credit check conducted within the last 60 days. This step is essential for evaluating their financial responsibility and ensuring they have a good credit history.
7. Run Checks through Open Room and CanLii: Run the tenant’s name through Open Room and CanLii to check for any legal issues or disputes. Ensure that there are no red flags that could pose a risk to your property or your landlord-tenant relationship.
8. Verify Income: Request recent paystubs from the tenant to confirm that their income aligns with what was stated in their application. This step helps ensure that they can afford the rent without any financial strain.
9. Complete the Ontario Standard Lease: If all checks out, proceed with filling out the Ontario Standard Lease with no errors. This standardized lease protects both you and the tenant by clearly outlining the terms of the agreement.
10. Collect First and Last Month’s Rent: Before the tenant signs the lease, collect the first and last month’s rent. This is a standard practice in Ontario and provides you with a financial buffer in case of any issues down the line.
By following these steps diligently, you’ll increase the likelihood of securing a trustworthy tenant, fostering a positive landlord-tenant relationship, and ensuring a hassle-free renting experience in Ontario.