What are the best practices to improve your tenant selection process?
Tenant selection is a crucial step in property management. Choosing the right tenants ensures stable income, minimizes the risk of damage and maintains a harmonious relationship between landlord and tenant. Here’s a three-step guide to best practices for effective tenant selection.
- Advertise the property appropriately
Write a detailed rental ad highlighting the property’s features and rental conditions, such as smoking bans or the requirement for a pre-leasing survey. Be transparent about the requirements and information needed to apply. Use online rental sites like Kangalou, integrated with your Proprio Expert software, to broadcast your ad to a wide audience.
- Conduct a thorough background check
Once applications have been received, carry out a thorough background check. This includes rental history, credit, payment habits, professional references and criminal record (files in the Tribunal Administratif du Logement). Don’t hesitate to contact former owners and employers for additional information. You can also rely on Proprio Enquête, Quebec’s No. 1 pre-leasing survey company, directly in your Proprio Expert platform.
- Draw up a complete rental agreement
Once the tenant has been selected, you can draw up a complete lease detailing the rights and responsibilities of each party. In just a few clicks, Proprio Expert’s electronic lease can be filled in with information from the rental application, and is updated in line with new legislation, ensuring you’re always in compliance.
By following these best practices, you can maximize your chances of selecting reliable, responsible tenants for your property.
Careful tenant selection is essential to the long-term success of your real estate investment.
