In this video blog, Kelowna Realtor Brendan Stoneman, sits down with Patrick Shillington, Property Manager with Re/Max Management Solutions, to discuss some tips on how to find the best tenants for your rental property. It's one of your biggest investments and it's important to make sure you have tenants that are the best fit - you are after all most likely entrusting a complete stranger to move in and look after it! Watch this short video and if you have any questions please reach out to us - we would be happy to help!
Here is the Transcript:
BRENDAN - Hi there, this is Brendan Stoneman with RE/MAX Kelowna and I am joined by property manager Patrick Shillington. He's a property manager with RE/MAX Management Solutions. Okay, now there's a lot of property owners that may feel that they can take care of their rental on their own and certain situations, for example, they own a house that's got a suite in it. They're gonna be living upstairs, and they're gonna take care of their own tenants. I'm just wondering if you had any tips maybe that they might be able to utilize to help them find the right person.
PATRICK - Yeah, it's very important to have the right fits, the right individual for the property. It's one of your largest investments, and you're entrusting potentially a total stranger to move in and to look after it, so it's very important to do the due diligence in screening, certainly go with your guts. I mean, if there's any red flags it's better off to just continue on with your search and find somebody that you're comfortable with, that you have a natural connection with. You want them to be comfortable with who you are as the landlord working with you but also you working with them as a potential tenant. It's important to do your due diligence for sure.
BRENDAN - Awesome and then what about some of the, are there, I guess, tools out there where the average homeowner can do credit checks on other people, or how does that, doing some of the background work with--
PATRICK - The average isn't entitled to be able to do credit checks, as licensed professionals we are able to that. You certainly want to follow up with landlord references, employment verification, you certainly want to any other business or personal references but again it's amazing what you can find out about people, social media is a great tool to find out about who these people are and people may come off as being very nice, friendly, trustworthy but you can never guarantee who somebody is going to be. So the fact that you do as much in depth research as possible is certainly key.
BRENDAN - Ya its funny, I have a property that I rent out as well and I thought well, you know I'm a realtor, I'm in the industry, I live, my office is down the road, I'll just take care of renting this property out to myself. So I found some tenants, they seemed great, we signed a lease, everything was good and the day before they were supposed to move in, they phoned me up and said, "Sorry we're not coming." You know, it's the middle of winter, not the ideal time to rent out and you know, so it was a definitely headache and that's when I called you and said "Here's my place, you take care of it." and it was, I know from an owner's perspective the fact that you did the Ads, you did the showings, you screened the tenants, you did the credit checks, you did all that stuff and right up to signing the lease, collecting damage deposits and then I knew everything was done the way it was and it's worked out awesome, so I.
PATRICK - Ya it can be very time consuming, you could get inundated with calls and just get so overwhelmed and frustrated and not even know where to go, so the fact that us as licensed professionals, this is what we do as a job. We can do it efficiently and save that hassle by helping you find a tenant, get paperwork, get them moved-in, move-in inspections, get everything set up so that at that point in time you simply can just step in as the landlord and not have to deal with all the headaches, making sure you've done things properly and insuring that you've got the right individual for the property.
BRENDAN - Ya, it definitely made things a lot easier for me so I've lesson, it's sometimes easier to just let the professionals deal with it.
PATRICK - That's what we're here for, ya.
BRENDAN - So thank you.
For all your Property Management needs you can reach out to Patrick at:
(250) 448-2637 (ext. 202)