Posts Tagged ‘landlord tips Canada’

Finding the right tenants is one of the most important factors in protecting your investment property. Strong tenants reduce turnover, limit maintenance issues, and support consistent cash flow. In today’s competitive rental market, careful screening matters more than speed. This guide outlines how to find the right tenants while staying compliant with BC rental regulations. Start With Clear Rental Criteria Before advertising, define what a strong tenant looks like for your property. Consider: Target rent range and income requirements Maximum occupancy based on layout and bylaws Pet policies and strata restrictions Lease length and move-in timing Clear criteria help you filter applicants objectively and consistently. Price the Property Correctly Pricing attracts the type of tenant you want. Overpricing can lead to longer vacancies, while underpricing may increase turnover. Review comparable rentals in your area and adjust for: Location and walkability Parking, storage, and in-suite laundry Utilities included Accurate pricing helps you find the right tenants without unnecessary delays. Write a Strong Listing Description Your listing should set expectations clearly. Include: Lease terms and included utilities Building rules and strata bylaws Required documentation for applications This approach discourages unsuitable applicants and saves time during screening. Screen Tenants Thoroughly Tenant screening is where many landlords take shortcuts. Avoid that mistake. Best practices include: Employment and income verification Credit checks, where permitted Previous landlord references Consistent application questions for all applicants In BC, screening must follow Residential Tenancy Act guidelines and human rights legislation. Meet Tenants in Person Whenever possible, meet prospective tenants. This step helps confirm compatibility and allows you to explain expectations clearly. Discuss: Maintenance responsibilities Rent payment methods and timelines Communication preferences Clear communication at the start reduces misunderstandings later. Use a Proper Lease Agreement Always use a written lease that complies with BC regulations. Ensure it includes: Rent amount and due date Length of tenancy Rules regarding pets, smoking, and subletting A clear lease protects both parties and reinforces professionalism. Consider Professional Property Management If you prefer a hands-off approach, a licensed property manager can help you find the right tenants and manage compliance, especially for multiple properties or out-of-town owners. Final Thoughts Learning how to find the right tenants is essential for long-term investment success. Careful pricing, consistent screening, and clear communication reduce risk and improve returns. Leanne D, 5-Star Review, via Google “I would highly recommend the Faber Group this is the second time we have used them and have been over the top happy with their service. They are an honest group of men who all go above and beyond to make your experience perfect!” Faber Real Estate Group Royal LePage Coast Capital Realty 📞 250-244-3430 📧[email protected] ℹ️ Scott Faber Personal Real Estate Corporation ℹ️ Cal Faber Personal Real Estate Corporation Vanessa Wood, Zachary Parsons, and Sophie Taylor “Building Lasting Relationships, One Home at a Time.”