Successful Calgary landlords know the importance of careful tenant screening
There was an important article at the Alberta Landlords Association blog site recently called “Top Tips for Alberta Landlords to Succeed in 2016.” The article is not only a good wake-up for landlords, it’s a reassuring message that landlords can succeed in 2016 and also in 2017, as the information is that helpful!
We’ve seen good times and tough times, and smart investors always do well. And the key is renting to good, rent paying tenants who respect you and your investment property. The economy goes up, and it goes done. It’s cyclical and experienced and successful landlords know it and are ready for it.
Tenant screening is the key. Because renting to good tenants is the way to be a successful landlord no matter what the current economic situation is.
Calgary Vacancy Rates 2017
The Canada Mortgage and Housing Agency (CMHC) has reported that Calgary vacancy rates have skyrocketed.
The rental vacancy rate in Calgary this past autumn was a whopping 5.3%. This compares to the 1.4% in the autumn of 2014. This shows is how dramatic the impact of an economic slowdown has been on the local rental apartment market place.
The national average for Canada landlords is a vacancy rate of 3.3%. The economy is on a down turn in 2016, after it was booming (on an upward turn) for the past few years. .
How To Succeed in 2017
Many landlords have been asking: with the economic economic environment we face how can landlords succeed in 2017?
Is it Mission Impossible?
Not it’s not. Not at all.
Successful and Experienced landlords have seen it all before. The “Bad Times” are temporary and just a time to get ready for the upcoming good times in Alberta.
Don’t Forget To Screen Tenants Carefully
Veteran landlords never panic because they know there are always good tenants out there. Sure when times are good (like last year) you could put up an ad for your investment property and have 30 people call you on the first day.
Times were good. Except you still had to check everyone carefully because most of those people where not qualified to rent from you. Nowadays you might only get 3-5 people apply. You still need to check them carefully. The same rules apply.
Make Sure You Run A Credit Check Before You Sign The Lease
By running an Alberta landlord credit check you can really learn “who you are renting to.” It’s the best way to select good tenants, as you can see their financial back ground, past addresses and more.
Make sure you are careful who you rent to in these difficult times. There are lots of good tenants out there, and there are also people who want to rip you off. Run credit checks on all applicants to make sure you know who you are renting to and to find good tenants for your rental property.
You can join the Alberta Landlords Association and start running premium credit checks for a huge discounted price. Protect yourself and your business with thorough tenant screening!
Choose the best tenants for your financial investment.