{"id":16876,"date":"2020-11-24T11:11:00","date_gmt":"2020-11-24T19:11:00","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=16876"},"modified":"2020-11-05T15:00:26","modified_gmt":"2020-11-05T23:00:26","slug":"finding-good-tenants-in-a-pandemic","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2020\/11\/finding-good-tenants-in-a-pandemic\/","title":{"rendered":"Finding Good Tenants in A Pandemic"},"content":{"rendered":"<p style=\"text-align: justify;\">A consequence of the COVID-19 pandemic for landlords is that they\u2019ve lost leverage over renters, but there are still ways to optimize the search for responsible, respectful occupants who pay rent on time.<\/p>\n<p style=\"text-align: justify;\">Brett Starke, team lead of Starke Realty at PSR Brokerage, recommends landlords use a real estate sales agent to help them narrow down their search for the ideal tenant, whom he describes as somebody securely employed in a sector of the economy that won\u2019t become obsolete in the near future, because of COVID-19 or otherwise.<\/p>\n<p style=\"text-align: justify;\">\u201cYou\u2019re seeing a huge exodus from Toronto of service staff at restaurants who are moving into their parents\u2019 places in the suburbs because landlords aren\u2019t renting to them,\u201d said Starke. \u201cIn times like today, a good credit score matters so much more because it shows how you\u2019ve dealt with difficult situations in the past. A credit score sheds a lot of light on people\u2019s personalities over the last seven years of their lives.\u201d<\/p>\n<p style=\"text-align: justify;\">Ideally, landlords shouldn\u2019t have personal or pre-existing relationships with their tenants, because should the latter fall on hard times they might be less inclined to prioritize paying their rent, added Starke.<\/p>\n<p style=\"text-align: justify;\">Checking a potential tenant\u2019s social media pages is another way to ascertain what kind of character they have and how responsible they will be living in your unit. Although it could be argued that surreptitiously researching someone\u2019s social media pages is an invasion of privacy, Starke says protecting a six-figure investment takes precedence.<\/p>\n<p style=\"text-align: justify;\">\u201cThat gut feeling from looking at their social feeds is invaluable because it can reveal a lot of red flags,\u201d he continued. \u201cI\u2019d look at their job history on LinkedIn, and their Instagram and Facebook profiles. I\u2019d even look at their TikTok page to see what kind of videos they\u2019re posting. Their social media feeds paint a picture of them; you can see if someone parties too much or takes a lot of trips or is dedicated to their work.\u201d<\/p>\n<p style=\"text-align: justify;\">LinkedIn, Starke added, is probably the best way to determine how responsible a potential tenant is.<\/p>\n<p style=\"text-align: justify;\">\u201cYou can see their previous employment history, as well as how long they stay at all their jobs,\u201d he said. \u201cIf they change jobs every six months, even if they have a good credit score, that might tell you something about them. Corporate tenants who have stayed at one company, and whose promotion history you can see over LinkedIn, are my favourite ones.\u201d<\/p>\n<p style=\"text-align: justify;\">It goes without saying that landlords should contact their potential tenant\u2019s previous landlords, but Starke recommends doing additional research and ensuring the person is who they say they are and not a friend or family member posing as a previous landlord.<\/p>\n<p style=\"text-align: justify;\">The pandemic has made finding tenants, let alone good ones, difficult. However, according to Erica Mary Smith, broker of record and co-founder of Stomp Realty in Toronto, a landlord who\u2019s flexible on pricing should remember to keep their eye on the future because the market will rebound. Moreover, if they\u2019re willing to compromise on pricing, the tenant will likely accept a looser lease structure.<\/p>\n<p style=\"text-align: justify;\">\u201cI tell my landlord clients to work with their tenants if they\u2019re good tenants, because it\u2019s hard to find tenants now, especially good ones,\u201d she said, noting that Toronto rents will be frozen in 2021.<\/p>\n<p style=\"text-align: justify;\">\u201cIf a unit was historically leased out for $3,600 but now it\u2019s only getting $2,900, instead of signing another lease, just go month-to-month. You can\u2019t get rid of the tenant just like that, but if you\u2019re charging $400 or $500 less a month, at least you won\u2019t be locked into the full year.\u201d<\/p>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/www.canadianrealestatemagazine.ca\/news\/how-to-find-good-tenants-in-a-pandemic-334330.aspx\" target=\"_blank\" rel=\"noopener noreferrer\">How to Find Good Tenants in A Pandemic?<\/a> by Neil Sharma | Canadian Real Estate Wealth<\/p>\n","protected":false},"excerpt":{"rendered":"<p>A consequence of the COVID-19 pandemic for landlords is that they\u2019ve lost leverage over renters, but there are still ways to optimize the search for responsible, respectful occupants who pay &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2020\/11\/finding-good-tenants-in-a-pandemic\/\">read more<\/a>]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[13],"tags":[],"class_list":["post-16876","post","type-post","status-publish","format-standard","hentry","category-real-estate"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.7 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Finding Good Tenants in A Pandemic &#8226; 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