If you own income properties in London Ontario, you probably have had a few tenant woes in the past or have heard of war stories about problem tenants. In most cases, these stories involve losing time and money.
Most rental property woes have a common theme. The common idea from every story or problem is:
Selecting the Wrong Tenant.
The 80/20 Rule, also known as Pareto’s Law, states that roughly 80% of the effects come from 20% of the causes for many events. In the rental real estate business, this means that most problems come from a minimal number of factors.
I would take this further with rental real estate and say that 95% of problems come from selecting the wrong tenants.
I googled “How to find and screen tenants” and found (About 32,000,000 results )searches on the topic, yet some landlords keep having tenant woes, and if you do, do you not think it is time to change how you do things?
That is the problem with information and how-to’s, it is readily available, but most don’t know how to implement the how-to! (Try saying that fast)
One landlord said that paying $30-$35 for a credit check is expensive! What do three to six months cost when trying to end a tenant residency?
Consistent tenant woes are like being overweight; you don’t get fat overnight! Eating a cheeseburger and fries today will not make you fat overnight, but over time, it will.
The same with a tenant, lack the discipline and the ‘how’ to screen tenants and the only weight loss you can expect is a lighter wallet, and if you keep it up, you’ll lose sleep as well!