Sifting through tenant applications, doing background checks, asking for references… it all takes some time and effort but these are important things to do and can actually potentially save you money.
In addition to the legal obligations a condo owner has to their condo corporation, they also have an obligation to make the right choice of tenant. Making the wrong choice can cost everyone thousands of dollars, and trigger an exodus of good tenants.
A bad tenant could cost you money by failing to take care of your property and causing damages, fail to pay rent on time, or not even pay at all. A misbehaved tenant may disrupt the neighbours and lead them to move out, and may ruin your reputation as a responsible owner in the community.
The only way to get rid of a bad tenant is to convince them to leave voluntarily, otherwise you will have to file for an eviction. The eviction process can be slow. Once the initial notice is served to the tenant, a hearing date is set. Often, this date is 3-5 weeks out. At the hearing, each party is expected to state and prove their case. In most situations, however, the tenant simply does not appear. When this happens, an official eviction date is set which is when the tenant is then legally required to vacate. In the end, the owner is responsible for all costs associated with this eviction, including the damage that was caused, and they lose out on the rent during this time.
So, don’t be hasty and take your time. Do your background checks and ask for references. Taking short cuts always has consequences.Despite the financial loss that can occur if your unit is vacant for months on end, it may end up costing you more if you make the wrong choice of tenant. Make the right choice for everyone and watch your building thrive.