Winnipeg Landlords – Make Sure You Run Tenant Credit Checks When Choosing a Tenant
According to a report in REIN magazine the housing market has been strong in Winnipeg for a considerable amount of time and few people know about it.
For example there has been strong rise in prices. Homes have risen by around 6.6 percent every year since 2004. This average price rise is larger than cities such as Ottawa and Toronto.
Furthermore housing starts have risen by nearly 16% and the number of condominiums starts was up an astounding 46 percent in 2013 over the previous year.
It’s a good time to own residential real estate in Winnipeg these days.
Do You Want To Become a Landlord?
With all this good news many people are thinking of investing in rental properties in Manitoba.
After all, with prices rising you can make good money buying a property such as a condominium, renting it out, and selling it years down the road.
It’s a sound idea and thousands of people are doing it successfully.
If you are thinking of becoming a landlord it’s important to know what you are getting into. Many people are becoming aware of the potential challenges that landlords face. And Manitoba is viewed by many as a province that supports tenants over landlords.
The key is to screen your tenants carefully
It doesn’t matter where you are, if you don’t screen your tenants carefully it can lead to trouble. BC landlords are shocked over a couple of serial bad tenants who have ripped off 7 landlords in 2 years.
These tenants were just ordered to pay one landlord the rent owed or go to jail. They paid, but they still have 6 other ex-landlords who they owe tens of thousands of dollars to.
An Alberta landlord was recently in the news for renting to a couple he thought were ‘nice.’ His rental property was across from an elementary school and the tenants sealed the deal with him by saying it would make them so happy to have a school so close for their child to attend.
A year later the landlord is out over $100,000 and sold the property after the tenants started a grow op.
In Toronto, Ontario landlords are facing the fact that according to the Toronto Star the “Tenant From Hell” Nina Willis is now fighting her 7th small landlord and living rent free for months at a time.
Winnipeg Landlords and Bad Tenants
A recent report by Yahoo news was about a Winnipeg landlord who is upset after being told to pay a huge repair bill after the police came and raided a rental apartment she owns.
A Winnipeg woman is furious over being stuck with a whopping repair bill, after police raided an apartment that she owns.
Landlord Sherri Vanderstel rented out her luxury apartment to a woman she thought would be a good tenant.
Police raided the apartment because the tenant was suspected of possessing drugs and trafficking cocaine!
The raid led to the door being slammed open, appliances ripped out of walls, leaking water and trash everywhere.
She now has to pay thousands of dollars to the City.
According to Vanderstel, she rented to the tenant because
Vanderstel said she the tenants didn’t give her any suspicious feelings when she decided to rent to her.
How Can I Be A Successful Manitoba Landlord?
Landlords should always run a credit check on potential renters.
A credit check will show you the true financial history of a potential tenant, including where or not they pay their bills on time.
How Can I Run Tenant Credit Checks?
You can join the Manitoba Landlords Association for only a one-time registration fee (no annual fee!)
Landlords Make Sure You Run Tenant Credit Checks The Right Way
Only use an authorized tenant credit check company such as GARDA to screen your tenants. If you use a friend who is a mortgage agent, insurance agent, Realtor, or car dealer it can lead to trouble for landlords and for the person who rent the credit check for you.