What is the Speculation Tax?
As we’re sure most of you are aware, City centres in BC are going through a housing crisis. The prices of many homes are way past most local incomes and the same goes for rental prices. In areas of BC, the vacancy rate is sitting near 0%, which is a huge problem. The idea of speculation has been making it difficult for BC inhabitants to find homes, condos, or even apartments they can afford. This has a huge effect on businesses, communities and most importantly is hurting those of us are looking to rent or buy a home. The speculation tax has been brought in to ensure that people who reside in BC will be able to afford to live in their own province.
Tenants, you have rights too
Sometimes situations may arise for you as a tenant that send red flags about your living space. But should you get the landlord involved? Many renters don’t realise that even something as small as noisy neighbours should legally be dealt with by your landlord. It can be a tricky balancing act to determine whether you should deal with an issue on your own or if you are able to take an issue to your landlord or property management company and have them look after it.
Four questions tenants should ask potential landlords
Apartment hunting can be incredibly difficult and daunting, but nothing feels better than finally finding the perfect space for you. However, even if this new place seems to tick all your boxes, a property can become less desirable if an inexperienced or subpar landlord is involved.
What are “professional tenants”, and how can you avoid them?
Do you know those incredibly argumentative tenants: the ones who withhold rent to get their way and act as if they’re the only people that matter in your whole building? Because many landlords have had to deal with one or two of these irresponsible renters, they’ve actually been given a proper title. They’re called professional tenants, and they’re probably not afraid to point out every single issue they have with you and your property, no matter how small, to try and get out of rent payments.
Should landlords let the past be the past?
As many experienced landlords can tell you, an incredibly thorough background and reference check on any prospective tenant is the only way to determine whether or not they will treat you, your due dates, and your property with respect. Oftentimes it’s tempting to meet a charming tenant and take them at their word about their rental history and employment status. As much as there are people out there who you can trust off the bat, there are also many who you can’t.
Reading the body language of your prospective tenant
Bodies talk. They even have their own language. You can probably already read some of this language during your day-to-day social interactions. For example, you may find someone slouched over a table during a meeting to seem unprofessional or perhaps when you ask a potential tenant’s reason for moving they stutter or mumble and look to the ceiling. You may have felt like they weren’t being completely honest. There are a few key movements a prospective tenant may make during a viewing or lease signing that can offer insight into how they are as a person so you can ensure they’re the right fit for your unit.
What is the best time to list your rental property?
It’s incredibly simple to find information online about selling a property. Simply type “sell my house” on Google and you’ll be inundated with tips and tricks to make the most from your sale. One of those tips includes what time of year is best to list your house on the market.
4 things you should know before becoming a landlord
Whether you’re considering renting out your basement suite, an apartment, or an entire building of units, being a landlord is a tough gig. There’s much more to it than just allowing your first tenant to move in right away. It takes time, patience and huge amounts of care to be on top form as a landlord.
Free tenant screening: Why it could sink your business
Free tenant screening is not so free. You could be liable for claims over $1,000,000.
Credit reports have become one of the essential elements in checking the background of a potential tenant. The days of the handshake rental lease are over. Today, renting to a person without a proper tenant screening process is like playing the lottery and the odds of winning are stacked against the landlord.
What you should know before renting
After scouring the internet every hour on the hour, booking viewing appointments and touring a city for weeks on end, congrats! You’ve finally found the perfect (or near perfect) place in a great location to call home.
So what’s next? According to landlords, proving yourself a prepared and honest person during your lease signing is the most important step towards successfully renting a new pad.
To make a great first impression on your new landlord and quickly and seamlessly sign your lease agreement, here are some tips all landlords wish their tenants knew before renting a new place.
How access to credit can save the world
It’s hard to believe that more than half of the world’s total adult population (an estimated 2 billion working-age adults) do not have an account at a formal financial institution and another billion simply lack credit. Before starting Certn, I had no idea what financial inclusion was, nor did I care. Could offering loans to people without credit help the world? Wouldn’t it just create more debt, more bankruptcies, and outrageously high-interest rates? I was a skeptic, to say the least, but, after months of research, I’ve completely changed my tune. How could I have known that financial inclusion could increase economic and social development or promote gender equality?
How to screen tenants 2: How to screen applicants beyond the credit report
Landlords and Property managers have a difficult mandate: find people that are reliable and fit well into the community.
The traditional approach is to:
- Fill out application
- Meet applicant
- Check references (Maybe)
- Run Credit report (Maybe)
The problem with this approach is you are only getting reliable information right at the end of your process. There is very little pre-screening and in tight markets like Toronto, Vancouver and New York you could be wasting a great deal of time and opportunity cost on multiple applications. Here are some ways to pre-screen tenants before you pull the trigger on a credit report; saving you money and saving your potential resident’s credit score.
Before they apply: 10 must ask questions for a prospective resident
1. Why are you moving?
This question can tell you a lot about the resident, so listen closely. You want to look for legitimate reasons for moving, such as changing jobs or wanting more room. Beware of red flags for moving, such as being evicted, suing former landlord or the resident keeps getting into arguments with their landlord, resident manager, building staff or even neighbour. Make sure to double check this information in Certn because sometimes the most honest looking people can try to cover something up.
How to attract the best tenants
Attracting the best tenants is becoming more and more important in markets with high and low vacancy rates. A bad tenant can mean serious costs, and headaches. Although we recommend using Certn as the best way to filter out bad tenants, you also need to take steps to help attract the good ones!
How to screen tenants: A best practice in both low and high vacancy markets
Tenant screening is a bizarre proposition. All too often property managers in low vacancy markets view it as a best practice for high vacancy markets and those property managers in high vacancy markets see it as the opposite. It’s not until property managers evict their first bad tenant that they understand the costs and time that go into the process and their risk tolerance drops off the map. Suddenly, best practices around tenant screening becomes a requirement instead of a nice to have in all markets.