The Kingston branch of the Ontario Landlord Association advocates for credit checks as a way of protecting building owners from losing money. Renting out property is a major investment.
Kingston landlords know being a successful landlord means renting to good tenants.
The good news is there are lots of excellent tenants out there who are looking for high quality, affordable rental properties owned by service oriented and professional landlords.
Unfortunately, there are also tenants out there who know how to manipulate the faulty Ontario system for governing residential rental housing.
Just today there was an excellent article by at SLAW – Canada’s Online Legal Magazine called “Tenant Screws Landlord, And So Does The System.”
It’s about a recent decision from the Divisional Court which provides an “outrageous, and perfect example of how the legal system in the Province allows residential tenants to live rent free for over a year, and in this case, close to a year and a half”.
Experienced small landlords know renting to the wrong tenant can not only destroy your rental business, it can destroy you financially.
Bad credit, tough renting
A story in the Whig stated: “The Kingston branch of the Ontario Landlord Association advocates for credit checks as a way of protecting building owners from losing money. Renting out property is a major investment.“
This is true.
The Ontario Landlords Association educates small residential landlords on how to be a professional landlord. This includes learning the laws for landlords and tenants in Ontario and doing proper tenant screening, including tenant credit checks.
The story continued “On their website the Kingston Landlords advise there are “no ‘ifs, ands, and buts’ with a credit check. You see if they pay what they should pay.”
This is also correct. Landlords across Canada are running credit checks to help choose tenants.
BC landlords are still reeling after a couple of serial bad tenants ripped off 6 landlords in only two years. None of the British Columbia landlords ran credit checks on these tenants.
Even in landlord-friendly Alberta, Alberta landlords are running credit checks after some shocking stories of grow-ops and violence against landlords.
“And your credit doesn’t have anything to do with rent”
Some tenants don’t see why a credit rating should be an important part of tenant screening.
Paying rent is paying a bill for living in a property. A credit check informs a potential landlord if the potential tenants pay their bills on time.
If a tenant has bad credit they can always discuss the issue with their potential landlord. They can explain why they have bad credit and why they should be rented to.
Tenants should realize it’s nothing personal against them, only the system is stacked against small landlords and we have to be very careful.
Toronto Star Recommends Joining a Group Such As the Ontario Landlords Association
Many tenants wonder how they can run a credit check on a tenant.
You must use a company that is certified to run checks on tenants. This means you cannot use a friend who is a mortgage agent, Realtor, car dealership employee, etc. to run checks on tenants.
The Toronto Star recommends joining a group like the Ontario Landlords Association.
Here’s what they say:
Do a proper credit check using Equifax or TransUnion. The cost is approximately $20.
Kingston Landlords – Protect your rental business.
Join the Ontario Landlords Association and get access to premium documents, networking, advice and premium credit checks for only $10 per check.
Join up for a low one-time set up fee!
Make sure you rent to all the good tenants out there and succeed as a landlord!