Be careful, once you hand over those keys to your Condo Investment in Toronto to a perfect stranger in hopes that they will pay the rent make sure that they are Good Quality Tenants because once they are in your property it will be very tough and very expensive to get them out and can take months.
Whether you hire a Toronto Real Estate Agent to Find you Good Tenants for your Toronto Investment Property or you do it on your own there are some timely but simple steps you can take to help avoid Bad Tenants.
First thing is you want to verify their employment so the best way to do this is to ask for a job letter on the company letterhead with a contact number for a manager or a contact person in the HR Department to call and verify their employment. Then if you really want to be sure that their income is as stated on the employment letter and not just a number a manage put on the letter to help out their favourite employee you want to ask for income verification whether its by asking for pay stubs or if they don't get pay stubs but they get direct deposit ask for a screen shot of the deposit with their name on the account. You also want to verify that their employment is permanent and that they aren't on probation.etc.
You can ask for previous landlords reference but be careful the present landlord could be giving a good reference because they are trying to get rid of their current nightmare, their tenant which could be your new nightmare. You can ask the landlord why the tenant is moving out and also ask the tenant and see if their story's match up.
Another step is to ask for a current credit report, not just the score but the full report so you can get a full snapshot of the persons spending habits. Generally anything over 700 is good.
The chances of you finding a Good Tenant for your Condo or Property Investment in Toronto and only having a good experience is pretty realistic if you have the 3 pieces of info, full credit report and employment letter with income verification and a few personal and professional references can't hurt either.