By: Desmond Brown
Tags: Leasing, Landlords, City of Toronto, Relocation, Toronto Real Estate
Leasing units for landlord clients has become a big part of my business and for other realtors.
While some landlords opt to do it themselves, others will ask us to help out by putting their income properties on our Multiple Listing Service (MLS) to find a new tenant.
I recently had a home listed for lease in Scarborough. The other agent brought in an offer for a price that was acceptable to my landlord, but it was conditional on us doing our due diligence on the prospective tenant.
When an offer comes in for a property I have for lease on the MLS, I always ask for important background information such as a credit report, references, a proof of employment letter, and contact information for the applicant's employer.
When I called the employer for this particular applicant, the line was not in service. Believing there may have been a mistake when the applicant wrote down the phone number, I went online, found the place of business, with the same address she had put on her application, and called. When I asked for the supervisor she had put on the application, no one had heard of him. When I asked if they knew the applicant, no one had heard of her either.
I immediately called the other agent representing the potential renter and told him about our little problem. He was very surprised and said he would look into it. A few minutes later he called me back, apologized and said he was very embarrassed. He said this potential tenant was referred to him by another client and that he didn't know her very well. When he asked about her "employer" not knowing who she was, she admitted to falsifying the information. The agent told me he immediately cut ties with this person and that she was now on her own to find a place to live.
Due diligence on potential renters is very important! By going through the process, I was able to protect my client and avert what could have been a disastrous situation.
If you're thinking of buying, selling, leasing, or just want to have chat, I'm always available.