As more landlords turn to online tenant screening services, this new tool provides an easy and secure way to run credit and background checks on tenants.
ST. CATHARINES, ON, CANADA, June 3, 2021 /EINPresswire.com/ — Canada-based proptech startup Tenantcube, launched a set of tools to help landlords screen and onboard tenants in April 2021. The latest addition is the ability for landlords to purchase a credit report directly from Tenantcube to perform background and financial checks on renters, a screening technique that has gained popularity since the start of the Covid-19 pandemic, with some landlords even deeming it a necessity.
“In the past year there have been a slew of evictions due to non-payment of rent, I want to make sure I am renting to someone who will not skip paying rent, it’s tough for landlords too. I don’t fully trust landlord references because someone wanting to get a tenant out would not give you a true picture. So I run a background check on potential tenants before making a decision to rent”, says Susan, a property owner in Hamilton, Ontario.
Regulatory bodies that adjudicate rental disputes have been backlogged due to lockdowns and a manifold increase in complaints, taking months to even provide a hearing date to distressed landlords. Landlords stuck with non-paying tenants and no way to evict them, are left with a loss of thousands of dollars. This has led landlords and property managers to resort to stringent vetting procedures.
Andrews Moses, founder and CEO of Tenantcube, sees this becoming a regular part of the tenant screening process, “Performing a credit check on tenants is not a new concept, it has been around for a few years now. The new phenomena is to do a complete background check, which gives the landlord an insight into a tenant’s finances and rental history going back a few years.”
The Tenantcube credit report, in partnership with Equifax goes beyond just providing a credit score. It contains information like their current and past addresses, employment history, debt owed and payment history, and even a criminal record check in an easy to read format. A property manager can make sure that the information provided by the applicant is accurate and determine if they can be trusted.
“Now, landlords look beyond just the income to decide the tenant’s rent payability. When they see that a tenant has made regular payments on all their debts and can pay the rent to their unit, it increases their confidence, while a bankruptcy filing or eviction raises red flags”, says Maria Rekrut, President at Canadian Real Estate Investors Association. Does she feel it is a bit excessive? “Well, when it comes to an investment-heavy business, it is better to be safe than sorry.”
Tenantcube also provides the credit report service at a lower price than other providers in the market, at $21.99, keeping in line with their motto of providing sophisticated property management tools at affordable prices.
“Small landlords are often found holding the short end of the stick because of lack of access to software solutions that can make their lives much easier. The more Tenantcube can help them, the happier we are”, claims Andrews.