About Tenants in Mississauga
Mississauga produces some excellent tenants. Majority of our tenants in Mississauga are new immigrants, IT executives arriving on work permit, International students entering UTM (University of Toronto, Mississauga) and the Sheridan College at Square One as well as regular local tenants settling in from our own Canadian market.
These local tenants are mostly young professionals who have acquired debt through student loans etc. and are taking a while to pay them off before venturing into property investment. We help our investors and landlords in Mississauga to find tenants on daily basis.
Watch out for irresponsible tenants in Mississauga
When it comes to selecting tenants in Mississauga our team’s default ratio (percentage of bad tenant) is negligible or say 0.75%. We take proper due diligence in our tenant selection process that helps us eliminate bad tenants. But sometimes we do end up with bad lemons. Here are two recent examples of bad tenants that we had to deal with.
Both of these are worth a discussion to spare you from such cases.
The first tenants were international students from affluent families abroad who came with good references. However, the students turned out to be extremely irresponsible and did everything to misuse both the property and landlord tenant rights.
From smoking inside the property to keeping more pets than they could handle, these tenants created havoc. There were overflowing garbage bags everywhere, pet litter all over the property and the lawn was a mess.
The second case involved a highly educated Permanent Resident. Despite all his degrees, this gentleman lacked etiquette.
He evacuated the premises without cleaning it out. He left behind his personal possessions such as beds and furniture items and did not bother to observe the two months notice period that is essential before ending the lease term.
If you look at it from the investor’s point of view, the percentage of irresponsible tenants is only 1 in 75. It is in the landlord’s hand to take these irresponsible tenants to task and claim one’s losses. However, there are paralegal companies to help you out if needed.
Other than that, Mississauga real estate rental market is very healthy and is known to produce good, law abiding tenants.
If you are thinking of investing in real estate in Mississauga, I suggest you look at the glass half full, and not half empty. We had 99% good tenants and just a small fraction of those that are sometimes not easy to weed out (it is a part of real estate investing business).
Chances of weeding out difficult tenants can be much less when you use an experienced Realtor with a veritable local presence in Mississauga.
Landlords in Mississauga
After blogging about tenants, it will be unfair not to talk about Square One condo landlords in Mississauga.
These landlords come from a wide range of the market that include local investors, out of City/ Out of Province investors, non-resident Canadian/International Investors.
As far as their profile goes, they are a mixed bag. We deal with professionals (banking and finance, medical, engineering, software professionals etc.), single men and women, working couples, and a few senior citizens.
Many younger investors who are single, buy investment properties to live in but later decide to rent them out. They continue to stay with their parents (how smart!), until they settle down, that is until they start living alone/get married etc.
Sometimes parents also help their adult children to buy investment properties in Mississauga.
Landlord Realtor Relationship
Overall, our team is blessed with many wealthy landlords. Wealth in my definition is not the Money. It is the Contentment. A wealthy person is someone who is full of contentment. A man who is content is wise and trusts his team. (sure making more money is good as long it as has been acquired through the right means and is used for worthy causes).
Our landlords respect our advice when it comes to pricing rental properties, tenant selection, property improvement and management.
Being in people’s business we do come across all types of landlords. We sometimes also deal with poor landlords. These people are so poor that the only thing they have is money. Some of these landlords are greedy and they won’t spend any money to improve their properties. They end up losing big time because of their penny wise, pound foolish attitude.
A property priced higher than the market rate or a property in dire need of improvement sits vacant for months. Here are two examples:
- A $1,600 per month rental condo needs $2,000 in improvements (say paint or flooring).
- A property that should have been been listed for $1,600 per month is priced at $1,800 per month.
Both the properties won’t rent because the first one is not fixed before renting and the second one is priced wrong. Finally, in the 3rd month, landlords realize the importance of fixing the property and reducing the rent, respectively. In other words, they ended up renting at $1,600 per month after two months or losing $1333 per month ($1,600X 10 months/12 month). That’s a big loss!
Renting also comes with other responsibilities and it takes two to tango! Treating every human being with respect should be one’s goal in life.