International Tenants
- Thread starter RCrein
- Start date
- Joined
- Oct 10, 2007
- Messages
- 4,733
Get them to view in person when they are in the area
See if they can provide local based guarantor, many can
See if they can provide local based guarantor, many can
- Joined
- Sep 20, 2007
- Messages
- 76
QUOTE (housingrental @ Aug 16 2010, 08:44 AM) Get them to view in person when they are in the area
See if they can provide local based guarantor, many can
Our management company rents to many students in the downtown Vancouver area. We still have them fill out a full application, and will check their International references. If they are students, we usually have a parent sign on as a guarantor. For funds, we usually ask them to open an account with a Canadian bank (which they generally have already done.) Agree that it`s best if they can see the unit in person so that they don`t change their mind once they arrive, leaving you without a tenant.
See if they can provide local based guarantor, many can
Our management company rents to many students in the downtown Vancouver area. We still have them fill out a full application, and will check their International references. If they are students, we usually have a parent sign on as a guarantor. For funds, we usually ask them to open an account with a Canadian bank (which they generally have already done.) Agree that it`s best if they can see the unit in person so that they don`t change their mind once they arrive, leaving you without a tenant.
- Joined
- Oct 22, 2007
- Messages
- 2,803
As I am sure you are aware, some international tenants are actually scam artists. Rule number one is to NEVER return excess money after receiving any kind of funds (bank transfer, money order, etc.). I have found that many "international students" lose interest immediately after this comes up.
That being said, there are many genuine overseas tenants. I have been one myself. But I would never rent a property sight unseen. There are several companies that offer short-term rentals (furnished and otherwise) by the day, week, or month. I would recommend one of these to the prospective tenant so that they may view your suite and be sure that it will meet their expectations. In the meantime of course, continue showing it to other prospects.
Regards,
Sherilynn
That being said, there are many genuine overseas tenants. I have been one myself. But I would never rent a property sight unseen. There are several companies that offer short-term rentals (furnished and otherwise) by the day, week, or month. I would recommend one of these to the prospective tenant so that they may view your suite and be sure that it will meet their expectations. In the meantime of course, continue showing it to other prospects.
Regards,
Sherilynn
- Joined
- Sep 2, 2009
- Messages
- 128
Lots of good advice here already.
If the guarantor is not in Canada...how can you collect if there are problems?
If the guarantor is not in Canada...how can you collect if there are problems?
QUOTE (ontariolandlord @ Aug 17 2010, 11:28 PM) Lots of good advice here already.
If the guarantor is not in Canada...how can you collect if there are problems?
Hi
I don`t have experience with exactly this problem. However, I would look into the mechanics of an irrevocable letter of credit, with a life that exceeds the tenancy (not sure this length is possible). This would be provided by the guarantor, or at least their home country bank. If you ask your bank, especially if is one of the majors, they would have a list of overseas banks (by country) from whom they would recognize such paper.
You would have to ensure what would constitute sufficient authority(proof) to draw on it, as well.
Hope this idea stimulates your thinking, good luck.
If the guarantor is not in Canada...how can you collect if there are problems?
Hi
I don`t have experience with exactly this problem. However, I would look into the mechanics of an irrevocable letter of credit, with a life that exceeds the tenancy (not sure this length is possible). This would be provided by the guarantor, or at least their home country bank. If you ask your bank, especially if is one of the majors, they would have a list of overseas banks (by country) from whom they would recognize such paper.
You would have to ensure what would constitute sufficient authority(proof) to draw on it, as well.
Hope this idea stimulates your thinking, good luck.