Running a rental property is not as easy as it sounds. Landlords do more than maintain the place and collect the monthly rent. So here are some of the best practices from the experts in the business.
You probably know by now that being a landlord can be extremely overwhelming. Just like with any business that has plenty of perks, running a rental property takes a whole lot of work.
With that being said, there many things you need to do and mastering the craft can take some time to achieve.
Let’s take a look at these expert landlord tips, or in this case, we call them property managers since these individuals actually work for property management companies in Vancouver:
Legislation or Ordinances on Tenancy
Each province in Canada has their own laws when it comes to rental properties and tenancy. Some jurisdictions have similar rules but some have a totally different legislation that you won’t find anywhere in Canada’s provinces or territories.
It is extremely important to be aware of these rules so as to avoid violations or even a tenant using such laws against you in a lawsuit which is potentially damaging to your business and reputation.
In addition to that, legislations are not fixed; they can change over time. So keeping up with these laws is also mandatory.
In addition to the guidelines set by provincial or territorial legislation, you must also comply with provincial and municipal bylaws.
You need to research any relevant bylaws whether you like it or not the building you are renting complies with local and provincial bylaws. Also, building codes need to be acknowledged, a useful reminder by the expert landlord tips.
Routine inspections are normally conducted every three to four months. Routine inspections are important to ensure that the property meets the acceptable standards on residency and they are also conducted to identify any maintenance required or even damages that need reparations.
Sure, you have tenants, but they just live there and not own the place. It’s up to you to keep the place in top condition.
If needed repairs are identified during the inspection or even if a tenant reports one themselves, always respond to it promptly.
• Leaving repairs to later will often lead to more damage being caused in the meantime, which can make it more expensive to resolve. An ideal timeframe to carry out repairs should be within 24 hours.
• Leaving issues unresolved sets a bad example for the tenant and it may create a mindset where they don’t care for your property – this can lead to increased damage
• The longer you leave an issue unresolved, the more time it can take to repair or improve the damage. This will definitely you a lot more money and inconvenience.
Having an effective strategy for acquiring rent payments on time is something of an art that is truly crafted by professionals. Acquiring your income on time is vital to your success as a rental property owner.
Asides from having an effective collection system in place, tenants should be given different options to pay their rent. This will leave no excuse for late payments:
• By check or money order
• Internet Banking with the financial institution of their choice
• Direct debit from their own bank account
If a tenant becomes delinquent with their rental payments, they should be issued a notice advising them that they are behind and requests that they resolve the problem. If this is not done within a stipulated time period then a termination notice should be issued, requiring that they vacate the premises.
You should have a roster of reliable contractors, suppliers, and marketers to name a few that provide excellent quality work and for far less than the price of when others would have to hire them themselves. The partnerships should also be tried and tested. So this gives you lower maintenance and repair costs as well as effective marketing for whenever there comes up a vacant unit.
It may take some time to establish good relations with other businesses but it is nevertheless a necessity.
This is a very simple and direct tip that so many unsuccessful landlords may have overlooked. If you respond quickly to tenants and satisfy their requests, you’ll find that it becomes a lot easier to keep your tenants satisfied. Plus, having a good yet professional relationship with tenants can lead to transparency which is needed for a productive union. However, do not allow tenants to be able to walk all over you. You can be respectful and catering but you also need to be firm when it comes to enforcing the rules or when rent is due.
With this in mind, you need to be able to gauge. Ask for feedback and make sure that you listen to what the tenants tell you about your service and what you offer. Of course, after the feedback is provided, you need to take action on this advice but listening is an essential part that is often overlooked.
Always remember the traits of a good tenant:
• Always pays on time
• Stays for the long run
• Respects their neighbors
• They take care of their domain
You need to have the resources to be able to screen candidates for tenancy. Knowing the workaround in digging into the candidates’ background and can identify early warning signs.
So there you have it! These are top expert landlord tips that are worth absorbing. These are some of the most important expert landlord tips every beginner needs to know in order to be successful. But in a way, this may just prove that, and any seasoned investor will agree, that hiring a company that specializes in property management is probably the most logical thing that you can do. Also, just to add to these reasons, there are plenty of personal perks of hiring a company that specializes in property management especially in Vancouver. One of the biggest is having less stress. Less stress is the product of not having to get your hands dirty and too involved in the lousy aspects of being a landlord.
Another personal perk is more freedom. Being a landlord is a job that never sleeps. You need to be on call 24 hours a day, 7 days a week. When you have others to do the job for you, you can have fun and enjoy the beauty that Vancouver has to offer and focus yourself on other things that are more important to you. If you’re not sure if it’s time to speak to a property manager, just think of the convenience you’ll experience if you have someone else do the work for you.