Quick Guide for Landlords:
Being a landlord can certainly be a rollercoaster ride. Whether you like it or not your tenants can take you through highs, lows, and a hundred loops in between. If you are thinking of investing in an income property, or if you already have property and need some advice, the following quick guide can help you stay on track.
First off treat an investment property as just that, an investment. Far too often we encounter would be landlords that are converting their own place into a rental. Now that’s not inherently a bad idea, as long as you are willing to wipe your hands clean and break any emotional ties you have to that property. Remember that this is a business. If you are concerned that a tenant may cause damage to the floors your great grandfather installed by hand in a snow storm during the war while saving some kittens, maybe don’t rent that place out. You clearly will take every scratch personally.
Do it by the book. Read and stick to the Residential Tenancy Act. I know it’s as dry as the heart of a haystack but it is absolutely worth the read. There are too many outdated misconceptions out there that can put a landlord into hot water with the Social Justice Tribunal. Get to know your own rights as well as the tenants. If you are unwilling to go through this process legitimately, then don’t go through it at all.
Now protect your rights with solid paperwork. Our rental agreements are produced with the help of lawyers to ensure both parties are protected under the law. This is not a one way street; it is a mutual business agreement. The tenant needs your product (the rental unit), and you need their money (the reason you’re doing this in the first place). It’s all love and roses when you first find a tenant, but good lovers make great enemies. Keep the relationship with your tenant(s) professional and business oriented. Landlords need to avoid taking anything personal or getting too buddy buddy in case things go sour. Having a sound foundation of paperwork to fall back on will help you in the long term.
Check references. Have your perspective tenants fill out and sign an application. Often you’ll need to guide them in the right direction and hold their hand through the process. This is the first step in your vetting process of them. If they are unwilling to fill it out count that as a big red flag. I often treat this process like a job interview. The landlords are the business owners and tenants are to put their best foot forward. Now remember to go by the book and keep the situation business oriented. Be sure to avoid anything that could be construed as a human rights violation, and put your personal prejudices aside when finding a tenant.
There’s no shame in seeking help. Some people do their own taxes, some don’t. Some people change their own oil in their car, some go to a mechanic. Owning a rental property does not make someone lord of the landlords. If you find yourself overwhelmed find yourself a property management company. Gee, I wonder where you could find a company like that… Property management companies exist because there is demand for them. Don’t hesitate to contact us to at least see what we have to offer. Harbourview Property Management is proud to be the only full service management company of its kind. From offering simple advice to guide you in the right direction to a turnkey operation where we take care of things while you sit back and accept cheques. We can tailor our services to fit your needs.
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