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Leasing out your newly purchased property is a great way to make money, especially if your property is situated in a popular spot (i.e., a hard to obtain condo downtown Toronto). Leasing out your property not only helps you make some extra money, but it also provides someone with a living space- short or long-term. Those looking for a place to lease are typically looking at a few key factors: safety, comfort, cleanliness, neighborhood, cost, and information on their potential landlord. A place may be perfect for the potential lesse, however, discrepancies relevant to the landlord may alter their decision. A good property management company not only ensures you invest in a property tailored to your situation but also aids you every step of the way thereafter.
Providing tenants with a comfortable and safe place to live is an ongoing responsibility of a landlord. There are certain criteria, outlined in the lease, that lessors must adhere to and with that being said, it does go both ways; lesses must also adhere to certain criteria to avoid termination of a lease. As a landlord, keeping your tenants content is extremely important to ensure longevity and in the event they are on a short-term lease, they can provide a great review of your living space to new, potential lesses. There are a few important and simple ways you can create and maintain a positive relationship with your tenant/s and avoid any major headaches down the road.
Signing a lease requires commitment on both ends. The landlord must commit to providing all that is outlined in the lease and the lesse must abide by it. The last thing any tenant is looking for is a surprise of any sort. This can lead to discrepancies between the parties which can result in minor or major changes to arrangements and agreements. When going through the lease with your new tenant, be thorough. Explain what rules you have in place, what duties and responsibilities fall on which parties, duration, all costs, restrictions, and any other critical information pertaining to their time as your tenant. If there is any pre-existing damage to the property, you must disclose it to the tenant as well and offer a solution.
Like many lengthy agreements, many people simply skim through, potentially missing vital points. This is why it is important to sit down with your tenant and go through every important detail ensuring everything is clarified should anything arise in the future. Being honest with your tenant and providing them with all the information they need is a great way to create and maintain a relationship with them.
A major concern for renters is the inability to make their place feel like home. Often times, rules are set in place when it comes to what a tenant can do to their rental and any changes they can make. Whilst it is important to have a set of rules outlined to keep your property well maintained and to avoid any potential legal ramifications (i.e., no smoking on property, no parking in a non-designated spot/street, no roommates unless stated on lease, etc), there are many minor rules that could make or break one’s decision to lease. Typically, people are looking at how they can modify their rental to make it truly feel like their own space. This could involve painting, hanging pictures, and wall art, to name a few. Simply stating that tenants can make these or other minor changes and outlining who is responsible for patching holes or repainting at the end of the lease will certainly make your tenant happy. There is nothing worse than living in a space that doesn’t feel like home.
Just because someone is not ready to purchase a property of their own, does not mean their privacy should be compromised. Regardless of the type of property you are leasing out, your tenants should feel comfortable and not on edge about unwanted visits. Accessing your rental property is something that may need to be done from time to time, in the event of a necessary repair/issue or to do a check, however, there are some steps you must take prior to doing so. You must provide your tenant with a certain amount of prior notice before entering the occupied space and as a courtesy, provide them with a valid reason. Entering the rental property without the permission or knowledge of the tenant may lead to major ramifications down the road. Whilst it is your property, you are still obligated to provide your tenants with respect and privacy.
When owning a rental property, you are responsible for a plethora of maintenance issues that may arise. For example, if the fridge stops working or there is no hot water running, it is your duty to provide a solution for the tenant. With that being said, you must be responsive and timely when it comes to said issues. The last thing a tenant wants is for an issue to be dragged on for a long period of time or to receive minimal response on the owner’s end. Provide your tenants with a few ways to contact you, should anything go wrong and respond in a timely matter. Show your tenants that you not only care about maintaining your property but that you care about their safety and comfort as well.
Owning a rental property does require a lot of work, but the returns on the investment can be well worth it provided you are taking all the necessary steps. Having a professional property management team with you along the way can ensure you are optimizing your property and should you lease, your tenants remain happy.
Thinking of leasing your property? We can help you every step of the way. From lease agreements to tenant satisfaction, we are here to help. Contact us today and get on route to making the most out of your property!