1. New to the property management business?
Becoming a property owner and a landlord can easily be overwhelming for first timers. There is lots of information to grasp, paperwork to deal with and tenants to manage. There are many great articles, books and websites on the subject. You can visit the Canada Mortgage and Housing Corporation (CMHC) website to begin with which is Canada's authority on housing.
2. Advertise in advance
Habitago.com enables you to post your ad(s) months before a property becomes vacant and not spend a dime. As a landlord, you are usually aware months in advance if a tenant will renew their lease. Once you know, you can post your ad on our website as soon as possible! If you wish to promote your ad and get more visibility quickly we also have packages to suit your needs, this would include a Habitago rental sign to install in front of your property to allow passer-byes to see the interior of your properties..
3. Get your hands dirty
Managing a property is a lot of work and and can become costly if not properly managed. For people that have a limited amount of units it is sometimes usefull to do the work yourself according to your skills to save money and therefore make a profit, it also gives you an appreciation of the effort required to maintain these units. Sometimes a little paint is all that is needed to make your property stand out from the competition. It is better to invest a little money than to lose a few months rent. Do you know what the most expensive thing is for a property owner? A vacant apartment!
Invite friends or family to help you out, you will spend some quality time with loved ones and get some work done! If the work requires an expertise and/or a professional you can contact your local experts by visiting our “Landlord services” page.
4. Keep your property clean
First impressions always last. Keeping your property clean will attract many more potential tenants and will keep them happy. Tenants much prefer moving in a place that they feel like they can stay for a while than feel like they’re moving in an abandoned property. Happy tenants are often loyal tenants!
5. Familiarise yourself with your provincial and municipal laws
As a property owner and a landlord, it is essential to familiarise yourself with your provincial renting laws to ensure you understand your rights and your tenants’ rights. You can visit the CMHC website to learn more about the law and also visit our “Landlord rights” page and “Tenants rights” page. You should also review the rental lease with your tenant to ensure that they understand the terms. Often municipalities have their own regulations regarding building in particular fire codes.
6. Be fair with your tenants
Everybody wants to be treated with respect and fairness. If you accept something for one tenant, make sure that all tenants receive the same treatment. You will be much more respected as a landlord if everybody is treated equally than if you are doing favours for a few tenants. For instance, if you accept dogs for one, why wouldn’t you accept it for another or vice versa.
7. Complete a thorough research on potential tenants
It is important to complete a thorough research on your potential tenants. A few things to look for:
- Ask for previous landlord references to learn more about what to expect from them; make sure that they are actual landlords, some potential renters may provide references that may not necessarily be landlords.
- If they use their parents as references, you may want the parents to co-sign.
- Ask for a pay stub to ensure the potential tenant can afford the rent; verify that they have employment that is constant.
- Complete a credit check to avoid unneeded and painful complications with tenants, a good starting point is to access sites like http://soquij.qc.ca/fr/english, SOQUIJ publishes decisions from the judicial and administrative tribunals of Québec. Its high value-added products are marketed in user-friendly electronic formats.
8. Stay informed on current trends and tendencies
Soak as much knowledge by reading about the trends and tendencies in your area. It will be much easier to negotiate with tenants if you are familiar with the market and able to adjust with the market trends.
9. Get to know your area
A lot of tenants will move to a new city or area to get closer to their school or workplace without being too familiar with the area. It will give a good impression if you can inform them of what is nearby such as grocery stores, public transportation, parks, schools and jogging/bicycling trails. It will make it easier for them to choose their apartment if they know that they are well located.
10. Outperform the market
The goal for a landlord is and should always be to outperform the market by having no vacancy. In many areas there are lots of similar properties for rent. Adding value for your tenants can go a long way. It can be through small things such as having a laundry room in the building to investing in something bigger such as a , a gym , picnic area or anything that will make you stand out from the competition.Tenants will often accept paying a little bit more if they have something exclusive or an added value.