#1: Run your rentals like a business.
Even landlords with only one rental should view this investment as a business. Take it seriously, have a process in place for accounting and don’t get too emotionally attached. Be tough on screening and remember you’re doing this to make money.
#2: Market the property online.
List your property online – Rentfaster works for me.
#3: Set the right rent price.
Run a rent comparison report and list your property $100.00 under market value for similar properties. This will ensure your tenants will not keep rental shopping – good long-term tenants are your best friend.
#4: Always screen tenants.
I covered this in my 7 Tips and is very important. Always screen your prospective tenants that will help you choose a qualified tenant and will protect you from facing costly property damage.
#5: Create a city-specific lease.
Make sure your rental agreement is applicable for Calgary and Alberta legislation – copying one from BC or Ontario, can nullify important contract terms and conditions.
#6: Always fill out a condition report.
When a new tenant moves-in, schedule a walkthrough and fill out a condition report and have them sign it. When they move out, fill out the move-out condition report and compare. Anything above normal wear and tear, repair costs may be deductible from their damage deposit – that includes cleaning costs.
#7: Always get things in writing (aka document everything).
The more documentation you have as a landlord, the better. Provide relevant copies to your tenant and your copy in your property file and/or computer.
#8: Don’t collect rent in person.
Arrange for payment by etransfers only due on the 1st of each month and have direct deposit eliminating security questions and delays. Cheques can take a week to process and extra weeks dealing with NSFs and possible terminations.
More Tips to come.