There’s a lot that goes into being a landlord and, if you’re new to the landlord life, you might be wondering where to start.
Whether you’re renting out a basement suite or an entire apartment complex, there’s an art to being a good landlord. Follow these 7 simple tricks and you’ll be on your way to being one of the best.
- Follow the rules
The Office of Residential Tenancies is a great resource. They have valuable information, document templates, relevant legislation and experts available to answer your questions.
- Keep it professional
Just like any professional relationship, there are some boundaries that should be respected. Good relations with your tenant are great, but if your relationship gets too friendly it can complicate your rental agreement.
- Be clear
Make sure there’s no room for misunderstanding between you and your tenant. Good communication is the foundation of any great relationship, and your rental agreement’s no exception.
- Write it down
Damage deposit, the length of the lease and every other detail of your rental agreement should be written down and signed by you and your tenant. Give your tenant a copy so they’ll have it for reference.
- Be consistent
It can be confusing if the rules change, so make sure your policies stay the same from day to day and from tenant to tenant.
- Be available
If your tenant’s having an issue, you need to be available to help. There are limits on this of course. You don’t want calls in the middle of the night unless it’s absolutely necessary, but your services are part of what each tenant’s paying for.
- Give as much notice as you can
If you’re entering a tenant’s apartment to check the fire alarms or if you’re planning a change to the property where they’ll need to move out, give as much notice as you can. If you have plans that’ll have big impact on a tenant’s life, it’s only fair to give them some time to get organized.