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Key Tips from a Property Manager

The decision to become a landlord is a weighty one that demands thorough consideration. In today’s rental landscape, navigating legislation is just the tip of the iceberg.

Whether contemplating renting out your personal residence or investing in a property, there are crucial details to grasp. Establishing a successful landlord-tenant dynamic hinges on finding the right match for your property, beginning with effective marketing.

Thanks to digital platforms and social media, marketing has become more accessible than ever. Capture high-quality, clutter-free images of the property, including exteriors, garages (if applicable), and neighborhood highlights. Pay attention to details like ensuring toilet seats are down!

Provide an accurate description of the property, specifying the number of bedrooms and bathrooms, pet policies, and nearby amenities such as theaters, walkability, recreational facilities, and schools. While withholding the full address can deter unnecessary drive-bys, disclosing the city area and street is advisable.

Offer clear instructions on how to contact you, when showings will commence, and the application process. Whenever feasible, meet applicants in person to gauge compatibility. Ask pertinent questions about their reasons for moving, pet ownership, and desired move-in dates to avoid mismatches in timing.

The application should be through and include current and previous landlord references. The current landlord may be looking to move the tenants on, but the pervious landlord has nothing to lose and will provide candid insights.

It is important to ensure the tenants fit the property, if the applicant has two vehicles and you can not provide parking, you may be wrestling with parking wars for the duration of the lease. If the tenant is a shift worker and there is a major construction site about to commence next door, you may be fielding calls of noise disturbance. The key is to ensure you have the best possible fit for your property as this relationship is generally a year long.

Ensure you have a well written lease, carefully spell out the expectations before the tenants move in and advise your tenants how you would like to be communicated with. Although texting is popular, it tends to familiarize the relationship, email is best.

Adjust your expectations, remember, you are inviting a stranger to live in your home. Property damage does happen at some level and can be a problem, not to mention expensive. As a landlord taking preventative steps is an important part of having a successful tenancy.

Provide a detailed move in inspection report, take many photos, of the good and the bad, what is the condition of the glass top stove at the move in? Do not give a reason for a dispute at the move out inspection. Accurate photos tell the story.

Conduct routine inspections, this will give you a sense of how the tenants are treating your home. If you see issues or concerns, document and enforce the lease expectations.

Always keep in mind, you are entering into a relationship and your tenants may not see things in the same light you do, so ensure you are well versed in the Residential Tenancy Act.

Know your legal obligations and the obligations of the tenants. Landlords are required to make certain repairs which are essential to the habitability or safety of the home. However, that does not mean you have to jump at every request!

Refer to the lease and the expectations you discussed at the commencement of the tenancy; communication is key.

Its easy and understandable to get annoyed when tenants cause problems, however, getting angry will only exasperate the issues and create animosity. Evaluate the situation carefully from all sides and take the time you need to find the best approach.

It is vitally important to keep meticulous records of everything, including phone conversations (should you have them), dates, times and discussions. This will save you time and energy in the event you must go to dispute resolution. 

The tenant -landlord relationship is much like any other relationship. Your actions must reflect how you expect to be treated. Immediately discuss issues which come up, enforce the terms of the lease. Follow up continually until concerns are resolved. Sound daunting? That is because it is.

For those who may not feel prepared to take on the responsibilities of being a landlord, seeking the assistance of a professional property management company can provide valuable support and expertise.

In British Columbia, third-party property managers must be licensed through BC Financial Services Authority, ensuring compliance with ongoing education requirements.

These Agents are equipped to handle various aspects of property management, from tenant screening to maintenance, easing the burden on individual landlords and ensuring compliance with changing regulations.

Overall, being a landlord requires careful consideration, proactive management, and a commitment to maintaining open communication and fulfilling legal obligations.

Read the full Article here: https://issuu.com/riccardo11/docs/lbc_magazine_summer_2024?fr=xKAE9_zU1NQ