With all the bank rate changes recently, having cash flowing properties or even breaking even after your mortgage payments can seem out of reach for many small landlords.
To help, here’s my list of the top 5 simple but effective ways to increase the perceived value of your rental.
Finding simple but effective fixes can help increase your rental price, gain equity and get it rented faster. A little elbow grease and creativity can have an impact on prospective tenants, give it a try!
Photo by Stuart Miles freedigitalphotos.net
In Ontario rent is considered late as of midnight on the day the landlord and tenant have set it to be paid. Most landlords/owners will set payment date on the first of each month (assuming you and the renters are on a monthly basis).
So, rent is late, now what can be done? As a property manager We have a process in place, part of which calls for an automatic reminder to be sent out. Sometimes, a payment may be late simply because the tenant hasn't realized it's the first of the month. This can be escpecially true around the holiday season.
It can be frustrating to landlords and property owners to have a singed lease with all of your new tenants details only to return to find they have moved someone else in without permission. How much say-so as landlords do we have about who is living in our rentals? Ottawa lawyer Michael Thiele answers that question, the answers might surprise you.
Tuesday, 6 January 2015
Some landlords attempt to restrict the number of occupants in a rental unit, restrict the number of guests, or they seek to require a tenant to obtain their permission before allowing friends to stay over, or before getting a roommate, or before allowing a romantic partner to move into the rental unit. Landlords will often point to a clause in the lease that states that the tenant is "so and so" and the "only" occupants in the rental unit are the following people.
Where that section about additional occupants is blank the landlord maintains that the tenant is not entitled to have over-night guests, short or long term guests, roommates, or even have romantic partners move in with them. Tenants are often convinced that this is true as the lease itself either explicitly or impliedly makes it appear that the occupants of the rental unit is something that has been contracted to and that the landlord has legally reserved the right to control who lives in the apartment.
Rental Market Analysis
How to determine the rental amount for your investment property
OVERVIEW & PURPOSE
Determining appropriate monthly rental amounts to charge your tenants, ensures your unit will be filled in a timely manner while allowing you enough cashflow to cover your expenses.
Factors of Consideration
You have heard it before in regards to Real Estate, Location, Location, Location. It’s also true for your investment property. Picking the right city in the desirable neighbourhood all go into determining if the tenants in that area are willing and able to pay your price. Typically a cities population that earns a higher income can also afford higher rents. Unfortunately, buying in those cities will also come at a premium, keep a lookout for deals( a good Realtor can help with this).
Tenants Rights When Renting In Ontario
Tenancy laws are in place to protect renters rights when leasing an apartment or home. Without knowledge of your rights landlords may be violating yours. Below are some common questions and misconceptions about leasing.
One of the most important steps in running a successful income property is signing the tenant. Having the right tenants can mean the difference between success or complete frustration. If you’ve chosen well, your property will practically run itself.
Landlords/property owners must follow a well planned process. Taking the first couple (and I’ve heard this has been done) to have first and last months rent can cost you money and sleep in the long run. Screening your prospects and proper background checks are paramount.
First, have your unit “show ready”. If it’s already vacant great, you can begin the clean up, repairs or alterations you want to make. Showing your unit before it’s ready can turn off your best prospects.
The next step is to get your advertising out there. Lawn signs aren’t enough. Many people look online for apartments as well as print advertising, learn to use it. If possible have everything set to go at once. This is your Ad’ campaign .
If you haven’t already done this, have your application form for the income property ready to go. Get them to fill it out on site if possible. People forget what they saw or loose the rental application.
I personally like to get a few applications to run them at once. If they’ve left blanks ask them why as this can indicate any red flags right from the start. Too many blanks and I file it under G! It’s a good idea to run a credit check. We want tenants who don't have a lot of outstanding bills or debt . You could find a service or property manager for this /service-packagesex.html, Whomever you have chosen to run the credit checks should help explain what's good or bad about them.
Glenn Brown is owner of My Rental Unit property management and has enjoyed success with multiple unit investing.