Tricity News recently reported that new census data showed a 5.3% population increase in the Tri-Cities, including Port Coquitlam. For local investors, that means thousands of new residents have entered the area, likely looking for a rental.
Should you sit back and wait for new tenants to show up on your doorstep? Not exactly. To boost rental occupancy and income, you'll need to focus on improving property management in Port Coquitlam.
What do modern tenants expect and how can you keep up with your regional competitors? Read on as we break down landlord responsibilities and how to exceed expectations with great property management strategies.
Start With Legal Considerations
One of the most important property management tips we can offer is to become extremely familiar with tenant rights. For Port Coquitlam property owners, that means learning about rental regulations set forth by the British Columbia government. Examples include a tenant's right to:
- A written leasing agreement
- Quiet enjoyment
- Dispute problems
Some of these regulations also protect your best interests. For example, landlords are also guaranteed the right to dispute problems. Understanding your own rights can better prepare you to protect your property and rental income.
Evaluate Your Current Rental Prices
The Port Coquitlam rental market is considered one of the more favorable markets for tenants. In fact, it offers the lowest average rent of the Tri-Cities according to a recent report from the Tricities Dispatch.
For landlords, that means that raising the rent year after year could put you at risk of out-pricing your competitors. While higher rent may seem to guarantee more rental income, it can actually lead to higher vacancy rates if tenants have more affordable options to choose from.
Before you draft your next lease, evaluate your current rental prices and see how they compare to your competitors. Adjust accordingly to remain an attractive option for renters.
Make Calculated Improvements
Maybe you build a new comps list and realize that your property isn't as valuable as it once was. If you want to enter a new rental income bracket, you'll need to start by making your property more appealing. Consider renter-friendly updates like:
- In-unit laundry machines
- Updated appliances
- New flooring
- High-speed internet
The goal is to make sure that you're reinvesting in your property in ways that will yield a solid ROI. Remember, renters may be looking for different upgrades than homeowners.
Take a Proactive Approach to Maintenance
One of the most important (and ongoing) landlord responsibilities to prepare for is maintenance. A strong approach to property management involves:
- Open availability to field maintenance requests
- Relationships with reliable contractors in Port Coquitlam
- A commitment to property inspections
- Proper maintenance budgeting
Chances are, you're spending a lot more than you need to if you're only responding to maintenance emergencies. Take a proactive approach and fix problems when they're small to prevent costly events like flooding or roof leaks.
Consider Your Leasing Rules and Regulations
Are you struggling to secure tenants? It may be time to go back and look at your leasing rules and regulations to see if they're overly restrictive. Examples of leasing rules and regulations that could alienate tenants include:
- Pet restrictions
- High security deposits and fees
- Subleasing prohibitions
It's useful to think about the demographic you're hoping to appeal to. For example, by allowing summer subleasing, you can appeal to students attending one of our local colleges.
Improve Tenant Communications
Securing lease renewals ensures that there are no income gaps and eliminates the need to spend money on marketing. Retaining tenants should be another top priority of any Port Coquitlam landlord, and prioritizing tenant relations is a great place to start.
For the modern tenant, access to a tenant portal can make a huge difference. Tenant portals streamline rent payments and maintenance requests. Plus, they make it easy for landlords to send out email blasts and alerts about upcoming inspections or property maintenance.
When you improve tenant communications, you show your tenants that you care about your property and their overall well-being. This builds trust, which in turn can increase lease renewals.
Screen Tenants for a Better Fit
Before you hand over a lease to a rental applicant, make sure you're practicing thorough tenant screening strategies. The purpose of tenant screening is to maximize the chance of getting rent in full each month and protect your property from undue damage.
In Port Coquitlam, tenant screening can include things like:
- Income verification
- Credit checks
- Rental history assessments
To assess an applicant's rental history, start by collecting the contact information of previous landlords. This allows you to verify that an applicant paid rent on time and held up their end of a lease agreement.
Keep in mind that in British Columbia, you typically can't force a rental applicant to agree to a criminal background check.
Partner with Professionals
Are these property management tips making you second-guess your desire to invest in local real estate? You can still profit off of rental properties without taking on landlord responsibilities.
The answer? Outsource your property management in Port Coquitlam. Running a rental property can quickly become a full-time job, and property management professionals have the time and experience to not only take on that job but also optimize results.
Full-service property managers will handle everything from daily tasks like maintenance to overarching responsibilities like accounting. While you can still have a say in decision-making (if you want it), you don't have to worry about ongoing operations that make your property profitable.
Get Better Property Management in Port Coquitlam with Axford
The Port Coquitlam area is growing in size, and investors have a chance to profit from the increased demand for rental properties. However, property management in Port Coquitlam isn't as simple as owning a rental property. As you can see, property management is a major responsibility, and Axford can help.
Axford Property Management is one of the only firms that offer full end-to-end services to real estate investors. We'll help you find, buy, and manage your rental properties in the Lower Mainland and Fraser Valley. Contact us today to learn more about our services.