Port Coquitlam has long been one of metro Vancouver's thriving rental markets.
If you're a property owner in Port Coquitlam, there's a massive opportunity to generate wealth from your investment. It's not simple or easy, however. You get out what you put in with rental properties and to be a great landlord, you need to be attentive and proactive.
In today's post, we're going to give you 5 smart property management tips can benefit all landlords. The more open you are to this advice, the more investment property growth you'll see. Keep reading and let us help you become the most successful landlord you can be in 2024.
There are two things that cause landlords immense stress. The first is a long-term rental vacancy and the other is a delinquent tenant.
When you've got a rental vacancy, your property is hemorrhaging money. Unless you own the property outright, you'll be on the hook for the full monthly mortgage payment. On top of that, the longer your unit is vacant, the more difficult it is to find a quality tenant.
Bad tenants are a major problem because they often fail to pay rent and cause more headaches than they're worth. The faster you can get a bad tenant out of your unit, the better off you'll be. Once you do, however, you're back at square one with a vacant unit.
It's in your best interest to invest in rental property marketing to end your vacancy. Write a thorough description of your property, complete with professional-quality real estate photos. Post your rental ad to the best listing sites and consider using digital marketing practices to cast a wide net for tenants.
Once you've got enough applicants, start screening them. Thorough tenant screening is crucial to finding an ideal tenant that you can stick with long-term. Look into their personal and financial backgrounds to determine whether they can afford monthly rent and if they're a good character fit for your rental.
Finding a great tenant is an important part of your success (and peace of mind) as a landlord. But it's just the first of the property management tips to help you thrive. The next step is to do everything you can to maintain a good relationship with your good tenants.
When it comes to tenant relationship advice, it's all about being attentive. Always understand your what your landlord legal responsibilities are, but don't stop there. A key to solid tenant relationships, for example, is communication.
At the beginning of a tenancy, make sure your lease is clear so your tenant knows what to expect of you and what you expect of them. If they have any issues with the unit, other tenants, or rent payments, make sure they know you or your property manager are available at all times to help. When your tenant knows you're helpful and open, you'll keep them happy.
Property maintenance is important for multiple reasons. Keeping your property in good shape will help uphold tenant relationships. On a practical level, however, regular preventative maintenance will ensure your property is a viable investment now and in the long term.
Inspect your property regularly for wear and tear. Rental properties go through a lot more wear and tear than a normal single-family home. As such, you should keep a close eye on it and develop working relationships with the right local contractors so maintenance and repairs are easy to schedule.
A good tenant who appreciates you as a landlord will help you take better care of your property. They'll notify you as soon as an issue crops up, allowing you to deal with it promptly so it doesn't become a costly repair.
If you navigate the tenant selection process with care, you shouldn't have to evict a tenant. Poor tenants can still slip through the cracks from time to time, however. Understanding when and how to evict a tenant in British Columbia is key to putting a bad tenancy behind you as soon as possible.
Under BC's Residential Tenancy Act, there are specific reasons why you can evict a tenant. The two most common are nonpayment of rent and damages to the rental property.
You must first notify your tenant of your intent to evict them. How much notice they have before an official eviction filing depends on the reason for the eviction. For example, with nonpayment of rent, the landlord must give a tenant 10 days to pay rent before filing the eviction.
When the tenant fails to fix the problem or vacate the unit, the eviction will go to a hearing. At the hearing, you'll present evidence of the tenant's wrongdoing, such as:
If you're successful, the tenant will receive a date to be out of your property. Failure to comply can result in forcible removal by the local authorities. It's essential to go through this process methodically so you can take back your property and find a great new tenant.
Hiring a property manager can make being a landlord simple. Instead of learning the minutiae of the law, screening tenants, and performing maintenance all on your own, your property manager will handle it all for you. They'll also handle accounting and reporting so your real estate investments operate like a real business.
Doing everything yourself makes it hard to see major investment property growth. A good property manager with a proven track record can give you peace of mind knowing your properties are being optimized at all times.
These are a few of the best tips for landlords in Port Coquitlam. Investing in real estate can be incredibly financially rewarding, but there's so much to think about and do. Having a great property management service backing you up and taking duties off your plate will make a difficult job easy.
Axford Real Estate is one of Greater Vancouver's best options for full-service property management. Our services include everything mentioned here and then some, so contact us today to tell us more about your Port Coquitlam rental properties.
If you're a property owner in Port Coquitlam, there's a massive opportunity to generate wealth from your investment. It's not simple or easy, however. You get out what you put in with rental properties and to be a great landlord, you need to be attentive and proactive.
In today's post, we're going to give you 5 smart property management tips can benefit all landlords. The more open you are to this advice, the more investment property growth you'll see. Keep reading and let us help you become the most successful landlord you can be in 2024.
1. Find Quality Tenants
There are two things that cause landlords immense stress. The first is a long-term rental vacancy and the other is a delinquent tenant.
When you've got a rental vacancy, your property is hemorrhaging money. Unless you own the property outright, you'll be on the hook for the full monthly mortgage payment. On top of that, the longer your unit is vacant, the more difficult it is to find a quality tenant.
Bad tenants are a major problem because they often fail to pay rent and cause more headaches than they're worth. The faster you can get a bad tenant out of your unit, the better off you'll be. Once you do, however, you're back at square one with a vacant unit.
It's in your best interest to invest in rental property marketing to end your vacancy. Write a thorough description of your property, complete with professional-quality real estate photos. Post your rental ad to the best listing sites and consider using digital marketing practices to cast a wide net for tenants.
Once you've got enough applicants, start screening them. Thorough tenant screening is crucial to finding an ideal tenant that you can stick with long-term. Look into their personal and financial backgrounds to determine whether they can afford monthly rent and if they're a good character fit for your rental.
2. Keep Those Tenants Happy
Finding a great tenant is an important part of your success (and peace of mind) as a landlord. But it's just the first of the property management tips to help you thrive. The next step is to do everything you can to maintain a good relationship with your good tenants.
When it comes to tenant relationship advice, it's all about being attentive. Always understand your what your landlord legal responsibilities are, but don't stop there. A key to solid tenant relationships, for example, is communication.
At the beginning of a tenancy, make sure your lease is clear so your tenant knows what to expect of you and what you expect of them. If they have any issues with the unit, other tenants, or rent payments, make sure they know you or your property manager are available at all times to help. When your tenant knows you're helpful and open, you'll keep them happy.
3. Maintain Your Property Diligently
Property maintenance is important for multiple reasons. Keeping your property in good shape will help uphold tenant relationships. On a practical level, however, regular preventative maintenance will ensure your property is a viable investment now and in the long term.
Inspect your property regularly for wear and tear. Rental properties go through a lot more wear and tear than a normal single-family home. As such, you should keep a close eye on it and develop working relationships with the right local contractors so maintenance and repairs are easy to schedule.
A good tenant who appreciates you as a landlord will help you take better care of your property. They'll notify you as soon as an issue crops up, allowing you to deal with it promptly so it doesn't become a costly repair.
4. Understand the Eviction Process
If you navigate the tenant selection process with care, you shouldn't have to evict a tenant. Poor tenants can still slip through the cracks from time to time, however. Understanding when and how to evict a tenant in British Columbia is key to putting a bad tenancy behind you as soon as possible.
Under BC's Residential Tenancy Act, there are specific reasons why you can evict a tenant. The two most common are nonpayment of rent and damages to the rental property.
You must first notify your tenant of your intent to evict them. How much notice they have before an official eviction filing depends on the reason for the eviction. For example, with nonpayment of rent, the landlord must give a tenant 10 days to pay rent before filing the eviction.
When the tenant fails to fix the problem or vacate the unit, the eviction will go to a hearing. At the hearing, you'll present evidence of the tenant's wrongdoing, such as:
- Proof of correspondence with the tenant
- Photos of property damage
- Receipts for damage repairs
- Bank statements showing failure to pay rent
If you're successful, the tenant will receive a date to be out of your property. Failure to comply can result in forcible removal by the local authorities. It's essential to go through this process methodically so you can take back your property and find a great new tenant.
5. Hire Property Management
Hiring a property manager can make being a landlord simple. Instead of learning the minutiae of the law, screening tenants, and performing maintenance all on your own, your property manager will handle it all for you. They'll also handle accounting and reporting so your real estate investments operate like a real business.
Doing everything yourself makes it hard to see major investment property growth. A good property manager with a proven track record can give you peace of mind knowing your properties are being optimized at all times.
Property Management for Landlords
These are a few of the best tips for landlords in Port Coquitlam. Investing in real estate can be incredibly financially rewarding, but there's so much to think about and do. Having a great property management service backing you up and taking duties off your plate will make a difficult job easy.
Axford Real Estate is one of Greater Vancouver's best options for full-service property management. Our services include everything mentioned here and then some, so contact us today to tell us more about your Port Coquitlam rental properties.