Just 30% of Port Moody's residences are renter-occupied. That said, there's incredible demand for rentals here, making it a great place to own investment property.Not all of Port Moody's landlords actively participate in property management. Whether you inherited your property from a relative or you're a hands-off landlord who isn't happy with your existing property manager, landlord rescue may be in order.
If you're going to maximize your investment, you need someone taking care of your tenants and the property itself. In today's post, we'll give you some landlord advice to help you overcome your less-than-ideal situation. Keep reading and take inspiration from these 7 property management tips from one of BC's very best real estate services.
1. Market Your Vacant Units
Extended rental vacancies are every property owner's worst enemy. They create a significant amount of financial stress and, the longer you have a vacancy, the more difficult it is to find a good tenant.
To avoid costly vacancies, take rental marketing very seriously. Start by creating a thorough rental listing that accurately describes your rental, its amenities, and any impressive local amenities. Take plenty of professional-quality real estate photos that showcase your rental in the best possible light.
Post your ad to the rental listing website of your choosing. If need be, consider using digital marketing practices, like SEO and paid ads, to get as many eyes on your listing as possible.
2. Use Strong Tenant Screening Practices
If you've marketed your rental well, you should end up with plenty of applicants. Another one of the most stressful aspects of being a landlord is when you end up with a delinquent tenant. It's for that reason that you must carefully screen your applicants before choosing someone to sign a lease.
When you hire a landlord rescue service, they'll employ a multi-faceted approach to screening tenants. They'll first make sure the applicant is gainfully employed and that their monthly income is about 3 times your monthly rental price. They'll also check the applicant's credit to ensure it's in good standing so that they aren't at risk of missing payments.
Once the financial side of the screening is complete, they'll perform a background check to ensure the tenant isn't a safety risk. While you cannot deny a tenant based on criminal record alone, if they're currently dealing with legal troubles that might affect you, you can eliminate them from consideration.
The last thing to do is contact a tenant's references. Employers and past landlords are the best people to give you a good sense of an applicant's character.
3. Property Maintenance Matters
Many landlords who need rescuing find the most trouble with property maintenance. This is an ongoing task that must remain a major priority, lest your property fall into disrepair.
Rental properties tend to go through a lot more wear and tear than owner-occupied properties. Failing to perform regular preventative maintenance on your rental will result in costly repairs, make it hard to find good tenants, and cause issues with existing tenants.
A good landlord rescue service will perform a thorough property inspection on your rental. They'll identify areas in need of urgent maintenance and hire the right contractors for the job. They'll also set up regular inspections with the right vendors to ensure you don't fall behind on maintenance again.
4. Improve Tenant Management Strategies
Maintenance is a big part of the landlord-tenant relationship, but it's not the only thing. If you're new to being a landlord, you may not understand the depth of landlord-tenant law here in BC. Tenants have rights, so you need to ensure you're not infringing upon their rights, which can land you in serious hot water.
Great landlords will go beyond their legal requirements to ensure their tenants are being looked after. Properly maintaining the rental is a great start, but a good property manager will streamline things like communication and rent collection to improve the tenant experience overall.
When you have happy tenants, they're more likely to renew their lease. Lease renewals are the best way to avoid rental vacancies and keep your ROI steady.
5. Handle Tenant Evictions Properly
In the event you currently have a poor tenant, it's in your best interest to evict them so you can find a new one. This is a tricky area for landlords, as BC's eviction laws are very specific and require legal expertise.
Fortunately, a good landlord rescue service will have an in-depth understanding of eviction laws. They'll know when it's time to evict a tenant, then send the correct notice and follow the correct procedure to evict the tenant in the most efficient way possible.
6. Rewrite Your Lease Agreements
Your rental agreement will dictate how your tenancy goes. If you aren't careful when writing your lease, you could end up with a poor tenant that you can't easily evict. Fortunately, you can easily solve this problem with the help of an experienced property manager.
They'll rewrite your lease agreement according to BC's landlord guidelines. This will ensure you're doing everything the province wants you to for your tenants while prioritizing your property's well-being.
7. Adopt More Efficient Rent Collection
How you collect rent plays a large role in your ability to receive payments on time. Every landlord has their preferences when it comes to rent collection. It's in your best interest, however, to offer multiple payment options for different tenants.
Younger tenants tend to prefer online payments, while older ones prefer cash or cheques. A good property manager will make it easy for tenants to pay rent in the most efficient way possible, putting money in your account on time each month.
Finding Landlord Rescue Strategies That Work
These landlord rescue strategies are all crucial in helping you turn an ailing rental property into a thriving one. The one thing that connects each strategy is a strong property manager. By hiring the right property management group, you can enjoy all of the perks of owning a rental property with none of the hassle.
For Port Moody landlords, Axford Real Estate is a great option for property management. Our comprehensive service and property owner guidance includes everything discussed here and much more. Contact us today to discuss your landlord issues and we'll tell you how we can help.