Stress-free rental ownership

Home ownership is a wonderful, albeit stressful, and overwhelmingly rewarding experience.

However, due to a number of reasons (financial, work, flexibility) not everyone who needs a home is able to own. This is where rentals come in.

Around 36 per cent of dwellers rent their properties, a large market that can be incredible profitable for a rental owner, so long as it is done smartly and successfully.

Whether you are considering buying your first income property, or are an experienced landlord struggling to keep your tenants happy, I have compiled a list of five tips for stress-free rental ownership.

Hire a Management Company

There is no denying the return on investment that hiring a property manager can bring to a rental home owner, not to mention the stress-relief.

While financially it can seem enticing to self-manage, there are copious benefits to hiring out. Feel free to shop around, some companies charge a flat fee while others a percentage. Never rule out the advantages to keeping it local also. 

Price Fairly

Similarly to when selling a property, finding the ideal rental price is an art.

You want a price that will attract a number of potential good renters, so you can make your renter decision wisely.

However, unlike the flexible pricing of a home for sale, a monthly rental income is a bit more of a long-term commitment. Whatever price you agree on with your tenant, you will likely be earning for the following 12-24 months, depending on your rental agreement.

If you choose too low, you may find yourself regretting that decision when other homes in your area are earning a higher rent. On the other hand, if you post a competitive price, you’ll likely see fewer vacancies and in the long run more earnings.

Maintain

Maintenance on a rental home isn’t always an equal playing field with maintenance on a property you live in.

Human nature often persuades us to put off and delay smaller projects at home, but be wary of doing so when it comes to an issue that a tenant calls about. A happy tenant leads to a stress-free rental.

Although it may not be your priority on a holiday weekend to fix an AC unit in a rental, it is your responsibility.

Inspect

On the flip side, while it is your job to maintain the property that your tenant is renting, it is their job to inform you of any damages and seek approval for any changes they make to the property.

However, tread lightly as to not be intrusive of a tenant’s privacy. Perform regular inspections, but give advanced notice.

Streamline the Process

Gone are the days of chasing down a tenant for cash or a cheque. With a multitude of software and technology available in this day and age, give your tenants the ability to easily pay online and make finding a future tenant a breeze by marketing your property on a real estate site or app.

For more help finding or marketing a rental property, give your local real estate professional a call or give us a shout.  Salt Fowler Team at 250-549-7258 or [email protected].

This article is written by or on behalf of an outsourced columnist and does not necessarily reflect the views of Castanet.