Tips on Good Landlording and Property Management
The following are just my own tips after years of helping and listening to landlords and tenants and a bit of property management experience.
- Buy rentals in good locations
- Pick rentals that allow for cash flow
- Be careful with estimates
- Establishing a Budget, don’t under estimate
- First step to finding good tenants is screening, making sure all the information that they provide is verified, so be ready to spend some extra time.
- Don’t rush in approving a tenant, that where all the problems arise.
- Once they move-in, as long as the landlord shows respect in giving them space and attending to their problems in a timely manner, the better tenant they will be.
- Sometimes “good” tenants turn into “bad” tenants because the landlord doesn’t respect their space and does not urgently attend to their matters/and reasonable requests.
- There is no 100% perfect tenant and also there is always some additional risk that comes along with the additional financial benefit.
- Landlord & Tenant Board (LTB) is there to help landlords and tenants in legal matters if it ever gets to that point.
- Even calling them once every several months to check in with them shows a lot of respect and create rapport.
- Remember, these are temporary long term relationships and really need to be given attention and be taken seriously to “keep the ship afloat“.
- Also remember, your tenants are also human beings, for the duration of the lease your property is the safest haven on earth for them and their loved ones, and they will have needs just like yourself and everyone else, to a certain extent they depend on you in relation to their home.
- More points to come…