Upkeep of rental property
When it comes to managing your rental property, you have several different options. While it can be tempting to take on the job yourself, hiring a professional is a better idea. These property managers can help you with everything from inspections to collecting rent, to finding trustworthy tenants and marketing strategies.
Signing a Tenancy Agreement
If you are planning to rent out your apartment, you should sign a tenancy agreement. This document stipulates the lease’s terms, and it must be signed by both the landlord and tenant. Tenancy agreements are essential in the rental market, and landlords should have one ready for each tenancy. If the tenant wants to break the lease early, they must pay a penalty.
Before signing a tenancy agreement, it is important to understand what the agreement says. The lease is for a certain period of time and may include clauses that allow the landlord to end the tenancy early. In case of early termination, tenants must give at least a month’s notice to their landlord. This notice can also include a letter of thanks to the landlord.
In addition, tenants should understand that many leases state that rents must be paid on the first of every month. This is a common practice, but it is a good idea to check this as well. Some leases also stipulate that rents should be paid three or five days early.
If you have more than one tenant, you can assign your lease to another person. This means that you give up your rights to evict the tenants before the lease expires, and a new tenant moves in for the rest of the term. In either case, both tenants are responsible for keeping the apartment in good condition and paying the rent. However, some leases specifically prohibit this, and they will require permission from the landlord before you can assign your lease to someone else.
Before you sign a Tenancy Agreement, ask as many questions as possible. This way, you can prevent any surprises. After all, you’ll have very little recourse to dispute the terms of a lease if it does not meet your needs.
Applicants should also make sure they are in good financial health. This is one of the main concerns landlords have when screening tenants, so it’s worth showing a landlord your credit history. If you have blemishes, a landlord may be hesitant to rent your apartment to a tenant with a poor credit history. A credit-worthy applicant may still be able to get a lower deposit or a shorter lease.
To find a suitable rental, take some time to explore the neighbourhood and look for vacancies. Look out for “for rent” and “vacancy” signs, and be persistent. Sometimes, property managers rely on passersby to inquire about availability. If the landlord doesn’t answer a phone call or email, make another one.
Finding a tenant
Finding a tenant for your property is an important part of owning a rental property. There are many ways to go about it. One of the best ways is to take the time to look around the neighborhood. Keep an eye out for construction projects and “for rent” or vacancy signs. You can also make personal inquiries with building managers in person.
As a landlord, you want to be sure that the tenant is someone who pays the rent on time. You also want someone who will take care of the property and be a good neighbor. Different landlords have different requirements for tenants. Some ask for a copy of a paystub, bank account numbers, or an employer’s phone number. It’s up to you to decide how much information to share with the prospective tenant. You can even black out account numbers if you don’t want to give out this information.
The screening process for potential tenants may include a background check, and you can find out if a person has a criminal record. Some landlords will refuse to rent to a tenant who has a criminal record. To avoid this, be honest about your own situation and make sure to provide a personal letter of reference. You can also find out if a prospective tenant has any eviction history. If this is the case, you can ask the tenant to pay a higher deposit or take a shorter lease.
Among many other things, David A. Grantham is a contributing author to UmassExtension West Vancouver Blo. He is a renowned expert on real estate in BC.
Born in North Vancouver, Louisiana, Dr. Grantham grew up in Lower Lonsdale. He then went on to complete his business degree at the University British Columbia. As of this writing, Grantham has completed over 100 projects, including the development of a high rise building in Vancouver.
He is a husband, father, son, brother, and friend. He was a dedicated outdoorsman and enjoyed sports such as hunting, fishing, scuba diving, and snow skiing. His wife, Alison Grantham, and their two daughters survived him. He is survived by his wife Alison Martin Grantham and two daughters.