Tips for Landlords
Tips to make your life easier as a Landlord
Whether you’re an experienced landlord or just about to start out, these top tips will help make the job a little easier and smoother for you.
Get the Right Insurance
When you’re trusting your property to a tenant that you’ve never met before and know very little about, there’s a lot of risk involved. It’s important to trust your tenants, but that doesn’t mean you shouldn’t get the right insurance cover too. Your property and its contents can get damaged, so you need to be able to pay for repairs should anything happen.
Getting insurance as a landlord isn’t the same as getting ordinary home insurance. Insurers won’t pay out on an ordinary home insurance policy if you’ve been renting out your property. You need specific landlord insurance that covers your home and contents against malicious and non-malicious damage.
Build a Strong Relationship with Tenants
Your life as a landlord will be made a lot easier if you have a good relationship with your tenants. And if you have a fractious relationship with them, things can get unworkable, very quickly. It has to be a two-way relationship, so the effort isn’t all on your part. But don’t do anything that could annoy your tenant too much.
I find that the best landlords are those that are there when the tenant needs them, and not there the rest of the time. There’s nothing worse for a tenant than an overbearing landlord who is always calling up and checking how things are. That’s not what people want in a landlord.
Know the Law
Tenants and landlords alike have many legal right and obligations, and it’s important that you know them before you hand over your keys to your tenant. First of all, you’re not allowed to discriminate based on race, sex or disability when finding a tenant. Then you should be aware of what you’re responsible for.
It’s your responsibility to make sure that the property is safe and secure for habitation. And the tenant is responsible for paying bills on time and keeping the property in good condition. You’re not allowed to break the agreed notice period, and unlawful eviction is a criminal offence in most places.
Know Your Market Inside Out
When you’re looking to expand your property portfolio, you need to fully understand the market. Don’t forget, it’s changing all the time, so you need to keep on top of the latest changes in your local property market. You don’t want to be tripped up by changes that you’re not aware of when buying a rental property.
Having a larger property portfolio brings its own problems too. You’re still only one person, but you have more tenants and properties to look after. To help make things easier, use a company like Network 4 Rentals, that helps you manage and organize your portfolio. Then you’ll be able to keep everything in check.
Life as a landlord can be pretty stressful at times, so make your life as easy as possible by following these tips.
About the Publisher
Bo Kauffmann is a residential real estate agent with over 18 yrs experience in helping buyers and sellers achieve their goals. Inducted into the REMAX Hall of Fame in 2010 and receiving the REMAX Lifetime Achievement Award in 2019, Bo has sold over 500 houses and condos in the Greater Winnipeg market. He is an accredited buyer representative (A.B.R.) and a Luxury Home Marketing Specialist.
Bo provides exceptional service to First-Time Home-Buyers, Seniors looking to downsize and Home Sellers of all ages.
He can be reached easily By E-Mail or call/text him Call/Text Here
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jerrynotpit
I have had rental property for some years and what you have here is exactly right. In the beginning, I did not have the right insurance on one of the smaller property, and it ended up costing me several thousand dollars. It would have been much cheaper to read this and then sit down with my insurance agent.
Many people think that being a landlord is hard to do and a big bad place to go. It is not that difficult but as Bo said you have to play by the rules and build good relationships with your tenets. You do that, and it is worth the time and effort. It is also a great return on your investment. Much better than anywhere else.
Jenna May
Your article gives me huge relief, I’ve been talking to one couple to move into my old house, but don’t have much information about any legal terms. But now I can rent my house easily with all terms and condition. Will keep all your tips in my mind for future. Thanks.
Bo Kauffmann
Check this out: https://blog.winnipeghomefinder.com/investment-condo-4-things-to-look-for-when-buying-an-investment-condo/
Bo Kauffmann
Thank you Tina
Tina Miller
“As a home buyer in Winnipeg, I find this info helpful. Thank you”