3 Things You Need To Know As a New Landlord

Performance Property Management

If you’re a new landlord – welcome to the world of business ownership! Unfortunately, there is more to do in your job description than just collect money. Make sure to follow these 3 steps before renting out your property to tenants.

Learn Provincial Laws

As a landlord, you must be aware and well-versed in the provincial laws that protect both you, and your tenants. Read online to fully understand what you can, and cannot do as a landlord. This will protect you from mistakes that could get you in trouble with your tenants or with the authorities. 

Create a Maintenance Plan

In order to be a good landlord, you must know how to run your business effectively. One of your first decisions is determining who will be responsible for making repairs to your rental unit. Will you handle repairs yourself, or outsource repairs to a professional? If you choose to outsource your work to a handy man, electrician or plumber, you’ll need to research and contract the right people for each job when issues arise.

Get Insurance

If insurance coverage was not included in your purchase of the home, make sure you get it immediately. If you already have insurance coverage, review it to make sure it’s the right coverage and consider higher coverage if you feel you’ll need it. Also, make sure your coverage includes renters, and not just home owners.

Landlords must be careful to protect themselves and their tenants. If you are questioning the work involved in properly preparing your rental property for new tenants, call Performance Property Management today. We take care of all of the above and more!3

How to Turn Your Garage into a Rental Property

Performance Property Management

Who says garages are just meant for cars and lawnmowers? Why not transform your garage space into a rental unit? Before you start knocking down walls, check out these 3 tips to ensure you are going about the process the right way.

  1. Find Out The Rules and Regulations

Contact the town or city that you live in to find out if your property is legally allowed to undergo a conversion. You can easily check city zoning laws to see if there are any restrictions preventing you from building on the property and/or renting it out to tenants.

  1. Hire A Contractor To Take Care Of The Technical Details

In order to turn your garage into a functional living area, you will need to hire a Contractor to determine what technical factors need to be incorporated into your design plan. For example, you may need to raise the floor or knock down certain walls to accommodate electrical and plumbing plans.

  1. Install All Finishes

Remember, garages are typically darkly lit spaces so opening them up with lots of natural light will make your property very appealing to renters. Make sure you install lots of big windows that have curtains for privacy. Next, determine what type of flooring you are going to install in your new unit. Simply paining your garage floor isn’t enough; research different hardwood, laminate and carpet flooring options to ensure renters feel like they’re in a home and not a garage.

Once you have created the perfect garage rental unit, contact our team at Performance Property Management and let us find you the tenant of your dreams!

3 Tips to Ensure You Get Paid On Time

Performance Property Management

More landlords and investors are outsourcing their day to day workload to companies like Performance Property Management. PMCs are simply more equipped to handle the admin, the complaints, and those pesky late payments. For landlords still considering handing off the management of their property to a PMC, here are 3 tips to ensure you get paid on time.

  1. Reward Early and On-Time Payments

One useful twist on an old standard is to frame up early and on-time payments as a positive instead of late payments as a negative. Consider offering your new tenant a small discount per month for early or on-time payments. You can even add this cost on top of the rent so you don’t lose money when the tenant takes advantage of the discount. Psychologically, offering a positive reward rather than a negative punishment does better to bolster communication, and builds a stronger relationship between you and your tenant.

  1. Use an Online Payment Portal

Just about everyone knows how to pay online these days and prefers it. Email transfers and PayPal are simply more convenient and less effort than writing cheques or handing real money over to someone. Consider investing in one of the many online payment portals to make collecting rent a whole lot easier.

  1. Secure Good Tenants

Ultimately, the best thing you can do to ensure on-time payments is get the best quality tenants. Screen potential candidates thoroughly, check more than one previous landlord reference, and have a look at their social media pages. High quality tenants are the least trouble, always.

The best and most popular option for collecting rent on time in 2017 is to outsource the job to a Property Management Company who specializes in finding the best tenants, and making it easy for tenants to pay. If you’re still a DIY landlord or investor, take our above 3 tips and you’ll be sure to increase your chances of getting paid on time. When you’re ready to make the switch to a PM, get in touch with us at www.performancepm.com.

3 Overlooked Features to Look For in a Rental Property

Performance Property Management

When looking to purchase an investment property it is crucial to pay attention to the details of the home you are purchasing. For example, is the foundation in good shape? Is the plumbing and electrical going to pass inspection? Even if you think you know the real estate market inside and out, it is easy to overlook some critical factors. Check out these 3 things that are often overlooked.

  1. Crime

You can have the nicest rental in the city with the best amenities, but if it’s sitting in the middle of a dangerous neighbourhood, nobody is going to rent it. In cities like Toronto, a high-crime neighbourhood can be one short block away from a low-crime, residential neighbourhood. This being said, it is important to research the area thoroughly to ensure you are purchasing in a safe zone. Don’t simply ask the property owner but do your own research online.

  1. Schools

Chances are, you will come across tenants who have young children or who plan to have children down the road. This means access to schools is really important. Check the neighbourhood out for the closest elementary and high schools and then research the quality and reputation of those schools.

  1. Future Neighbourhood Developments

Find out if the potential neighbourhood is growing and thriving by researching the city’s future plans to build. Are there new condo developments, parks, restaurants, or malls planning to move into the area? If so, it’s a good indication that the neighbourhood is growing and so will your property value.

Remember, it’s not enough to buy a great house if nobody wants to rent it from you. Don’t forget to consider these factors before purchasing an investment property.

For help with your rental property, get in touch with us at Performance Property Management right now at http://performancepropertymanagement.ca/

Performance Property Management: Rental of the Week

Performance Property Management

So what does it take to land the “Rental of the Week” according to Toronto Life?

Just ask us at Performance Property Management! It begins with a stunning 847 square foot condo, boasting 9-foot ceilings, 2 bedrooms, 2 baths, 1 parking spot, 1 locker and a spacious balcony in the Queen West area. Did we mention that this condo also has a two-bedroom loft with exposed concrete ceilings and a west-facing balcony? What’s not to love right?

As if this wasn’t cool enough, tenant’s vehicles are stacked vertically in a state of the art parking garage in an effort to save space. The master and guest bedroom both have noise-cancelling barn doors and the unit contains airy floor-to-ceiling windows that drown the unit in a ton of natural light too.

This unit is located in a nine-story complex at Five Nine on Richmond right smack dab in the middle of the hustle and bustle of Toronto. Can you say perfect location?

If you are a working professional or family looking to move to the heart of the city, then get in touch with us at Performance Property Management and check out our properties here.

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