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.
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