Being a landlord is an exciting career, but it’s a difficult one to learn. There are so many aspects of leasing, repairing, and communicating with tenants and keeping records, and errors incurred at the start are hard to correct. Some positive habits from the beginning will help you save a lot of stress later on.
Which should be done first, what to organise first?
Get your papers in order first. Store all of the following in a single file or binder: Leases, receipts, insurance paperwork and maintenance records. Small questions don’t become lengthy queries when things are easily accessible.
Establish a monthly date to check in on rent payments and rent and expenses or open requests. A routine will help you identify problems early, as they will become less predictable.
What’s the best way to establish a positive landlord/tenant relationship?
Starting off with a clear view of the situation. Describe payment of rent, how to request repairs and what to expect from the landlord for the repair request. Answer e-mails promptly, no matter what the response is; if it is just that they are looking into it, then they are.Answer e-mails quickly, even if the answer is just that he or she is looking into the matter.
Respectful tenants are likely to be more diligent in caring for the property and communicate freely if you’re doing something wrong. One of the strongest weapon in a landlord’s arsenal is a good relationship.
Why is it that there is no easy answer to the question of what to do about maintenance?
Don’t wait until things break! Have routine maintenance performed on the heating, plumbing, smoke and common areas. Maintain a list of trusted contractors in case there is a need to call them.
Make notes and take pictures of any work that is carried out. This will aid in decisions going forward and is useful should ever there be any disagreements.
At what time can I get some support?
Many landlords start off doing it themselves, and hire help when they get busy. No one good time. If you are finding yourself following up on rent, making repairs or answering tenant inquiries is taking longer than you would like, you may want to consider your options. Researching real estate management montreal services can provide you with a clue as to what types of support are provided, and what tasks you can delegate.
What are the terms that I should search for?
A search in English and in French will yield more results. The French word, gestion immobilière montréal is often used and can result in companies and information that you might not find in an English search.
This applies to reading the rules and tenant rights that are specific to the area. There are lots of official resources that are available in both languages and by reading both you will be able to avoid misunderstandings.
What would you do if you were overwhelmed by everything you had to do?
Create simple systems. Keep a calendar with dates of lease renewals, inspections and other important dates. Have a checklist for tenant move-ins and out. Keep regular tabs on expenses to not come to an end of year surprise.
Most of all, don’t be too hard on yourself! As a landlord, you’ll learn along the way and become better equipped to deal with every situation that arises.
Final Thoughts
Good landlords behave in an organised, responsive and fair way. Some routines, communication and knowing when to seek assistance can help you preserve your investment and have a good experience with you and your tenants.