In this week’s blog, we decided to give landlords some advice because without them, there wouldn’t be as many off-campus housing options for students. We get to speak to landlords and tenants on a regular basis, so we are in a unique position where we get to see things from both perspectives, and we would like to share our thoughts with you.
Do your research
The first step as a landlord is getting a tenant. Sometimes the reason landlords find it challenging to get a tenant is because of how they compare to other landlords. Knowing what is available in the rental market space helps you to determine how much to charge for rent or other incentives that may make your property more appealing. In one of our previous blogs, we discussedthe five most important factors for students when choosing a rental property. Look at some of these factors and research what other landlords do with these factors to make their property more appealing.
Know your provincial tenancy laws
If you are a new landlord, take the time to research your provincial tenancy laws. Understanding these laws helps you plan and will help you maintain a good relationship with your tenant and some of your neighbours. We’ve heard stories of landlord and tenant relationships that did not work out, but having a common understanding of these laws should help prevent or solve disagreements. If something does go wrong, and the landlord is liable, not knowing the laws is not a legal defence.
Keep records
It helps to keep records of documents, especially if they are shared with the tenant. The two most important ones that come to mind are the lease agreement and inspection reports. Other records such as meter readings, utility bills and invoices for repairs can help you plan and budget for your annual expenses and how much to charge for rent each month.
Try to keep open lines of communication with your tenant. Miscommunication or lack of communication often leads to misunderstandings and conflict. Something as simple as knowing the preferred medium of communication (email, phone call, text etc.) can make all the difference, and letting them know when you are available/unavailable or are out of town can help keep everyone happy.
Do not take too long to respond
If your tenant reports a problem or has any concerns, do not take too long to respond, otherwise the may feel like they are being ignored or do not matter. One of our community members told us a story about how he had no hot water for a few days because his landlord took a long time to respond, and once they did respond, there was a lot of back and forth about whether the landlord was responsible for fixing it or if it was the building manager. In the meantime, he was showering at the school gym until the problem was resolved. This is an extreme example, but it happened.
Pick reputable maintenance personnel
When something needs to be repaired, pick someone who has a good reputation and will solve the problem and not the symptom. In most cases, if something needs to be repaired, the tenant doesn’t have to fix the problem, but the landlord will hire someone. If this as a recurring problem and the tenant needs to keep scheduling time to be at the property to let the maintenance staff in, it can get frustrating. Especially if they are in school with a packed class schedule. In addition, you’ll save yourself money and time from rework.
Do you have insurance and do you have enough insurance? Make sure you understand your insurance policy and your coverage. Also, speak to your tenant about whether or not they have insurance. It may not be your responsibility, but having the conversation with them, does not hurt you.
Get to know your tenants
We do not expect every landlord and tenant to be best friends, but it doesn’t hurt to know your tenant. If you get to know them and have a good relationship with them, they are probably more likely to extend their lease or sign a long-term lease, which will save you the stress and hassle of looking for a new tenant every year.
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