Most Landlords and Real Estate investors know that owning rental property offers one of the best opportunities to build a steady stream of cash flow and capture long-term appreciation. Here are some important steps that will help make the process of being a Landlord run more smoothly and protect your long-term interests:
- Budget for the unexpected
- Have reasonable expectations
- Establish a mortgage buffer
- Promptly respond to maintenance requests
- Avoid attending to repairs at the property if you're not insured or licensed
- Avoid agreements directly with tenants without the property managers knowledge
- Be aware - tenant care and maintenance of a property is subject to 'fair wear & tear'
- Properties need to be upgraded and improved every 5-7 years
- A property manager cannot always control the tenant's behaviour
- Keep your property manager updated if you are going away
- Ensure that you have quality landlord insurance
- Know that all parties must act in accordance with legislation requirements
- Understand that we are working hard daily to manage & care for your property