Last Updated on May 31, 2023
Having a rental property is great because it’s essentially a form of passive income, which means you get to make money without having to do much.
Of course, this sounds like a dream come true, and it certainly can be. However, owning a rental property can also be a nightmare if it’s not properly managed. If you are a new landlord looking for some tips on how to manage your rental property, you’ve come to the right place.
Use a property management company
The whole idea of owning a rental company is that it’s passive income, as mentioned above. This means that most people don’t have the time to properly manage their rental properties, and aside from that, they don’t necessarily have the knowledge, either.
Luckily, there’s an easy way around this, and that is to get a property management company to manage your property for you. This way, you can rest assured that your rental property is in the hands of experts. So, if you are ready to outsource the management of your rental property, have a look at condominium property management companies in Downtown Toronto
Get good tenants
Whether you use a property management company or not, you should try to personally meet potential tenants before renting your property out to them.
After all, if you end up getting horrible tenants, there are loads of issues that could arise – they can damage your property, not pay on time, and make your life miserable. Try to get trustworthy tenants with good references, wherever possible. You should also consider running a credit check on potential tenants to get a better idea of their financial history. For some tips on doing that, click here.
Keep the property in good condition
While you will, of course, want your tenants to do their part and fulfill their responsibilities, you then need to do everything you can on your side as well.
For example, you should ensure that the property is in good condition. Not only will this help you get a higher price for it, but it will also ensure that the tenants aren’t contacting you with complaints every few days. If your rental property has been neglected, you should consider renovating it, although you should try to save money on the renovations where possible.
Communicate effectively
Finally, as with most professional relationships, proper communication is key. Whether you communicate through a property management company or rental company, or with the tenant themselves, you need to make sure that everyone involved is aware of any information that will affect them.
For example, if you will be doing renovations while the tenant is living in the property, you need to make sure to communicate this with them ahead of time. The same goes for any other situations that will affect the tenant, such as if you will be increasing their rent. If communication is something you struggle with, you might find it helpful to read this post to improve your communication skills.
