Let’s pick up where we left off! Here’s part two of our Simple But Excellent Tips to Make Your Next Property Rental Experience a Positive One.
5. Pick How & When You Want To Be Paid
Before listing your property for rent, it is important you decide how and when you wish to be paid. There are landlords who wish to be paid yearly rent. Whilst there are others who’re not bothered collecting monthly rent. There is no official rule as to when to collect your rental payments. You decide!
Before a tenant moves in to your Burbank rental property, you must have decide on how you want to receive payments. Will you need an online payment? Bank transfer? Or a Check?
You may consider any option aside carrying large amount of money in cash.
6. Sound the Alarms
Yeah! But not your phone alarm. We never pray for disasters but not preparing for one is a disaster already. Ensure a fire alarm, smoke detectors, and carbon monoxide detectors is properly installed in your property intended for lease/rent.
You can ‘up your game’ by providing extra batteries, care and how-to instruction manuals to your tenants. Plus, encourage them to test the functionality of the alarms every month to ensure it’s still functional.
7. Ending a Lease Early
Not all stories comes with a “happy ever after” ending. There are occurrence where the landlord or the tenant wishes to end the lease early. Just in case should this occur, you shouldn’t be confused as to what to do. Break clauses should be included in your rental agreement to facilitate this.
What does break clause do? Well, it identifies exactly how notice must be given by either party; charting the procedure to be followed when serving notice to the other party.
Most times, if the prescribed requirements are not met, the notice will be considered void and null.
8. Make Plans For Pets
Everyone doesn’t like pets. There are property owners who have serious concerns for pets. Why? Simply because some pets cause damages indoors. But in some places such as Ontario, it’s unlawful to ‘flush out’ a tenant for taking pet(s) along with them into a rental space – even if there’s a “no pets allowed” section in the rental agreement.
As a property owner, take out time to learn about you provincial local and local laws regarding before concluding your rental agreement.
If you don’t want pets in your rental properties, you may also consider asking would-be tenant(s) if they own pets before letting them rent your property. Many pets are house-trained and therefore won’t cause any damage in the house, but get ready to retouch your rental space when a pet-loving tenant moves out of your rental property.
Note: In a situation where a condo is being rent out and the condo corporation disallows pets on the property, it is very necessary you adequately inform your tenants about this, and also include it in your rental agreement.
9. Write Your Rental Agreement
Some landlords make the mistake of not putting their rental agreement into writing. This has caused big problems for them. Avoiding dramas with your tenants is very easy, if only you could dedicate time to have your rental agreement written out and signed by your tenants before they move in. having a written rental agreement helps you avoid disagreements.
Rental agreements often includes items such as the name(s) of the tenant and the landlord, the address of the property being rented out, the amount to be paid by the tenant and when (whether monthly or yearly), other fees, and utilities that are excluded or included from the property rent, the duration of the rental agreement, and the procedure for handling maintenance/repairs.
Drafting rental agreements, commercial leases, and listing properties can be very tricky, and requires expert knowledge. Rather than making a mistake you may end up regretting later, you may consider contacting an expert who is well versed in this area.