For most landlords in Ottawa, it’s no secret that dealing with stress is just as normal or integral to any daily routine as drinking coffee, answering inquiries, and collecting payments.
For most landlords in Ottawa, it’s no secret that dealing with stress is just as normal or integral to any daily routine as drinking coffee, answering inquiries, and collecting payments.
Whether you’re renting out a mansion, condominium, or apartment, doing business in a place that’s as peaceful as Ottawa can still be stressful because of the various factors involved. Now, managing any type of rental property is stressful for even the most seasoned of landlords, but managing a rental property doesn’t always have to be stressful!
Stress-free property management made easy
If you’ve grown tired of stressing yourself out over handling every single part of your property management business by yourself, here are four property management tips you should apply right now:
1. Choose the right tenants to work with
One of the most effective property management hacks that any landlord can use to make their lives much easier is conducting a thorough screening process for upcoming applicants.
Taking the initiative to screen your tenants before inviting them to sign the contract is a simple yet effective way to ensure that they will make payments on time and care for the property. To go through every applicant as smoothly and effectively as possible, here are a few pieces of documentation to ask for:
2. Prepare for the end of your current lease and potential re-leasing
In terms of changing tenants, another quick hack to make your life as a landlord much more hassle-free is to prepare your documents, financials, and contracts for an end of lease period. By preparing accordingly, you can minimize your property’s own vacancy periods and keep the profits rolling in even in the midst of changing lessees.
3. Keep your property’s financial paperwork and transactions in order
It may not necessarily sound like the most exciting task at first, but taking the time to streamline your accounts, finances, and documents can make a huge difference in the convenience as a property owner.
Grouping your pieces of financial paperwork and accounting statements can make your life as a landlord easier because you won’t have to end up cramming and eventually being fined by the Canadian Revenue Agency (CRA) during tax time. As soon as you start grouping your papers in order and inputting all the details in your records for reconciliation, you’ll notice the weight is lifted off your shoulders.
4. Invest in the services of a property management firm
At one point or another, every landlord will realize that taking care of all their property’s needs and wants can make for an exhausting task that cannot be handled with ease while balancing it with everyday life. If you’ve managed to figure out that the full-time property management lifestyle doesn’t exactly suit your habits and capabilities, then rest assured that service providers can take the load off your shoulders. For instance, a service provider—such as Ottawa’s own Fahel & Co—can help manage your property so that you can live your life normally while still keeping the income from your rental as high as ever!
Conclusion
Applying the right property rental hacks can make a world of difference in how you get to experience the entire process of managing your rental property and getting more income. By taking the initiative to apply the four property management hacks into your routine, it will be far easier to make money while minimizing the effort you need to exert!
If you need a skilled property management firm that can handle your rentals and keep the profit free-flowing every single month, then look no further because Fahel & Co can do that for you!
