Many people think that you can finally relax, sit back, and enjoy the passive income life when you own a rental property. However, that's far from true since being a landlord comes with a wave of responsibilities.
If you're a first-time landlord, the responsibilities and demands can get pretty overwhelming. However, it is your job to ensure that your tenants remain happy and that you constantly encourage them to stay long term. With that, you'll reach your ROI and expand your property portfolio while you're at it.
For this reason, landlords find it efficient to outsource property management services to ensure maintenance and upkeep are in check, ensuring the happiness and safety of your tenants. Besides that, here are some tips that could help you succeed as a new landlord:
One thing's for sure — when you take care of the rental property, it will never end. With that being said, it's best to ensure that you have enough budget for maintenance and repairs and a reserve fund for unexpected disasters.
Your property should always be in great condition, and when it is experiencing some leaks, damage, and deterioration, your tenants may be inconvenienced and may look for another rental alternative. To keep attracting tenants and encourage retention, ensure you have enough funds for general upkeep and emergencies.
Like any business, marketing definitely plays a huge role in gaining prospects and clients. With that being said, ensure that you develop a marketing strategy that will target your demographics strategically, pulling them in for business opportunities.
Ideally, you want to put out compelling and high-quality images and video content to ensure that your target market sees the potential of your space and would want to rent long-term with you.
When dealing with commercial property, know that you'll have to familiarize yourself with the different laws to avoid any violations, lawsuits, and penalties. Here are some of the laws you should familiarize yourself with:
Your financial documentation is one of the most critical aspects of your business. With that being said, you need to ensure that your accounting and bookkeeping systems are in check.
Ensure that you have copies of your leasing agreement, receipts, bulls, expenses, and rental payments. This way, you'll get to track your business's profitability and ensure good financial health in the long run.
Maintaining a rental property is different from maintaining a home. With that being said, a one-man team can't do all the work and run a rental property business.
With that being said, it's important to consider outsourcing for property management to ensure that regular maintenance is in place, your tenants are well taken care of, customer service is provided, and all tenant issues are addressed.
Landlords will wear many hats, but you don't have to wear all of them. Delegate some tasks to a property management company to ensure that you focus on developing your business in areas that truly matter behind the scenes.
As mentioned earlier, operating a rental property isn't easy, and there are many responsibilities you need to consider. With that being said, ensure that you remember all these tips, familiarize yourself with the property rules, and hire a property management company for smooth and easy operations.
Are you looking for property management companies in Ottawa, Ontario? If you are, look no further because Fahel & Co is here to help.
Fahel & Co is a property management firm in Ottawa, and we pride ourselves on providing the highest quality of care for our tenants and landlords. We offer 24/7 maintenance service, tax preparation, accounting, rent collection, admin support, and more.
Learn more about how we can help you manage your property today!