The idea for this blog post came to me while I was meeting with a tenant of mine. He keeps the condo clean, pays his rent on time,
and lets me know if he has any problems.
In turn, I put good quality amenities in his condo, treat him with respect, and gave him a Christmas gift.
It’s not just treating people nicely, it’s understanding that they are helping you to pay your mortgage and your bills.
That said, you also need to be firm about rent being paid on time. You have bills to pay and so does the tenant.
If you provide a decent place to stay, they need to know that you need the rent on time.
Items to get from a prospective tenant are:
1. Ask for and check the references provided by a prospective tenant,
2. Have a lease so everyone has a written agreement of the rent and terms,
3. A 1 month rent security deposit,
4. A move in/out inspection report completed for wear and tear and/or damage to the rental unit.
Also, make yourself familiar with the Landlord and Tenant regulations for your area. All these items will go far to reducing conflicts over the term of the lease.
If you are thinking of buying a revenue property, getting and keeping good tenants is very important.
Please feel free to comment on this blog post or to ask any questions.
Ben Officer, CD REALTOR®
RE/MAX Real Estate (Edmonton)
Email