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Real Estate

4 Ways To Prove A Tenant’s Income

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When screening prospective tenants it is important to verify their income. You need to ensure that your tenants have enough money to rent your place once expenses and debt are subtracted from their income. As a landlord, you need to know that the people renting from you have the money to pay for the unit. If they don't have the sufficient funds then you end up hurting yourself in the end. Here are ways that you can verify income from tenants. Bank Statements If a tenant does not have a regular job but does have the money for rent, their
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Why You Should Require Tenants To Have Renter’s Insurance

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Renter's insurance is something that every renter should have, but not all do. This may be because they simply don't know or they don't believe it is worth it. As a landlord, you should include a clause in your lease that makes renter's insurance mandatory. Requiring insurance in your lease will benefit both you and your tenants. Here are some top reasons insurance should be mandatory for your residents. Reduces Chances of Lawsuits  Tenants may be quick to blame you if anything happens to their belongings or apartment. The only way to actually protect their personal belongings is if they
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What to Do if Tenants Stop Paying Rent

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If your tenants think they can get away with not paying rent, then they will. Be sure to outline why paying rent late is really worse for your tenants then it is for you. If you have strict policies set out in your lease that address late fees then your tenants will be less likely to pay their rent after the date it is due. Here are some things to do if a tenant stops paying rent.  Grace Periods Grace periods are created to give leeway to your tenants for monthly rent collection. You should try to limit grace periods
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5 Upgrades for Your Rental Property

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As a landlord, there are many things you can do to increase the value of your property. It is important to regularly make upgrades to your property and keep it current to attract new tenants and satisfy the current ones. Here are 5 upgrades that you can add to your rental property. Add a New Coat of Paint A new coat of paint can really spruce up any room and enhance the value of your rental property. Prospective tenants will be more interested in renting a unit that is well maintained. Every color evokes a different mood, and if you want
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Prepare Your Building For Summer

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As the summer months approach and the weather gets warmer, you will want to make sure you prepare your building for summer. The winter months can often cause some wear and tear to your building, so routine maintenance before summer is common. Here are some of the best tips to help you prepare your building for summer. Check windows and doors Before it gets really hot, you want to make sure you check the windows and doors of your building for any holes or gaps in the seals. You want to keep the hot air out and keep the cooler air
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How to Handle a Tenant’s Bounced Check

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As a landlord rent collection can be hard, but it is the most important job you have. Post dated cheques are still one of the most common ways of paying rent and while you pray it won't happen, you will probably encounter at least one instance where a tenant's check has bounced. Here are ways to handle bounced checks and steps to take in order to prevent this from happening in the future.  Change Methods After you determine that the tenant’s cheque has bounced, you need to decide whether you will continue to accept cheques from this tenant. If you
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Forgo Renter’s Insurance At Your Own Risk

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Many renters don't bother with renter's insurance (aka tenant's insurance) even though their belongings are at the same risk of loss, theft or damage as someone who owns their own home. Renters may also be held liable in the event they cause inadvertent damage to other tenants' property, and they may face unexpected costs if their building is evacuated for some reason. Renter's insurance is designed to handle these types of risks. Accidents and disasters do happen, here are the reasons you should seriously consider getting renter's insurance. Is Your Property At Risk?  If you're a renter and you don't
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Top 10 One Bedroom Rent Prices in Canada and the USA

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Rent prices vary from city to city, but the one thing that stays the same is that rent is expensive. Canada and the US's housing prices continue to climb and more and more people are choosing to rent. Unsurprisingly, Vancouver is the most expensive city to rent in within Canada and San Francisco is the most expensive in America. Here are the top 1o one bedroom rent prices in Canada and the US. Canada America
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How to Handle Tenant Complaints

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As a property manager, you will undoubtedly receive tenant complaints. Being able to effectively handle tenant complaints and appease your tenants is an essential skill that every property manager should have. Successfully managing tenant concerns will help tenant retention and strengthen the relationships you have with your residents. Here are some of the most common complaints and how to handle them. Neighbours Tenants complaining about noisy neighbours is very common. When you're living in shared spaces with shared walls, you're likely to hear some noise every once and a while. If the problem seems to be an ongoing valid issue rather than
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How to Get Your Tenants to Renew Their Leases

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Keeping your tenants happy and having them renew their leases is a win for both parties. They won't be stressed looking for a new place, and you don’t have to spend extra time and money showing the unit. If you're worried that your tenants will go searching to see if the grass is greener somewhere else, here are our tips to help get your existing tenants to renew their leases. Establish a relationship  You shouldn’t be best friends with your tenants, but you should be friendly enough that they feel comfortable approaching you with concerns or requests. Maintaining positive relationships with
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