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How to be successful in renting properties

Property renting
Are you planning to rent your property? Here’s what you need to know to have a successful tenancy

The following is a rundown intended to assist you with ensuring you meet your obligations as a property manager or landlord:

1.If you need to enter the unit:

  • Send the tenant a written notice no less than 24 hours before entering the unit. This implies on paper, no email, text, and so forth.
  • The tenant should get the notice in person 24 hours before entry. You can opt to post it on their door, take into consideration three days + 24 hours (96 hours total).
  • For example on the off chance that you posted it on the tenant’s door at 4:00 pm Monday, you can not enter until 4:00 pm on Friday.
  • The notice should include the date, time and reason of entry.

2. Ensure you are keeping the unit and the common are safe.

3. Fixes in and around the rental unit should be done as soon as you know the issues:

  • As the landlord or property manager you should deal with any fixes, yet you can demand reimbursement of the expenses from a tenant in case they were liable for the damages because of their activities or carelessness.

4. Give emergency contact name and telephone number, recorded as a hard copy to each occupant, or post it in a visible spot for tenants to see.

  • It is your obligation to ensure you keep this data current, on the off chance that you move or change your place of work.

5. It is your responsibility are being paid in full and settled completely before the date that it is due:

  • You don’t need to acknowledge partial rent payment yet in the event that you do, this doesn’t restrict you from serving a notice for the remaining rent dues.

6. You MUST issue receipts when a tenant pays in cash.

  • In the event that you demand cash rent a receipt should be issued.

7. Before increasing the rent you should find out what are the maximum rent increase amount is for the current or following year:

  • Review rent increase freeze information during the pandemic on the COVID-19 page.
  • Utilize the Notice of Rent Increase Form. For residential tenancies use the RTB-7 form.
  • Only raise the rent once in a year time span.
  • The tenant has three full calendar months before the notice takes effect. (for example on the off chance that gave notice in January, the tenant would have February, March and April to plan before the rent goes up on May 1).

8. Ensure your tenant is “satisfied” with the rental unit – which means they aren’t upset; they are entitled to have privacy and use the common area.

9. On the off chance that you decide to sell the unit:

  • The tenancy continues, and the new owners inherit the tenant.
  • There is no compelling reason to sign another tenancy agreement, except if the new owners and the tenants both concur they need to.
  • On the off chance that the buyers mean to possess the rental unit, they can request that you issue a Two-month Notice to End Tenancy after the condition of sales have been lifted.

About Author

Julie Camacho, a product specialist of Mi Property Portal, an 𝐀𝐥𝐥-𝐢𝐧-𝐎𝐧𝐞 software that will streamline your entire residential property management business. This software is built for small to mid-sized Canadian property management companies, individual landlords, and investors.
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