Renting out your property can be a very smart idea. After all, if you have the extra space and you’re not using it, you might as well make some money from it.
While this sounds easy in theory, the reality is that renting out your property can be quite the nightmare if you don’t do it correctly. We’re sure you’ve heard some stories about nightmare tenants or other things going wrong, and we bet you’ll want to avoid any possible issues with the rental property. That’s why this post is here to give you four tips that you can follow when renting out your property.
Use a property management company
The odds are that you don’t have the time or knowledge needed to fully manage your rental property, especially since there are so many things to keep track of.
That’s why it’s a good idea to use a property management company. This way, you can rest assured that your rental property is in good hands and being managed correctly. Have a look at property managers in Etobicoke to learn more about what they can offer you.
Be a good landlord
While it makes sense that you will want to have amazing tenants, you need to keep in mind that this goes both ways – you can’t expect someone to be good tenants if you aren’t a good landlord.
If your tenants are having trouble with any aspect of the property, it is your responsibility to get it fixed. You also need to communicate relevant information to your tenants and try to keep the property in good condition. If you want to, you can even renovate the property before new tenants move in. For some tips on achieving this while on a budget, click here.
Keep track of your finances
Since your rental property will be a source of income, it’s important that you keep track of your finances, not only for your personal reference but also for your taxes.
You should keep track of how much you earn from your rental property, as well as any expenses relating to it. Essentially, you need to treat your rental property like its own business. This post has some helpful tips that you can use when tracking your income and expenses.