The extra income a rental unit can bring in has a lot of appeal. What I think often gets lost in the conversation is that being a landlord isn’t purely a passive stream of income. It takes work to be a good one. Are you up to the challenge?
Before you list your unit, make sure you’ve done your due diligence. Is your unit eligible to be rented? If you’re exploring short-term rentals vs. long-term – remember that each comes with its own set of rules and regulations. Do your research and make sure you’re ready to be a good landlord.
Should You Hire a Team?
You may have the space to rent out, but do you know the first thing about dealing with renters? Bringing in a management company to deal with the day-to-day of your rental will have an extra cost, but if you’re short on time or know-how, their expertise can make the process simpler. While this will cut into your profits, really ask yourself if you have the time to dedicate to a second job as a landlord. That extra income might not seem so appealing when you’re pulling a double shift with your regular nine to five to keep your unit in good shape and your tenants happy.
Bringing in a pro is something any first-time landlord could benefit from. Once you’ve learned the ropes, you can always take on the responsibility yourself.
Smart Additions to Any Rental
Smart technology is taking over. It seems like everything from our lights, locks, and appliances can be controlled directly from our phones. My fridge is even programmed to make me a cup of coffee in the morning! Smart technologies can make the job of a landlord easier by letting them perform tasks remotely that they once would have been on site for.
Some smart appliances like fridges and stoves are equipped with diagnostic features that, when something goes wrong, they’ll alert the manufacturer of the problem, meaning the repairperson will often know what the issue is before they arrive.
This makes things easy for your tenants, who might not understand the inner workings of their appliances, and you, who might not have the time available to meet your repairperson. While we’re talking about appliances, don’t underestimate how attractive in-unit laundry is. Even short term-rentals (especially those traveling with young kids) will get value out of it.
For short term renting, especially, a smart lock is a great addition. If you have many renters coming and going in a short period of time – smart locks with digital keys can make the transition between renters easy. Digital keys can be distributed to tenants, and when their rental period is over, you can revoke access. You don’t have to worry about keys going missing, or copies being distributed. You totally control access to your unit.
Having digital keys means you don’t always need to meet up with a renter to hand over a key which can be a big advantage if you’ve got renters arriving late at night.
Smart locks also give you the option to lock and unlock from your phone – from wherever. Should a tenant ever find themselves locked out, you’ll be able to let them in from wherever you are, saving you a trip to the unit. They’
Strong and Easy to Maintain
Most renters are respectful of your space, but that doesn’t mean you shouldn’t take steps to keep maintenance as simple as possible. It makes things easy for them, and for you, when it’s time to do deep clean after they move out.
I like a tile floor in rentals because it’s durable, long-lasting, and easy to clean. Tile can be made to mimic almost any style, so your until doesn’t need to look like a porcelain palace all the way through.
One small addition you may not think about: door stoppers. Put one on every door. Without a stopper or a hinge stop, usually the knob will create a dent or hole in the drywall. Having them will save you from making these little repairs when it’s time to turn the unit over
Mike has been making it right for homeowners for over 15 years on television. To learn more, visit makeitright.ca .
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