{"id":13926,"date":"2019-10-17T15:15:37","date_gmt":"2019-10-17T22:15:37","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=13926"},"modified":"2019-10-16T10:44:00","modified_gmt":"2019-10-16T17:44:00","slug":"being-a-landlord-comes-with-its-responsibilities","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2019\/10\/being-a-landlord-comes-with-its-responsibilities\/","title":{"rendered":"Being A Landlord Comes With Its Responsibilities"},"content":{"rendered":"<p style=\"text-align: justify;\">A lot of people dream of working for themselves \u2013 and by taking the plunge, investing in property and becoming a landlord, you could do just that. As with any sort of freedom, being a landlord does not come without its responsibilities \u2013 and there are a fair few of them at that.<\/p>\n<p style=\"text-align: justify;\">Becoming a landlord is a big step, and can be an extremely financially rewarding one at that, but if you\u2019re planning on doing it it\u2019s best to know what you\u2019re getting into, so that you can be as prepared as you possibly can. If you\u2019re a new landlord, or you\u2019re simply thinking of getting into the business, here is some advice that you should follow.<\/p>\n<p style=\"text-align: justify;\"><strong>Treat Your Rental like a Business<\/strong><\/p>\n<p style=\"text-align: justify;\">If you don\u2019t treat your rental property as a business, you won\u2019t succeed and it\u2019s as simple as that. Although there are quick sale companies to fall back on nowadays such as Ready Steady Sell, the last thing you want is to have to end up selling on your investment, so take care of it, and it\u2019ll take care of you.<\/p>\n<p style=\"text-align: justify;\">Although it might seem like a side job (even if it makes up all of your income), really as a landlord you are managing and running a small business. Therefore it\u2019s important to think of it in that way, and treat it accordingly.<\/p>\n<p style=\"text-align: justify;\">As with any successful business, keeping your finances in check, following protocol and keeping your clients (tenants in this case!) happy is the key to success. Of course, there are also laws, rules and regulations you have to follow and abide to in order to be providing a safe service, so ensure you\u2019re following all of these or you could be heavily fined.<\/p>\n<p style=\"text-align: justify;\">The best thing you can do in the early days, is purchase some landlord insurance. Even if you\u2019re in a situation where you\u2019re lucky enough to know and trust the people who are renting your property, you never know what\u2019s around the corner. Accidents happen, and appliances break, and if you\u2019re not insured for such things, then you\u2019re likely to find yourself with some hefty expenses in the future.<\/p>\n<p style=\"text-align: justify;\">A good way of trying to prevent these things happening, is by preparing for them as much as you possible can in advance. Here are just a few of the safety checks you should be carrying out BEFORE you move tenants in :<\/p>\n<p style=\"text-align: justify;\">\u25fe Check all of the internal and external pipes for combustion.<br \/>\n\u25fe Ensure electrics have been checked by a professional and have an up to date safety certificate.<br \/>\n\u25fe Make any minor repairs.<br \/>\n\u25fe Ensure that any build up in vents such as debris and moisture are gone.<br \/>\n\u25fe And finally, check your fire and carbon monoxide detectors are working.<\/p>\n<p style=\"text-align: justify;\"><strong>Find Your Tenants using the Internet<\/strong><\/p>\n<p style=\"text-align: justify;\">Nowadays, you can do just about anything on the internet more efficiently than you could in any other way, and that\u2019s just a fact.<\/p>\n<p style=\"text-align: justify;\">That being said, did you know that if you\u2019re looking for tenants, this is the place you\u2019re going to be most likely to find them successfully? Whereas once upon a time newspaper ads and \u201cto let\u201d signs were the winners, nowadays you just can\u2019t beat the internet.<\/p>\n<p style=\"text-align: justify;\">You can, however, use online listing websites in order to promote the rental. This means you\u2019re going through a legitimate organisation and are therefore more likely to obtain serious people of interest. The best way of gaining interest, is by making sure your pictures are HD and show the property off to its best. You can describe it as much as you want in the caption, however the first thing people undoubtedly notice online are pictures \u2013 otherwise they\u2019re likely to just keep on scrolling. The better the property looks in the pictures, the more interest you\u2019ll get and the easier you\u2019ll find a tenant. It\u2019s as simple as that.<\/p>\n<p style=\"text-align: justify;\"><strong>Set the Rent at a Fair Price<\/strong><\/p>\n<p style=\"text-align: justify;\">Last of all, but by no means least, ensure that you\u2019re setting the rental at an appropriate price.<\/p>\n<p style=\"text-align: justify;\">If there are other properties up for rent in the area (your competition), that are the same size, quality and condition as your property and yet they charge lower monthly rent, chances are people are going to choose to rent these properties over yours. Much like the world of property selling, people like to feel they\u2019re getting a good deal, and if you overcharge then they won\u2019t be interested. Do yourself a favour, find out the average rental price, and be a competitor.<\/p>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/realtybiznews.com\/new-to-the-property-rental-business-advice-all-new-landlords-should-follow\/98756113\/\" target=\"_blank\" rel=\"noopener noreferrer\">New to the Property Rental Business Advice all New Landlords Should Follow<\/a> by Jamie Richardson | Realty Biz News<\/p>\n","protected":false},"excerpt":{"rendered":"<p>A lot of people dream of working for themselves \u2013 and by taking the plunge, investing in property and becoming a landlord, you could do just that. As with any &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2019\/10\/being-a-landlord-comes-with-its-responsibilities\/\">read more<\/a>]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[13],"tags":[],"class_list":["post-13926","post","type-post","status-publish","format-standard","hentry","category-real-estate"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.7 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Being A Landlord Comes With Its Responsibilities &#8226; Rory C Real Estate | Oakwyn Realty<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.roryc.ca\/blog\/2019\/10\/being-a-landlord-comes-with-its-responsibilities\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Being A Landlord Comes With Its Responsibilities &#8226; Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"A lot of people dream of working for themselves \u2013 and by taking the plunge, investing in property and becoming a landlord, you could do just that. 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