Dec 14, 2022 

A partnership between a tenant and a landlord isn’t just about finding a reliable home or business for the other to occupy. It’s also about creating a mutually beneficial relationship. With both parties fully invested, the partnership can survive any challenges that come its way. 

John Stuart Mill- Political Economist

Follow these 10 helpful steps

• NEVER falsely advertise a property you are trying to rent out. Don’t over-price your rental property but be competitive in the market. Always be prepared and on time for showings.
• Allocate funds for repairs upfront and make a list of the things that could go wrong. Always protect yourself with insurance.
• Don’t rent to just anyone. Get to know your prospective tenants through an interview process and scrutinize rental applications thoroughly. Always verify tenants income and credit by conducting background checks and make sure that they will pay their rent on time every month. Create a personal set of tenant screening criteria that is important to you.
• Be upfront and transparent with your applicants by setting clear expectations before tenancy commences. Have a clear and enforceable rental agreement.  
• Conduct a thorough property inspection with the tenant before you sign a lease documenting everything and keep it for your records. Also perform another walk through with the tenant at the end of the lease pointing out anything that is beyond normal wear and tear. 
• Be flexible in terms of move-in and move-out dates and be present on those two dates. Try to be flexible when it comes to your tenants' needs and wants but within reason.
• Communicate regularly with your tenants and establish an effective process for paying rent, requesting repairs or maintenance and expressing concerns. Don’t rely solely on email as your primary form of communication with each other.
• Show you care — and make reasonable repairs promptly. 
• Don’t be afraid to terminate a tenancy if necessary but stay professional at all times. 
  
• Stay in touch after the initial tenancy ending date has passed and don’t be afraid to ask for honest feedback.

Managing tenants and rental properties doesn't have to be a major headache. As long as you have set the ground rules and make it clear from the start what your expectations are there should be no issues. If you know how to find the right, qualified tenants to lease your property to and give them the same respect that you are asking for in return, you can have a long lasting, mutual agreement and avoid the downfalls that some people find in being a landlord. (vacancy, eviction, damaged property, etc.)

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