6 Steps to Rent Out Your Property
With over 41 years of experience in Calgary Property Management, we’ve broken down the 6 steps proven to rent out your property time and time again.
1. Determine the Market Rent
From move-in to move-out, Property Management companies are equipped to handle any situation that could happen with your tenant or rental property. Chances are, they’ve experienced it before! From non-payment of rent to a leaking toilet, they know how to assess and handle every situation.
2. Market the Property
From move-in to move-out, Property Management companies are equipped to handle any situation that could happen with your tenant or rental property. Chances are, they’ve experienced it before! From non-payment of rent to a leaking toilet, they know how to assess and handle every situation.
3. Screen the Tenant
Putting bad tenants in your rental property can cause a headache for both you and your Property Manager. This is why Property Managers spend time properly screening tenants before they sign a lease.
Look for a Property Management company that has the following items on their application form:
Employment Reference: An employment reference ensures that the applicant will have an income to pay the rent. This can be verified with paystubs, a recent employment letter or a confirmation call to their Supervisor or HR department.
TIP: As a guideline, make sure the tenant makes at least 3x the monthly rent. So you know they will be able to pay their rent and other living expenses.Landlord Reference: A landlord reference is incredibly important should not be skipped! It will provide valuable insights into whether the applicant pays their rent on time and takes care of the property. Insights can include cleanliness, lawn care, noise complaints, etc.
Credit Check: A full credit report will show an applicant’s credit accounts, so their potential earnings and debts can be assessed.
4. Get the Proper Paperwork
Property Management companies handle all the day-to-day operations, including lease paperwork, rent collection and repairs. Imagine getting a phone call from your tenant at midnight because their furnace stopped working in the middle of winter! Not anymore! Most Property Management companies have a 24/7 emergency line, so you can sleep easy, knowing your tenants will be able to reach someone in the case of an emergency. LINK TO SECURITY DEPOSITS
5. On-Going Responsibilities
Surprisingly, many private landlords opt-out of doing regular inspections. Most Property Management companies conduct annual inspections, so they can provide you with a detailed report about the state of your property. This can be a check-up on your tenants to make sure they are taking care of your property, but it can also be a valuable resource of recommended preventative maintenance. Preventive maintenance can save you money down the road and prevent costly unplanned repairs.
6. Renewal Time
Surprisingly, many private landlords opt-out of doing regular inspections. Most Property Management companies conduct annual inspections, so they can provide you with a detailed report about the state of your property. This can be a check-up on your tenants to make sure they are taking care of your property, but it can also be a valuable resource of recommended preventative maintenance. Preventive maintenance can save you money down the road and prevent costly unplanned repairs.
Interested in hiring a Property Manager in Calgary? Read more about our Property Management services.
About Power Properties Ltd.
Founded in 1980, Power Properties has been providing hassle-free property management services to property owners, property investors and non-residents with homes in Calgary, Alberta for over 40 years. Our full-service property management includes everything from move in to move out, so you don’t have to worry about the day-to-day operations of your rental property. With a team of licensed professionals, years of experience, and award-winning service, you can rest assured that your property is in good hands.
