9 things every new landlord should know

The prospect of renting out your property and finding a renter for the first time can be daunting, but remember, many people have done it before. It’s a great form of passive income, and the more you know ahead of time, the better prepared you’ll be for any friction along the way. Here are nine first-time landlord tips you’ll want to know.

1. Your rental property is a business

It’s highly possible that you could be preparing to rent out a dwelling that you have lived in or are currently living in. It’s easy to feel attached to your property, but in order to make sound decisions, you need to frame the rental in your mind as a business. This means making sure your property’s rent is set at the market price (including rent increases), collected on time, and records are kept. Contact our Rhenti team and learn how Rhenti helps you streamline your business and get more rental leads.

Are you a homeowner looking to rent out your home? Let Rhenti help you find a tenant fast.

2. Make sure insurance has you covered

Whether you're living in a part of the house or tenants have your rental fully occupied, it’s essential to make sure you have the coverage you need. We highly recommend making tenant’s insurance mandatory even though it isn’t legally required. Read about insurance coverage for condos occupied by tenants.

3. Get everything in writing

Ensuring you have proper records backs you up should anything come into question. Important items to keep a record of include rental agreements (leases), receipts for deposits, rent and maintenance documents, and communication you’ve had with tenants. When you use Rhenti, your dashboard will automatically track viewings, rental applications, credit scores, employment information, and lease agreements. You also need to make sure that you understand the best practices for collecting personal information, and that you keep any private information about your tenants safe and secure. 

4. Find potential tenants online

Finding tenants online will help you fill vacancies faster and offers you a wider pool of candidates to choose from. By listing your rental property with Rhenti, you can easily publish your listing across all of the best rental listing sites. Rhenti’s rental marketing will help you find a renter in the easiest and quickest way possible. If you’re interested in renting to college and university students, these marketing strategies for students could be a game-changer.

5. Screen and find the right tenants

It’s important to screen tenants carefully to increase the chances of finding the right renter, although there are rules for what you can and cannot ask on a rental application. Using Rhenti’s comprehensive renter profiles and digital tenant application, these tools will help you ask the right questions and make the best decision. Reach out to our team to learn more about how Rhenti finds you the right renters.

6. Learn local laws

Laws surrounding rental properties can vary by province and city. For example, what’s considered up to code in a home, the eviction process, and rules for raising rent can all vary based on location. Joining Facebook Groups and other online communities specific to your area can be a great resource for jurisdiction-specific information. Many people in these online groups have a wealth of experience and knowledge, and can point you in the right direction (even if your problem is very specific).

7. Find a handyman

Problems do arise, and it’s important to know what to do when there are damages or issues in the property. Having a handyman you can count on to address small problems before they become bigger (and potentially more costly) ones is essential. It’s also key to building a good rapport with your tenant. Knowing that they can count on you to have issues resolved quickly drives a lot of value for tenants, makes them feel safe and comfortable in the home, and more likely to stay.

8. Collect rent online

Make paying rent as secure and easy as possible by collecting it online. This can be done through e-transfers and will certainly lend to rent being paid on time and with ease.

9. If you have a good tenant, keep them

Good tenants are like repeat clients; they will keep your business running smoothly, and they are absolutely essential to running a successful rental property. When a new tenant moves in it’s always a good idea to start your landlord-tenant relationship off on the right foot. To encourage your tenants to stay, make them feel comfortable coming to you with any issues they are facing with the rental, and attend to any issues quickly.

Rhenti connects homeowners with the right renters. Book a free demo to learn more.

The blog posts on this website are for the purpose of general introductory information. They can’t serve as an opinion or professional advice. Speak to a professional before making decisions related to your circumstances.