Are you a new landlord? Follow our amazing tips for success | Affordable property management services for your property!

17 March 2022 - 11:49, by , in Condo Management, No comments

As a first-time landlord, you have many different responsibilities, roles, and duties as a manager of your own properties. Everything from room maintenance, troubleshooting, and tenant interaction is taken into account for new landlords, making it a challenging experience for them from the get-go. A landlord is also charged with keeping rooms occupied by finding, screening, and keeping tenants to their properties for monthly rent. It can be a beneficial and profitable job that can be supported by the right property management company

At Mareka Properties, we’re an affordable property management company that helps local landlords manage their properties correctly. We recognize that it takes a new landlord a lot of time and effort to learn the tricks of the trade. There are some concrete aspects you can easily handle, but also important intangibles that should be considered as well. That said, we have some amazing tips to share to help you become successful and will provide an extensive support system to make life easier for you.

We’ll go over some tips on being successful as a new landlord, how you can retain your tenants year after year, and how our Mareka team can assist in managing your tenant applications and overall building management. 

How Can I Become A Successful Landlord When I’m New To The Industry?

For new landlords getting into the business for the first time, a great deal of professionalism should be taken in their interactions with old and new tenants. Additionally, clear communication should be maintained with them in a cordial and understanding manner. These steps should be taken because the tenant will be able to take a landlord more seriously. 

To be a more successful landlord, you should stay on top of typical responsibilities and duties like collecting monthly rental cheques, inspecting and maintaining utilities, getting things repaired promptly, responding to requests, and evicting bad tenants. More specifically on the latter, your goal as a tenant should be to find quality tenants who can pay their full rent on time and keep their rooms in good condition. You can do this through vigorous online applications and detailed tenant screenings to weed out the good and bad candidates. During the screening process, you should consider new tenants with no criminal history and good rental backgrounds. 

During the application process, you can also run credit checks to make sure your tenants can meet payment deadlines. Other successful tips for landlords to consider are having a thorough well-written lease and leveraging other rental properties for extra income like storage sheds, garage space, parking space, and pet fees. If you are considering such features for your rental property, here are a few ways to lure and retain more tenants. 

How Can I Retain My Tenants Over The Years?

Tenants want to stay in ideal spaces and will consider moving away for a variety of factors. Some reasons may be out of your control, but there are a few ways you keep your tenants on your property longer. 

One method is through preventative maintenance of your different rooms. It’s a good idea to be redundant and thorough in all of your room inspections to ensure that nothing is neglected and that everything is working as it should. This makes sure potential issues are handled before they become more serious and negatively affect your tenants. Landlords should be seen as responsible, adaptive, and proactive people in situations where maintenance may be needed. 

Overall, it’s important to have a plan put into place and to avoid deviating from it, if possible. Stay on top of things on a regular basis and frequent check-ups can help you plan for repairs ahead of time. Nevertheless, you should be prepared to fix or call someone to address major system breakdowns like heating or cooling equipment. The last thing you need is for your tenants to be dealing with extremely hot or cold temperatures during the season. You want to avoid giving your tenants unnecessary trouble and negative experiences. 

Another way of retaining tenants is by forging genuine connections with them and maintaining a good relationship. Through polite interactions, you can get to know your tenants more personally and engage with them on your property. Always aim for transparency with them and train any other members of your staff to do the same. 

At Mareka Properties, we have the right support system to help you manage everything that property management entails. 

How Can Mareka PM Help Me Manage My Tenant Applications And Building Management?

Our Mareka Properties team has managed many local properties over the years and can provide a helpful support system to assist landlords in managing their duties. We’ll help you make sure your tenant applications are in order and that full rent is paid each month. We’ll also help you troubleshoot potential maintenance issues that may require external services. Those are just some of the things we can provide assistance on and we’ll be sure to offer a helping hand to any landlord that needs it. 

Contact Mareka Properties today to learn more about how you can be a successful landlord for your property now! 

About author:
Mary is the CEO of Mareka Properties (2000) Ltd. She holds a CPM, RCM, and CRP designation, and brings over thirty years of experience to the helm of the company. Additionally, Mary has a thorough knowledge of the legislation governing the industry, an in-depth comprehension of building components, and a proven track record of guiding condominium corporations and boards of directors to success. She's the full package!

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