Smart Meters don't have to Cost Landlords more

Why is Inventory Low, demand low?

Of all times of the year, it would seem that one would like to find a "cozy nest" before the snow flies. Could it be the looming Christmas season and so many events, family obligations and a mad rush at work that prevents us from committing to a new abode?

Could it be the unpredictable economy that has us believing we may be without work in the new year so we better remain where it is "safe". OK, that tells us perhaps the reasons for staying where we are, but what could be the underlying reason for the low amount of apartments and houses on the market. Really, the choices in Barrie especially, stink right now.

Well we may need to open our eyes to the sluggish real estate market to give us the answer. Fewer sales, mean fewer available rentals simple as that.

Please tell me what you think is the reason.......

The Dilemmas facing new Income Property Owners

It certainly is a sore spot for new property owners! A brand new tenancy has started and all ready the problems begin.

The incident may be very simple such as the tenant requesting that his/her rent cheque be held until the end of the week. Not a huge request and generally the owner will oblige. OK, the end of the week has come and now the tenant says "Can you just hang on until Monday?"

The owner cashes the cheque on Monday only to get it back on Friday as NSF. So now the owner goes to the tenant with this "bigger" problem. The excuses start such as "My dog needed to go to the Vet"., "My mother was in the hospital and I didn't get to the bank to deposit my cheque"...and so on.

If this sounds all too familiar, it is. The owner has made the big mistake of being "too nice". This will cost in the end, not only time, money but a poor future relationship with the tenant.

You can avoid all of these headaches by #1, being pro-active and submitting the N4 (an authorized Landlord/Tenant form to notify of possible eviction) to the tenant on the second day of rent not paid or just as soon as you receive a cheque back NSF.

Or #2, enlisting the services of an experienced and qualified Property Manager. Preventative maintenance does NOT cost, it only ensures the continuation of proper procedures and due diligence in protecting your valuable income property investment. Proper screening and background checks are no longer optional, they are part of a PM's most important processes to get you the "dream" tenant.

Remember it is called "Income" property not "Losses" Property. Don't spend needless money on legal services after a problem arises such as lawyers and paralegals. It will be litterly months before you are able to evict....and you can forget about recovering money once they leave your property. We are only talking a month of lost revenue if this process is handled correctly.

Check back for more important info for Landlords.......

The Heat is ON!

The best memories come in the Summertime, do it right with your own touches!

Is the dog checking out the BBQ?

An apartment or house, it's the perfect time to reflect on your home experience at this perfect time of the year. Get right in there and show the neighbours this is "your home" by planting and adding statues, planters and outdoor furniture.

If you have a small balcony or patio, a tropical feel can be had with a few inexpensive additions. Check the rules for Barbecuing, your rental unit may not allow one. Even if this is the case, there are outdoor electric cookers which will satisfy.

Just a reminder, when leaving for a 2 week (or more) vacation, advise your landlord that you will be away for more than just a couple of days. He/she needs to be aware in case there are appliances or the mechanics of the unit that need attention. If you don't have someone to check in on your home, the landlord will be happy to pop in and make sure all is in order.

Have a great summer and good wishes if you have found that perfect "all year round" home that serves as a retreat for you and the family!

Comments or experiences on this topic are welcome!

Renaissance Property Management "the best little management company in town"

www.rpmKEY.com

Considering Rent-to-Own?

Yes, I have my own formulas for this creative method of finally getting back to home ownership. This method is great for the owner who has more mortgage currently than the selling price but anticipates a solid market value within 2-5 years.

And what a blessing for the family struggling to regain their credit score while basking in the enjoyment of their own future home. This whole process can be negotiated to the satisfaction of both parties.

Just Ask Me!

A FUNNY THING HAPPENED ON THE WAY TO SHOW AN APARTMENT TO NEW PROSPECTS………

The current tenant’s boyfriend

wouldn’t let us in!

So what did I do?

There is no way to reason with someone who is bent on keeping the door shut. The threat of calling the cops is usually the coward’s way out. Even though the tenant was informed of the showing by email, text and a phone message (he refuses to answer my calls). I could have challenged this person, but due to his total ignorance of the Residential Tenancies Act, there would be absolutely no reasoning with him or his boyfriend.

Just ask any property manager about the conflicts that are sure to arise from time to time. This is one that will be handled by the Landlord and Tenant Board. For future reference, once a tenant has given notice that he/she will vacate, it is only reasonable to expect that showings begin so that the unit does not lose income for the landlord. As a matter of fact, it is the landlord’s right only to “inform” the current tenant of the showing, not gain permission. I am a reasonable person and do not take anything for granted so I did inform the tenant of the showing starting three days beforehand. Perhaps his anger stemmed from the fact I would also be serving him with an N4 form (this is the preceding form to inform the tenant he may be evicted for non-payment of rent). It is also possible that the tenant is hiding something illegal. I took the high road and left the building.

To be continued…………..

January duldrums????

For the Owner

Be pro-active with your units, maybe now is the time to assess any interior maintenance issues that should be addressed. You will show your residents that their comfort is important to you. Check on some of these improvements.

• drafts from windows & doors
• kitchen cupboard hinges
• toilet maintenance
• upgrading appliances
• upgrading lighting

For the Resident

Be proud of your living quarters. Easy ways to brighten up your unit and the winter blahs is to add some decorating touches that won't cost a whole lot. A general rule of thumb is spending on decorating an amount equal to one month's rent.

• Just let your landlord know that you want to paint, he/she may chip in for the purchase of the paint. Just a single wall done in a pop out colour will make a difference to your living/dining area or a bedroom
• add bright cushions, removable window coverings
• add shelving where it will be functional
• a new piece of furniture from IKEA that is reasonably priced will add a touch of newness to your surroundings. Try something "off the wall" for a change.
• brighten up dark areas with new lamps, there are some great January sales on now.

Any improvements will make your winter brighter and boost your relationship with your landlord. You will be in a better position to negotiate on the next lease renewal!