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!

Moving or thinking of moving in December?

This could be the time to get a better break from the owner/Property Manager. With December traditionally the slowest month for rentals (and sales for that matter).

To the Owner: This is a great time to offer an incentive to the prospective tenant. Let them move in December, but offer part of the month free OR a suitable Gift Card such as Sears, Home Depot, or for groceries. You will hook that respectful and open minded resident for your vacancy.

To the Renter: Don't be shy, ASK for a little break or a BONUS for moving at a time when the owner/Property Manager needs to fill a vacancy. I'm sure you will gain the respect of the owner/Property Manager and gain a welcome gift or discount.

Keeping your Income Property “successful” and “profitable” is the goal of Property Management Companies.

“A good Property Manager is eager to help income property owners enjoy the benefits of ownership while losing all of the problems associated with rentals.” Rena Parno-McClung, director of RPM (Renaissance Property Management)

We have been listening to the growing number of rental property owners and understand that the hassles can be overwhelming to those who are involved with their own families, full time jobs and/or hobbies and sports. If only thinking of turning over that huge responsibility gives thoughts to losing more money, owners are urged to think the other way.

Professional property management companies constantly research rental rates and obtain the best rent. A large part of the service is to provide an accurate financial picture of the income property which will show how the fee is absorbed by the enhanced property values and the rent received. This has surprised many of RPM’s current clients.

“It’s just like receiving the property management service for FREE”

says a current client of RPM.

For the residents, having a Property Management Company to call on ensures that quick resolution to complaints will keep them as occupants for a longer period of time. A happy tenant makes for a profitable bottom line.

Renaissance Property Management specializes in one to four unit rental properties in Simcoe County. We treat all properties as we would care for our own!
“Keep the Income……..Lose the Hassles”

Prospective Tenant Stood You Up?

Just one of the situations that landlords/agents must deal with. Never mind a date that stands you up, this one can hurt in the pocketbook.
You can look at this predicament this way.........if the person was not sincere enough to meet with you for a viewing of the rental space, do you really want that person as a tenant?
If the prospective tenant has communicated with you to let you know something has come up to prevent him/her from honouring the commitment.......that's the person who will notify you if something goes wrong with the rental equipment, plumbing, electrical, etc. And you do want to keep informed as to the condition of your rental. This is also the person who will give you a heads up if one of the post dated cheques he/she has given you needs to be held for a couple of extra days.
I certainly love people who "communicate". It avoids creating scenerios in your own mind.

If it can't sell, RENT it!

Every day your house remains empty, you are losing money. Sure, sure you do not want any hassles if you do finally sell it. Think about a shorter term perhaps. There are so many situations out there with people on the move, it may be a good time to just give it a try. Check out my site for services from me or other well heeled Property Management Companies.
You do not have to go it alone. www.rpmKEY.com