MANAGING PROPERTY IN CANADA
For many landlords, property management can be hard but with the help from the right tools and an attorney, the process can be easier.
Published by Hillfield Properties on 06th May, 2021
With the help of a qualified property attorney or firm, landlords can manage their properties with free software as well. Turbotenant is a new tool on the market that helps property owners manage all aspects of the entire rental process. This includes screening potential tenants and recording their information, to marketing the rental property that they wish to put up.
Many property owners, especially new landlords may go into the rent market blindly with no idea on how to organize tenant applications or collect rent in a hassle-free way. This is where the new software comes in. It even allows the collection of rent online by creating a free account.
After speaking with your property lawyer, you can help determine what your rent and terms of the lease should be before you set up an account to access and manage all of your rental data.
One helpful tip that landlords should use is to rate their prospective tenants. After doing a criminal history check and ensuring they are gainfully employed so that they are able to make timely rent payments, rating them in order can help choose the right tenant for you.
Once more, Turbotenant can help rate them on a scale of 0 to 1000 depending on various factors to help determine who is a poor, fair or great tenant.
Looking at a possible tenant’s credit score, criminal history and past evictions is also a good idea when screening applicants. A qualified property attorney or consultant can assist in this regard by letting landlords know what are the usual pitfalls of property management and their legal pathway if a matter arises.
Some new landlords may think that renting property is a cut and dry process. However, unaware to them, there is the need to manage a lease that is approved by the federal or provincial government, maintain the condition of the property and ensure the tenant is doing the same thing. And maintain payment receipts to show that a tenant is or is not paying on time.
Document management is key to ensure you make the most out of your rental and to prove your case to the Landlord and Tenant Board if any issues should arise. Many persons do not know that the Landlord and Tenant Tribunal oversee the rental process and have rules that must be followed by both parties to a lease agreement.
This is where the assistance of a qualified property attorney or firm can come in. They can assist in ensuring that all legal requirements are met and assisting the client with setting up an online database to help gather and store all of their information related to their properties. They can help them learn about and store rent information which is vital to any lease agreement.
Managing property in Canada can be hard for any landlord. Whether they have been renting properties for years or not. A good way to start fresh in 2021 is to organize all related documents via a database or storage platform and garner the help of a qualified legal professional with experience in property law to help manage rent, postings and other issues that may arise.