Stage Two of a Tenancy
Renting your property involves many different tasks and processes. In a previous post we mentioned renting has three stages to the process. Today we will discuss stage two of renting your property.
Stage one of renting was the placement of your tenant. Stage two is managing the tenancy while the tenant occupies your property. Many Landlords neglect stage two especially when a tenant is regularly paying the rent. Tenancies can become a negative experience if not managed throughout the tenancy.
A tenancy agreement has many different clauses, payment of rent is only one of the terms of the agreement. Tenancy agreements will have clauses identifying who the occupants are, how many people may reside at the property, if pets are allowed, if smoking is permitted and a requirement for tenants to report maintenance issues to the Landlord. Verifying these clauses is difficult unless a landlord visits the property to verify the tenant is adhering to the tenancy agreement.
Landlords should visit and inspect the property on a regular basis, Cartref Properties recommends twice a year. Being a proactive Landlord provides tenants opportunities to communicate issues to Landlords. Open two way communication creates a better experience for both Landlords and tenants. Tenants may not report a maintenance issue which is an easy fix as it isn’t bothering them, when left unattended becomes a major concern. Inspections provide Landlords opportunities to attend to minor maintenance repairs reducing costs. Performing routine inspections improves the positive experience of a tenancy. Tenants may be in violation of a term of the agreement which would allow Landlords to seek termination of a tenancy or correct the action through a hearing with the residential tenancy branch. Informing applicants that inspections will be performed during the tenancy often turns away applicants who would have been a negative experience.
Managing a rental property doesn’t stop when a tenant is paying the rent, it moves to a different stage.
Looking for Property Management you can find more information about us at: www.cartrefproperties.com
