- Renovations – stainless steel appliances, granite countertops, vinyl flooring, and fresh paint are all upgrades that will add value to your units as well as attract more applications.
- Be dog friendly – Many pet owners struggle to find a home to rent, as so many properties are unavailable to them. These tenants expect to pay premium rent, and tend to stay longer.
- Include an on-time payment discount – if you have planned to rent your property out at $2800 a month, write up the lease at $3000 but offer a $200 on-time payment discount. An on-time discount is an excellent incentive to assure tenants pay on time and makes late payments far less likely.
- Time your lease renewals with the market – the most competitive months for renters are April/May and August/September, which means these are the best months to advertise your property. This will provide quality tenants as you will receive many more applications during this time and can be more selective with tenants.
- Rent your property as a fully furnished unit – furnished properties tend to attract high-quality tenants. The rental premium on furniture that will last you many years can be made up in as little as 12 months.
Tenant move-outs can often lead to significant expenditures for the landlord in terms of time and money in regard to preparing the unit for the next tenant.
When signing a lease agreement and reviewing move-in procedures, it is equally important to go over the move-out procedures as well. This not only shows the tenant that you are a professional, it also sets clear expectations from both sides.
A tenant should agree to:
- Give proper written notice (N11 form is used in Ontario)
- Accommodate showings
- Move out of the property on time
- Take all their belongings and leave the property in the same condition as when they took possession
- Return the keys to you upon move out
Reviewing these demands with your tenant(s) allows them to understand exactly what the expectations are.
Once you as the landlord receive the notice from the tenant, the first step is an inspection of the unit. This allows you to show the tenant that you take the move-out process seriously, allows you to see possible repairs that will need to be done, and the overall sate of the unit – is it ready for a new tenant or is major over-haul needed?
It is important to follow up with the tenants with the 60 days’ notice to confirm their move out date and time, as well as schedule a final inspection of the unit. This is also the time to remind the tenants to take all their belongings with them, leave the unit clean and have their keys ready to be returned.
Once the tenant has moved out, you should have painters, contractors, and cleaners lined up to prepare the unit for the next tenant(s). Taking these steps will allow you to bring the unit back on the rental market much quicker.