Being a landlord sounds easy. You simply rent out your vacant property to a tenant, and that’s it, right?
Unfortunately, things are a bit more complicated than that. Landlords have many things to think about, and it’s also important that everything you do as a landlord is legal. It can be a bit overwhelming, especially if you are new to being a landlord or if you have many properties you are renting out.
Luckily, there are services that can make your job as a landlord much easier. Keep reading to learn what they are.
Property management services
You might be wondering what property management services can offer you, and the simple answer is that they can make the entire rental process a lot smoother while also lifting a weight off your shoulders. This is because property management services often deal directly with tenants or prospective tenants, which means you don’t need to worry about all of the real estate tasks.
If you try to do the whole landlord thing without a property manager, the odds are that it will take up a lot of your time. Have a look at DelRentals, one of the top ten condo property management companies in Toronto, to see what they can offer you.
The most important thing about being a landlord is making sure that there is a contract in place. Of course, this alone isn’t enough – the contract needs to be legal, and it also has to include certain clauses that will protect both you and the tenant. While you can try to set up your own contract or use a template from the internet, it’s best to use a lawyer to set it up for you.
Alternatively, you can draw up the contract on your own – making sure that it’s legally binding – and then have a lawyer at least look it over for you to make sure it’s correct.
While it isn’t necessary, using accounting services can make a landlord’s job a lot easier. This is because you may need to keep track of various properties, so you may not immediately notice if a tenant misses a payment.
On top of that, you may also need to pay some form of taxes when it comes to money you receive from your rental properties, and an accountant can help with that. If you’re not sure how to choose the right accounting firm, you can click here for some things to consider.
If your tenant wants to insure their private belongings, that’s up to them, but the property itself remains yours, which means you are responsible for insuring it.
People often think that if they don’t live on the property, they don’t need to insure it. But think about it this way – even if someone else drives your car, you will still need auto insurance. So, even if someone else is living on the property, you should still take measures to make sure that it’s insured, otherwise, you could be responsible for paying to fix severe damage.