8 Preparation Tips for First-Time Landlords

Being a landlord isn’t always easy. It involves time (to find a tenant), money (for maintenance and repairs), and plenty of patience.

Birds Nest Properties’ managing broker Jonathan Low has a 20-year history taking care of residential rental properties in Vancouver and its surrounding areas.

Here he shares eight tips every landlord should know for a positive experience.

1. Maintain property to attract quality tenants

“A good landlord attracts good tenants,” says Jonathan. As a landlord you’re responsible for wear-and-tear repairs between tenancies. This means routine maintenance like grout cleaning, leaky faucet fixes, and roof repairs. Keeping your property in top condition will make it stand out for quality candidates.

2. Approach renovations with a long-term view

Sometimes a handful of upgrades is all it takes to boost your property value, with a rent rate that offsets the renovation costs over time. “This is especially true with updated kitchen appliances and countertops, and a new in-suite washer and dryer,” adds Jonathan.

3. Put things in writing

A written tenancy agreement helps both parties understand their roles and responsibilities, and it is a requirement of the BC Residential Tenancy Act. “Having things in writing makes things so much easier,” says Jonathan. The tenancy agreement with addendum sets out standard terms including rent, and defines rules such as any pet restrictions, and for single-family homes, who is responsible for exterior maintenance like yard work.

4. Check tenant references

A reference check will help you determine if a prospective tenant is reliable and save you headaches later on. “For a thorough screening, ask for references from previous landlords plus income verification from an employer,” says Jonathan. “Can the previous landlord confirm regular rent payments? Can the employer verify their salary?”

5. Require tenant insurance

Tenants should secure their own protection, in the event of accidents, disasters, or break-ins. “Tenant insurance is fairly inexpensive and covers peace of mind, along with contents, liability, and additional living expenses resulting from an insurance claim,” says Jonathan.

6. Don’t forget landlord insurance

“Adequate landlord insurance coverage is more important than ever since water damage deductibles for strata buildings have skyrocketed in recent years,” Jonathan says. Check to see that your landlord insurance policy covers the strata insurance policy deductibles, and includes sufficient limits for liability and loss of rental income.

7. Keep up with the rules

Keep up-to-date on the laws that govern BC residential tenancies. Adds Jonathan, “This is an ongoing education with something new every year: from empty homes and vacancy tax declaration requirements, to Residential Tenancy Act updates that affect rent rate, notice periods, and deposit interest.” Understanding the rules, and landlord and tenant rights such as landlord’s right to entry, inspections, and security deposits, makes for a smooth tenant relationship.

8. Consider hiring a property manager

Property managers are there to service the owners’ needs, whether that’s finding a tenant, solving for repairs, or handling a dispute. “We really do see it all,” says Jonathan, referring to people and property challenges. “We build good relationships and have clear communication with our tenants over time, so both tenants and owners are happy. And we have a network of trusted trades to deal with repair issues efficiently.”

“It can be a time-saver, and stress-reliever, to hire someone to take on your property.”