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4 Tips if You Have Tenants

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4 Tips if You Have Tenants

It can be difficult dealing with problem tenants.  The challenge is to have property that is desirable at a competitive price so you can attract the type of tenant that you would like to have.  Here are some steps you can take to protect yourself.

 

Get proper insurance:  Notify your insurance company to ensure you have property landlord insurance.  You have to be sure your insurance company will pay tenant damage as most will not.

 

Be competitive with your pricing:  Research the average price of properties in the area of your property.  You will not get the right kind of tenant if you price it too low.  Long term tenants are ones who are satisfied with the price and the quality.

 

Know your rights:  The Landlord and Tenant Act in Ontario has provision for things like privacy and pets and access to the property.  If you have questions go to the Canada Mortgage and Housing Corporation for sources for your information.

 

Photography is your friend:  Take good pictures of your property for advertising and make sure you have pictures of the property before the tenant moves in to be able to prove damage if need be.

 

Submitted by:  Jim McLachlin, Broker

www.chathamontariohomes.com

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