Six Ways to Retain Quality Tenants

Happy tenants moving into new rental home
Happy tenants moving into new rental home

As a landlord or property manager, you already know the value of good tenants. Those who pay their rent on time, take great care of your rental property, and keep the lines of communication open and pleasant. Tenants like these are hard to find, so when you do come across them, it’s essential to make an effort to keep them. This way, you’ll maintain a steady rental income and avoid the stress and expenses that come with marketing a vacant rental unit. Without further ado, here are six great ways to retain quality tenants.

1. Stay on top of maintenance tasks

Being proactive about property maintenance is one of the easiest ways to keep quality tenants around. Keep up with regular property inspections and make quick fixes to your rental unit before they become larger issues. Doing this leaves a good impression with your tenant and shows them that you’re committed to providing a nice home for them to live in. Being a landlord that is proactive about routine maintenance also helps your tenants avoid the frustration of living in a home that’s falling apart – and this could be a major deciding factor when it’s time to renew their lease.

2. Adopt fair housing practices

Everyone loves a good deal – this includes your tenants. It’s no surprise that tenants who feel like they’re being cheated are more likely to look for a new residence. To avoid this situation, we suggest you adopt fair housing practices. For example, when setting rent, offer a reasonable price that is comparable to similar properties within the area, or current rental rates within the market. 

3. Get familiar

Creating good rapport is another great way to keep good tenants around. As a landlord or property manager, being friendly and establishing open lines of communication between yourself and your tenants is a good business practice. Send your tenants a welcome basket when they move in and be easy to contact in case they need assistance with anything regarding their new home. These little gestures go a long way when building trust and goodwill.

4. Allow some personalization

The difference between a house and a home is how comfortable tenants feel in the space. When tenants come home to their art hung up, or their favourite colour painted on the walls, it helps them feel like the rental unit is truly theirs. To retain your tenants, we suggest you allow some level of personalization. This will increase their attachment to the home, resulting in an increased likelihood of them renewing their tenancy. 

5. Offer renewal incentives

If you’ve got a great tenant whose lease is coming up for renewal, offering a renewal incentive might be the perfect way to influence their decision. You could offer monetary incentives like a rent discount over a period of time, or you offer property upgrades like new appliances, paint, landscaping etc. Most tenants will be appreciative and swayed by your efforts to keep their business.

6. Know what tenants want

As a property manager, knowing what tenants want is an essential part of your job. Not only will a home that caters to renters’ wants help you perform well in the rental market, it will also help you retain quality tenants. Check-out our blog to help you figure out what renters are looking for in a newly renovated home. 

Tenant retention is the name of the game for all property managers. With these six tips, keeping your tenants happy and in your rental property will be easier than ever.

Need help managing your rental?

Get in touch with us today!

Five Property Management Technologies Property Managers Should Be Using

Property managers using management technology
Property managers using management technology

There’s no doubt that property managers have a lot on their plate. From dealing with contractors to marketing rental units and working hard to keep tenants happy, most property managers have a lot of work to do on a daily basis. Luckily, in this day of modern technology, there are tons of tools at your fingertips to help you stay organized, streamline tasks and manage your workload. To help you stay on top of your game this new year, we’ve shortlisted five of the best technological tools every property manager should be using.

1. Appfolio Property Manager

Appfolio Property Manager is a commonly used tool in the real estate industry. This cloud-based technology is an excellent choice for property managers who want to monitor their rental units – anywhere, at any time. The Appfolio’s property management software offers an all-in-one solution for accounting, marketing, leasing and management functionality for everything from single family to commercial rental units. Using Appfolio, property managers can do everything from posting vacancy ads on hundreds of listing sites to screening tenants and collecting rent online. 

2. Buildium Property Management Software

 Another favourite amongst property managers, Buildium’s software lets property managers tackle business operation, accounting and leasing tasks from a single platform. Buildium also helps you manage your growth as a property manager. You can easily find, win and onboard rental properties in your area into your portfolio. That’s not all – the Buildium Property Management software allows property managers to create their own custom sites – this way you can have an online platform to host all your available listings.

3. BeenVerified

Your success as a property manager is highly dependent on the quality of your tenants. That’s why the BeenVerified app is a must for every new property manager. With this app, you can conduct thorough background and credit checks, get access to public records and any other essential information that will influence your tenant selection. The BeenVerified app is user-friendly, and a perfect option for anyone who is just getting into the property management game.

4. Salesforce Essentials

Widely considered the best CRM tool, Salesforce helps property managers manage and better their relationships with tenants. Salesforce Essentials allows you to streamline communication with your tenants and respond to their queries and concerns in a timely manner. This CRM tool also makes automating document and form filing, and data retrieval a piece of cake. Another selling point for Salesforce Essentials is that it’s also available as a mobile app – making it the perfect choice for property managers on the go.

5. Rentmoola

Figuring out rent payments can be a pain for both landlords and tenants alike. But, with the help of apps like Rentmoola, sorting out monthly payments is easier than ever. Rentmoola is a simple, easy and secure rent collection solution that lets tenants pay their rent in a method that’s most efficient for them and their property managers. This could be via credit, debit, auto payments and more. Rentmoola also provides real-time reporting tools to help you keep track of rental income.

Property management doesn’t have to be an overwhelming job. With these amazing technologies in your toolkit, you’ll be able to get a handle on your workload in no-time!

Need help managing your rental properties?

Get in touch with us today!

Five Signs You Need to Hire a Property Manager

couple hiring a property manager
Couple hiring a property manager

It’s common knowledge that owning property comes with major advantages. It’s a great long-term investment strategy, a great way to generate passive income, and you’ll be able to benefit from the property’s appreciation if you decide to sell later down the line.  However, in order to reap these benefits, landlords have to be knowledgeable about the field, and have a ton of skills in their repertoire. So, before you add Landlord to your resume, here are some telltale signs that you’ll need to hire a property manager to help you with your investment.

1. You’re easily overwhelmed

Landlords and property managers need to know how to cope with stress – especially if you’re looking after multiple properties at a time. Landlords usually deal with competing deadlines, tenants’ complaints, property maintenance, inspections and tours amongst other things. With a to-do list this long, multitasking and staying calm in high pressure situations are two essential skills for success. If you’re someone who is easily overwhelmed and prefers to handle one task at a time, hiring a property manager may be the way to go. Experienced property managers like the team at Cornerstone do a great job of handling tenants’ queries and overseeing the upkeep of your investment property. This way you can sit back and enjoy the benefits of property ownership.

2. You’re not a marketer

Finding quality tenants to occupy your rental relies heavily on good marketing and sales tactics. In this day and age, you have to keep up with the best practices of digital and traditional marketing, photography, networking, and apartment staging if need be. This is where property managers come in. A good property manager will be able to use good visuals and copy to advertise your rental on online classifieds. They should also be able to help with off-site marketing strategies and confidently sell your rental’s best features to potential tenants during viewings.

3. You have several rental properties

Managing multiple rental properties at once is a full-time job! If you’re someone who has invested in property to generate passive income on the side, you may not have time to deal with multiple tenant inquiries, renovations, viewings and more. In this case, working with a property management company would be incredibly beneficial. It will lighten your workload and ease the stress of dealing with multiple properties at once. Management companies will also ensure your rentals are properly taken care of by assigning a different supervisor to each one of your units.

4. You live in a different city

For property owners who don’t live in the same city as their rental units, working with a property manager can significantly improve your situation. Hiring a local property manager means you won’t have to commute back and forth at the slightest inconvenience of your tenants. You’ll be able to rely on them to use their skills and assets to keep things running smoothly on the ground without your constant supervision.

5. You don’t know your landlord/tenant laws

If you plan on being a successful landlord, you’ve got to know your local landlord/tenant laws. And, if you don’t have time to learn, then you’ll need to work with a property manager.  Every municipality has specific regulations that guide the landlord-tenant relationship. These guidelines outline your role as a landlord, what you’re responsible for; and vice versa. A good property manager should know the landlord/tenant law and advise you on how best to deal with tricky situations that arise between you and your tenants.

Being a landlord is a job that requires time and a diverse skill set. Luckily, if you find yourself falling short in one of the areas mentioned above, you can hire skilled property managers to help take the stress of property management off your plate!

Need help managing your rental property?

Get in touch with us today!

Four Tips for Renting to The Gen Z Market

A group of Gen Z renters
A group of Gen Z renters

We all know that 2020 will ring in a new decade but, did you know it will also bring in a whole new demographic to the rental market? That’s right, 2020 will introduce landlords and property managers to the Gen Z renter. The oldest members of this selective, tech-savvy, and eco-friendly generation are reaching the stage of life where they’ll be hunting for their own homes and apartments. While you may be tempted to treat Gen Z renters like millennials or other demographics that precede them, this isn’t the way to go. The Gen Z market comes with its own unique set of needs you’ll have to cater to if you want to appeal to them as a landlord. With that being said, here are our four tips for attracting Gen Z renters.

1. Make use of technology

Gen Z renters don’t know life without technology. So, it goes without saying that landlords and property managers can no longer ignore the need to go digital with their renting efforts. To properly cater to this young demographic, you’ll need to provide a comprehensive digital experience. This includes everything from marketing your rental property, to initiating leases. Gen Z renters use search engines and social media as their primary sources of information, so it’s best to connect with them through social platforms and polished, branded and easily navigated websites. Even regular interactions like submitting maintenance requests and paying rent should be done online. Using technology will make your job as a landlord/property manager easier and will improve your appeal and relationship with this tech-dependent demographic. 

2. Provide a social experience

The Gen Z demographic values community. They have a desire to participate and belong socially. As a result of this, Gen Z renters will be looking to live in apartment buildings with social spaces like game rooms, gyms, lounges and co-working spaces. They also want to live in communities that offer areas and opportunities for people to gather. Rentals in amenity-rich communities packed with things like coffee shops, parks and neighbourhood gyms are a huge attraction for this market of renters.

3. Focus on authenticity

In a world where they are flooded with information on a regular basis, Gen Zers have learnt to fact check everything and get to the truth of the matter. This means that property managers will need to be as transparent as possible when dealing with Gen Z renters. Don’t overstate claims, delete negative reviews or rely on false marketing hype to get your rental off the market. Instead, focus on engaging with the Gen Z market by providing accurate and concise information and handling negative reviews in a thoughtful manner. Since Gen Zers crave authenticity, they will appreciate your openness and honesty and will, in turn, give you their loyalty.

4. Sustainability is key

A key characteristic of the Gen Z demographic is their passion for the environment. They care about the impact their actions, products they consume, and the places they live have on the earth. This means that eco-friendly features are must-haves in your rental property. Switch out traditional lighting for LED bulbs and make use of “green” washing machines, refrigerators, and stoves as they require less energy to run. Providing a sustainable environment for Gen Z renters will quickly move your property off the market. Plus, you’ll be able to charge a good rental rate since they are willing to pay a premium for an eco-friendly home.

Renting a home to the Gen Z demographic isn’t as complicated as it may seem. With these key tips, you’ll be on your way to dominating the rental market.

Need help renting to the Gen Z market? We can help!

Get in touch with us today.

Five Factors to Consider When Setting Rent for Your Property

Determining your rental rate is one of the most important decisions you’ll make as a property manager or landlord. The rent you set impacts the amount of profit you make, how long your rental sits on the market unoccupied, and how harshly potential tenants judge your property during viewings. Needless to say, setting the right rental rate is paramount for success as a landlord. If you’re struggling to find the right price to tag onto your rental, we’re here to help! We’ve come up with five important factors to consider when setting the rent for your property.

1. Location

It’s common knowledge that location is one of the most important factors when it comes to real estate. Owning property in a prime spot almost always works to your advantage when it comes to setting rent! Is your property located in a walkable community? Is it within close proximity to schools, shopping and other recreational options? Is it easily accessed by public transit? These are all questions to ask when assessing the location of your rental property. Since most tenants like living close to essential amenities like grocery stores and shopping centres, they’ll be willing to pay more rent for easy access to these conveniences. So, the more the community and location of your rental has to offer your potential tenants, the more you’ll be able to charge for rent.

2. Size and modernity

Size is another important factor to consider when setting rent. When on the hunt for a home most tenants are usually looking for tons of space. So, a rental property with a high square footage is a lot more desirable than a small home with limited living space. You should also consider how modern your space is. These days, tenants are on the market for open-concept homes stocked with up-to-date stainless-steel appliances. If your property features an older dishwasher, microwave or stove, then you may want to consider setting a lower rental rate.

3. Neighbouring properties

When setting rent, you want to strike a balance between making a profit and being competitive in the market. That’s why it’s essential to know the rent being charged by neighbouring properties in the community. To gather accurate information about competing rentals in the area, we suggest you research similar listings and see how your rental stacks up. So, for example, if you’re renting out a one-bedroom apartment in Greenhill, check online to see what other one-bedroom apartments in that neighbourhood are going for. You can also talk to other landlords or property managers who are willing to disclose their rental information. This way, you’ll be able to charge the appropriate amount of rent and be competitive in the market.

4. Your expenses

Making a profit is the end goal when renting out your property. To ensure you pocket some money from your monthly rental income, you’ll have to factor in your monthly expenses. Take into consideration things like your monthly mortgage payments, property taxes, property management fees, as well as home insurance and management costs. When setting your rent, ensure that the amount you charge is able to cover all your expenses and a little more.

5. The housing markets

Last but not least, the housing market. As you know, housing market conditions fluctuate from time-to-time. At times, when property prices are unreasonably high, it’s better for people to rent rather than buy a home – you’ll want to take advantage of these conditions. You should also adjust your rental rate to accommodate for seasonal changes in the market. For example, people tend to avoid moving during the winter months and as a result of this, things slow down dramatically for the rental housing market. In a situation like this, you should lower your rent to increase the chances of attracting tenants.

The rent you set for your property determines how successful you’ll be in the rental housing market. So, it’s important that you get it right on the first go. With our helpful tips, we’re sure you’ll be able to set a competitive yet profitable rental rate with ease.

Need help setting rates and managing your rental properties? We can help!

Get in touch with us today.

Five Essential Real Estate Negotiation Tips

Property managers negotiating

To be a successful real estate investor, you need to know how to spot a good investment, how to work with contractors, find good tenants and much more. However, the most important skill to have in your repertoire is negotiation. Investors who are good negotiators have a significantly easier experience when it comes to real estate investing. Since negotiation is such a crucial part of being a real estate investor, we’re sharing five essential tips that’ll help you master this skill in no time!

1. Do your research

Every good negotiator knows that knowledge is power, and negotiations tend to favour the negotiator with the most information. So, when hammering out a deal for an investment property, never come to the table without first doing your research. Know about the property, the builder, the neighbourhood, and the real estate market as a whole. It also helps to know a bit about the person you’re negotiating with. Find out their motives for selling the property and what they want out of the deal. These pieces of information will help you make an educated and appropriate offer or counter offer.

2. Build rapport

In business, people tend to favour people they know and like. That’s why building rapport and maintaining good relationships is an important part of real estate investing. As an investor, it’s your job to make sure the seller likes you and feels comfortable doing business with you. During your interactions with the seller, practice active listening and put yourself in their shoes. This way they’ll be more willing to compromise and meet you halfway when negotiating.

3. Be fair

Negotiation isn’t about winning, rather, it’s about finding a balance. Expert negotiators know that a successful negotiation experience is one where everyone walks away satisfied. When investing in real estate, come to the table with a fair offer – anything below this can ruin the chance of negotiation. When sellers are lowballed for their property, they tend to take offence and may not be willing to reason with you or hear your counteroffers. So, get rid of your “winning” mentality and approach negotiation like a problem solver – offering the best solution/offer for all parties involved.

4. Get comfortable with silence

To become an expert negotiator, you’ve got to get comfortable with silence – regardless of how awkward it is. Silence gives the impression of dissatisfaction, which lets the seller know that further negotiation is required. Silence can also lead to concession – a price drop, better-negotiating terms etc. and the person that breaks the awkward silence is usually the one to concede. 

5. Know when to walk away

As previously mentioned, negotiation is about fairness and finding the appropriate offer/solution for everyone involved. With that being said, you’ve got to know when to walk away from a negotiation that is one-sided. If the seller refuses to compromise, and the asking price is out of your budget, it’s better to find a new investment property than to break the bank.

Mastering the art of negotiation is a must for every real estate investor, and with these helpful tips, you’ll be negotiating like a pro in no-time! 

Looking for real estate investment assistance? We can help!

Get in touch with us today.

Four Things to Consider Before Investing in Real Estate

Real estate agent and investor shaking hands
Real estate agent and investor shaking hands

As more people look for a safe place to put their money, the housing market is becoming an increasingly viable option. This is due to the fact that real estate generally increases in value over time, so people can trust that they’ll make a good return on investment. However, before you join the flock of people eager to become property owners, here are a few things you should consider.

1. Income stability

Investing in real estate is a huge financial commitment and it can take some time before you start earning returns. For these reasons, a stable income is a necessity when venturing into real estate. Before purchasing a property, you’ll want to assess your finances. Are you currently operating with surplus funds? How stable is your income? What are the chances that your income will remain the same or grow within the next six months? These are all questions that will help you determine if you can afford to become a property owner. This will also help you determine whether or not you can survive the sometimes-challenging period between the purchase and the sale/lease of your property. If you’re in good financial standing and have a secure source of income, you may be ready to start investing in real estate.

2. Your credit score

It’s common knowledge that most people will need to secure a mortgage to become property owners. However, before you apply for a mortgage, you’ll want to make sure you have a favourable credit score – a minimum of 640. Your credit score determines the type of mortgage you’ll be approved for and the amount of interest you’ll be required to pay. A few points up or down on your credit score can make thousands of dollars of difference in your yearly interest payment.

3. The state of the real estate market

Before investing in real estate, you’ve got to do your research! Track the housing prices in your city/area of interest. Are they going up or down? If real estate prices are on the decline and there is a surplus of properties, that means a buyer’s market and a great time to make a purchase. On the other hand, if prices are on the rise and there are more potential buyers than property on the market, then it may not be the best time to invest. Knowing the current and forecasted state of the real estate market will help you invest at the right time, thus increasing your chances of success.

4. Types of property

Just as there are different sectors of the real estate industry, there are different types of real estate property. You can invest in everything from residential to retail and commercial real estate, and each come with their pros and cons. For example, owning residential property is the safest bet when it comes to real estate investing. Since shelter is a basic need, you’re more likely to find tenants for your property – allowing you to generate rental income. Before venturing into real estate, you should have an understanding of the types of property available, as well as their benefits and drawbacks. This way you’ll know what you’re in for when you choose to invest.

Real estate investing can be a rewarding venture, and that’s especially true when you take these four key points into consideration before making a purchase.

Looking to invest in residential real estate? We can help!

Get in touch with us today. 

15 Real Estate Investing Terms Every Beginner Should Know

Real estate investment home model and keys

Investing in real estate can be a tricky venture, especially when you don’t know what anyone is talking about. When you’re new to real estate investing, it seems like everyone in the industry is speaking an entirely different language, and this can be quite an intimidating experience. So, to help you feel more confident about your venture into property investing, we’ve broken down the most common real-estate investment terms in our beginner-friendly glossary.

  1. Appreciation: An increase in the value of an investment property over time. Appreciation can be caused by a number of different factors including a decrease in supply, an increase in demand and even inflation.
  2. Buyer’s market: This is a situation in the real estate market where the demand for investment properties is lower than the supply. Here, buyers can benefit from low property prices. 
  3. Capital expenditure: Capital expenditures refer to the purchases, improvements and renovations that extend the life of an investment property. These include renovating the kitchen, finishing the basement etc.
  4. Capitalization rate: Capitalization rate, or cap rate, is a formula used to determine the value of a rental property. It is found by dividing the net operating income by the current value of the investment property.
  5. Cash flow: This refers to the amount of money a property owner earns from an investment property at the end of each month. It’s the rental income generated versus the monthly maintenance expenses.
  6. Cash on cash return: This is the ratio of the annual cash flow generated by your investment property to the amount of cash invested in it. Cash on cash return is expressed as a percentage and allows investors to assess the cash flow from their income-generating rental properties.
  7. Equity: Equity is the difference between the current market value of a rental/investment property and the amount an owner owes on the property’s mortgage. As the property owner pays the mortgage off over time, their equity stake in the rental property grows.
  8. Leasing fee: This is the money paid to a property manager when they sign a lease with a new tenant.
  9. Long-term rental: Also known as a traditional rental, these are properties bought with the intention of renting them out to tenants for long periods of time.
  10. Net operating income (NOI): Net operating income is the income generated from an investment property after deducting property expenses. These expenses include property taxes, utilities etc.
  11. Rental property: This is a property that is given to occupants/tenants for use in exchange for a monthly payment (rent) to the property owner.
  12. Rental income: Rental income is the money paid by tenants to the property owner for periodic use of their property.
  13. Seller’s market: A seller’s market is one where the demand for investment property exceeds the supply. In this case, properties on the market have higher price tags which benefit sellers.
  14. Short-term rental: Short term rentals are properties that are rented out for a short period of time. These can also be referred to as vacation rentals.
  15. Turnkey property: A turnkey property is a home or apartment that has been purchased, renovated and is now ready to be rented out or sold to another investor.

Real-estate investing is significantly easier when you know what everyone is talking about, and these 15 terms are a great place to start when familiarizing yourself with the real estate industry.

Looking for real estate investment assistance? We can help!

Get in touch with us today.

Seven Essential Qualities to Look for in A Property Manager

Property manager with heys to a rental home
Property manager handing over the keys to the tenant's new home

Some landlords often struggle to decide whether or not they should hire someone to manage their rental property. After all, who will look after your investment better than you can? Although the search for a good property manager may be tedious, it’s one that is well worth it once you find the right fit. Getting someone to look after your rental property means you won’t have to deal with the stress of tenant screening, maintenance and much more. So, for landlords on the hunt for the perfect property manager for their rental, here are seven essential qualities to look for.

1. Excellent communication skills

It goes without saying that the person or team you choose to manage your rental property must be excellent communicators, both oral and written. Your property manager will represent you and will be in constant communication with everyone from tenants and real estate agents, to contractors and possibly other property owners. This means that their ability to communicate effectively will affect the service you get from contractors, the quality of tenants attracted to your property, how fast your property is rented and everything in between. So, when looking for the right property manager, be sure to assess their communication skills.

2. Patience

Property management can be stressful at times. From unruly tenants to contractors running behind schedule, there are lots of trying situations that property managers encounter on a regular basis, and it’s essential to be able to handle them with grace. When interviewing potential property managers, try to gauge their listening skills and assess how well they’ll be able to deal with complaints and stressful situations.

3. Professionalism

Professionalism is another important quality to look for when on the hunt for the right person to handle your rental. Needless to say, your property manager will be conducting a lot of business on your behalf, and they’ll need to be kind yet assertive in these settings. Look for someone who is respectful, knowledgeable, well put together and has excellent customer service skills. 

4. Tech Savviness

Anyone who is active in the real-estate world knows that the industry is quickly becoming digital. New technologies are being introduced, companies are focused on digital marketing, and rental ads are now posted on platforms like Hamilton Homes for Rent, rather than in newspapers. Having someone who is familiar with common technology used in the industry will ensure that you’re able to provide a service comparable to other property owners in the market.

5. Organized

The work of a property manager often has them dealing with a lot of different situations simultaneously. They could be renewing a lease, renovating a rental unit, overseeing eviction proceedings, and scheduling viewings of a recently vacated home all at the same time. Property managers have to be incredibly organized in order to stay on top of all the demands that come along with the job.

6. An investor’s mindset

When searching for a property manager, you want to choose someone who is going to care for your investment as if it were their own. The best way for property managers to do this is to approach property management like they are real estate investors. This will help them see the “bigger picture” and guide the business decisions they make on your behalf. When a property manager has an investor’s mindset, they’ll know what to spend money on to make your rental stand out in the market, when to offer rent concessions, how to get a good return on investment etc.

7. Basic marketing skills

Marketing your rental property to potential tenants is one of the biggest responsibilities of a property manager. They should be able to write about your property, select appropriate photos and point out its selling points in such a way that that your rental appeals to renters. A good property manager should also know about the community your rental is located in as this will help them market its most attractive amenities.

Looking for the perfect property managers for your rental? Get in touch with us today!

Five Common Repairs All Property Managers Will Encounter

Property manager repairing rental home

Whether you like it or not, your rental property has a lifespan. It’s only a matter of time until the plumbing needs to be fixed or doorknobs need to be replaced. As a landlord, handling repairs is a big part of your job. The landlord-tenant law requires all property owners to maintain their rentals, ensuring the space is livable. Luckily, when you work with a property manager these are fixes that we can deal with instead. For landlords and property managers ready to roll up their sleeves and get their hands dirty, here are five common repairs all property owners will encounter.

1. Plumbing

Plumbing is one of the most common fixes landlords have to deal with, and it’s one we suggest you tend to quickly. A seemingly small leak under the kitchen sink could end up dramatically increasing your next water bill. Depending on the cause of the leak, this is a repair you can possibly take on yourself. However, if you don’t know your way around those pipes, you might want to get a plumber to take on this project. 

2. Clogged toilets

While fixing a clogged toilet isn’t always your job as a property manager, it is a situation that comes up quite often. When the toilet in your rental property is clogged, you have to first figure out the cause. If your tenant clogs the toilet themselves, they’re responsible for getting it fixed. However, not all clogs are the tenant’s fault. Sometimes it’s a symptom of a larger issue with the main plumbing line or your drainpipe. If this is the case, then it’s something a landlord has to handle. And, with problems this big, we suggest calling a pro.

3. Leaky ceilings

A leaky ceiling is arguably one of the worst things that could happen to a home. If left unchecked, it could destroy everything from drywall and hardwood to flooring. Leaky ceilings, if left unchecked, also lead to mold which could make your rental inhabitable, and would cost a fortune to get under control. So, when your tenant calls you about a leak from the roof, put it at the top of your priority list.

4. Furnace repairs

Furnaces play an important role in regulating the temperature in your rental. So, furnace repairs should be another fix at the top of your priority list. To prevent the furnace in your rental from breaking down, you should get it serviced yearly and your tenants should replace the furnace filter every three months. However, if problems still arise despite regular maintenance, property managers should have a furnace specialist ready to help when needed.

5. Rundown appliances

Appliances in every home are used quite often, so it’s no surprise if they break down every now and then. Luckily, most of these issues can be easily fixed. New heating elements can be easily installed, and old dishwashers and stoves can be replaced. If the appliances in your rental property need replacing, we suggest visiting a used appliance store first. These stores have a great selection of stoves, dishwashers etc. that are almost as good as new.

Being a landlord or property manager comes with a lot of responsibilities and handling maintenance and repairs for rental properties is one of them. Luckily, with the right skills and resources handling these emergencies for your tenants should be no problem.

Need help maintaining your rental property? Get in touch with us today!