You have made the jump and are the proud owner of a rental property. You are now tasked to find those perfect tenants who will pay their rent and not destroy the place, but you have never done this before or have had trouble in the past.
You can simply go for it: post a few ads, show the property, check tenant references, sign a lease and you’re done.
Actually, this is how many landlords find their tenants and can be great if you know what you are doing.
Is there anything wrong with this?
We have all heard the horror stories. (If you haven’t, "Google Landlord Horror Stories Ontario")
Choosing a tenant and setting up a tenancy is the most important part of ensuring your investment in one of your largest assets goes smoothly. The laws can be complicated, confusing and are biased against protecting tenants. Tenants can be great but some can be tricky.
What should I do?
Most that are having troubles, are do-it-yourself landlords.
There is no way to reduce the risk of a bad tenant 100%. Your best chance at success in rental property investing is to let the professionals handle your property.
Hire a leasing agent or property manager. They will find you AAA tenants, get you top rent $$, and majorly reduce the risk of renting out your property.
Don’t just hire any property manager or leasing agent. See this article on “Hiring a Leasing Agent” for things to consider.
You are great at your job, your car mechanic is great at their job, and you can find a leasing agent who is great at their job.
If you are in the Northumberland or Peterborough areas of Ontario, please feel free to reach out to Brandon for a Free Phone or Onsite Consultation and Rent Analysis.
Brandon Gignac has been a local residential property manager and leasing agent for 20 years and is based in Peterborough and Northumberland, Ontario. He is focused on modernizing the property management industry, helping landlords increase their ROI and helping tenants find a great place to live. When he isn't busy saving the day, solving problems or buried in paperwork, he enjoys spending time with his wife Rachal, kids and the family bullmastiff.
You can reach Brandon by:
phone: (705) 243-4016