KNILL PROPERTIES
Tenant Selection
Lease Signing
Property Inspection/Damage
Rent Collection
The lease is the legal agreement between the landlord and the tenant outlining all of the rules and regulations that must be followed while inhabiting the space. A lease is often composed of the following:
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Definition of the premises
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Length of tenancy
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Rent amount
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What utilites are included in the rent amount
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Condition of the premises to be maintained
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Allowance of pets, if at all
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Allowance of smoking
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Liability
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Provisions of landlord re-entry
One of the biggest reasons people are held back from real estate investing are the tenant horror stories including property damage. This can often be avoided by properly screening tenants, but there are also precautions that can be taken to ensure that if damage does occur the tenants are held responsible. While demanding a damage deposit is not allowed,it can be requested. Following up with a condition inspection report both before and after tenancy can also provide the landlord with security.
MANAGEMENT
Repairs & Maintaince
Properly matching the property available with a tenant is essential for the satisfaction of your client as well as minimizing headaches for your management personnel, which could also be you. Before signing leases make sure the tenant is happy with the amount of space available to them and that they have agreed to any rules that have been laid out beforehand. Properly communicating the expectations upfront will lead to fewer disputes if issues happen to arise in the future. If the property has multiple apartments at one address, try to match the tenants lifestyles to avoid complaints. Grouping a tenant that works afternoons or nights with other tenants that work days may prove troublesome down the road.
Traditionally rent collection is through the form of post-dated cheques, but a paperless alternative can be used with electronic banking. It is also suggested that your landlord-tenant lease states a fee that must be provided if the a tenant pays his or her rent late.
The daily wear and tear on a property is one factor that no matter where the house is located or how new the property is, there will be maintenance and repairs required throughout the length of ownership of the property. The first step is to determine your knowledge and expertise in home maintenance or source other professionals for any issues you do not feel comfortable handling yourself. This could vary from a complete hands-off approach, by hiring a property management company, or having a couple contacts in the trades, while you handle the smaller items. The choice is left to you of how involved you want to be, and how much money you would like to keep in your pocket!