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4 Tips for a Successful Rental Application

While renting a house may seem like a tricky task, it isn’t that confusing as it may seem to be. All you have to do is research well, shortlist a few houses based on your requirements, and fill tenant application forms on time. But while you fill a tenant application, keep these tips at the back of your mind so that the entire process becomes simple for you.

1) Provide Maximum Financial Details

Landlords and real estate agents prefer applicants who have been stably employed in one job for quite some time. So make sure you provide in-depth information if you have been working at a place for more than a year. If you are a business person or a self-employed individual, provide details of your accountant, a bank statement showing savings, or references from a past employer. The maximum amount of details you provide in your tenant application, the more information you are giving the landlord to verify. After confirming your financial stability from multiple sources, the landlord will most likely approve your application.

2) Write a Cover Letter

The landlord and real estate agent may receive several tenant applications. They may not have enough time to go through every application form, perform background checks, and then select the right tenant. They may just look at some interesting points that meet their expectations and finalize a tenant. Thus, write a few paragraphs about who you are, what you do for a living, and why you wish to move to this house. If you are a married person with kids, briefly introduce each family member. Give a brief rundown of your rental history, and make sure to mention any special pieces of information such as pets. Writing a cover letter with these details will increase your chances of getting the house of your dream.

3) Apply Online

The biggest advantage of the internet is that a lot of crucial tasks can be done online. Use this information to save time and fill our online tenant application form quickly. Forget printing, scanning, photocopying, stamping, and walking to the postbox; fill in a single form that automatically emails all your details to us. We will then help you find similar properties that meet your expectations.

But when filling the online tenant application form, make sure you fill every credential carefully and correctly. If you miss out on any detail, you will have to go back and fill the form again. This will waste a lot of your time, which you don’t want to happen. When the application form is complete, it’s easier for us to approve your application quickly and find the right properties for you. You can fill our online tenant application form from any device while you are on the go and save a lot of time.

4) Uncomplicate Things

The last thing you want to happen to your tenant application is that it gets rejected because the landlord or real estate agent couldn’t understand things you mentioned in the form. Hence, use simple language to describe your employment status and rental history. Only submit documents that are required to avoid confusing the other party. Let every detail be precise, clear, descriptive, yet short.

You can always reach out to our real estate agents if you face any difficulty in filling your tenant application form. Our agents will ensure that you don’t make any mistakes throughout the application process.

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Why Is It Important to Maintain Your Rental Home?

Being the owner of an investment property is a great way to make money. You can simply sit back and let your personal investment grow. Owning an investment property comes with great responsibility. According to the Residential Tenants Act, which includes responsibilities of the landlords, you must provide proper housing to the tenants that meet at least the minimum standards. But why is it so essential. Let’s understand it.

Avoids Extra Cost

You need to ensure that you fix any kind of maintenance problem on your property as early as possible. Ignoring the problems, in the long run, can lead to additional expenses and unnecessary hassles for you when you plan to sell your rental property. Having regular maintenance helps you detect any potentially serious problems early on. It gives the opportunity to repair them in time to avoid unexpected expenses later. A strict maintenance schedule by you and your tenant can keep your property on the back foot in terms of expenses.

Attracts the Right Tenant

If you are planning to rent out your property, maintenance is crucial. Try to put yourself in the tenant’s shoes and think about your expectations from a property that you want to rent. Wouldn’t you want your property to be well-maintained and clean? A poorly maintained rental property cannot attract tenants through the rental listings. Even if you find a tenant, you might be at risk of finding someone undesired. But a clean and well-maintained property increases the chances of getting a good tenant.

Increases the Value of the Property

Your investment property can be your income during your retirement period. When your investment property is in poor condition, the value of the property decreases and that might affect your retirement too. You cannot even keep high rent or increase the existing rent to generate some revenue for poor property. You may lose out on potential profits and may end up selling the property. On the other hand, when you keep your property in good condition, you can easily demand a higher monthly rent and increase your return on investment.

Creates Awareness of the Property

Your tenants should be responsible to keep the place up to the standard. When you follow a maintenance routine, you are updated with various issues or events happening on your property. You may notice the areas that need repair and know if the tenant has taken care of the property or not. If the tenant is failing to do so, you can talk to them or even look for another tenant.

Maintenance is a serious issue, and it cannot be overlooked. If you are experiencing issues maintaining your property, seek help from a professional management service in Calgary, to ensure that your rental home is kept in excellent shape and your tenants happy.

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8 Reasons Why Hiring a Property Manager in Calgary Will Benefit You: Part 1

For many property investors, the main objective is to increase ROI and maximize cash flow, and the correct fundamental principles of property management can make that possible. It can also quickly become a stressful task which requires an ongoing routine, especially when regulations are involved.

Often, when we think about the efforts required for managing a property, the tasks may seem simple. Find a tenant, get the contract signed, collect rent and make sure the house stays in good shape. When it comes to putting this theory into practice, however, the details and the level of time and effort extend far beyond the series of tasks previously outlined.

Property Managers in Calgary significantly contribute to meeting the objectives of income properties, regardless if it involves a single unit or a portfolio of different properties.

1) Finding Tenants

The most significant advantage that professional property managers offer is that they already have an established client database. They can tap into this database for potential residents and pick the right ones for your property. Having a customer database plays a huge role in successful property management because the longer your house stays vacant, the more the carrying costs would be. Property managers can reduce the vacancy time significantly, and that alone can have an enormous impact on the overall revenue you get on an annual basis, especially if you have multiple rental properties. Another benefit of having a property manager is that you can get insights on what the optimal rent should be because of their exceptional local market knowledge.

2) Filtering Tenants

One of the factors that determine the overall value of property in a neighbourhood is the type of tenants living in the property. You need to have a keen eye to judge a person’s ability to maintain payment and upkeep your property through background checks and credit history. Property managers can take on the role of filtering applicants by running thorough background checks which can include work history, criminal records, and credit reports (through credit check services). Just implying that you will be running background checks can deter a lot of applicants with less than adequate backgrounds.

In order to find tenants, there is a lot more effort that is needed, especially online. Almost 94% of buyers and renters begin their search online, advertisement also plays a crucial role in getting your property in front of the right tenants. However, getting your property discovered and finding tenants only serves as the initial responsibility of property managers. In the next part of our blog, Urban Dwellings Calgary will explore the other benefits property managers offer to income property owners.

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8 Reasons Why Hiring a Property Manager in Calgary Will Benefit You: Part 2

In the first part of our blog, we began to outline one of the main responsibilities of property managers, which is to price the rent correct, find and screen tenants for income properties. In this blog, we’re going to focus on the next series of benefits that property managers provide income property owners in Calgary, which focuses on maintenance and ongoing routines, starting with having tenants sign the lease.

Lease

Once you finalize a candidate, it’s time to take them onboard. But there is a critical step before they move into the property. They have to sign an airtight lease, so you are legally protected. This legal document isn’t something you should be researching for or writing. Your property manager has likely worked with an attorney to create a draft, with clauses, to protect you and your assets in the case of legal action. These would include the latest regulations that would be applicable within Calgary.

Collecting Rents

Having a property manager means there is a buffer between you and the tenants. It’s a property manager’s job to ensure rent is collected on time everymonth and or work out any issues if rent is late. This may include posting late rent notices, working with tenants that have viable excuses and collecting late fees when applicable.

Evicting Bad Tenants 

Making a difficult decision is part of a property manager’s job description. At times, you will get a resident you aren’t happy with, and the only solution would be to evict them. It can be because the tenant is overdue on rent, damaging property, getting complaints from neighbourhoods or have violated the terms in your agreement. It’s where a property manager would play an essential role by taking timely action of legally evicting such resident(s) to mitigate loss of income or damage to your property.

Repair and Maintenance

Repair and maintenance is an ongoing process for any property. As the property owner, you wouldn’t want your tenants to call you in the middle of the night to fix something. A property manager can not only fix the issues that residents are facing but also utilize their professional network for repair and maintenance services at a discounted rate. For multiple unit properties, the property manager can supervise the professional on-site staff to ensure that your residents get the very best customer support possible. Also, whenever a resident decides to move out, the property manager is responsible for the move out inspection and ensuring anything that is not regular wear and tear is fixed, repaired and paid for by the tenant. Having a property manager means that all the repairs would be done in a more streamlined manner and shorter duration, so the house doesn’t remain vacant for long.

In our final series of the three-part blog, we are going to focus on the laws and regulations specific to Calgary and the important role they play when renting out any property to tenants. If you have any questions about renting out your property, you can contact Urban Dwellings Calgary for a free consultation by clicking here

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A Complete Guide to Keeping Your Tenants Happy

Finding the right tenant for your rental property is nothing less than a blessing. Countless Canadians end up giving away their rental property to a person or family that is nosy, noisy, irritating, financially unstable or has criminal records.

But if you’re on this page, you like your tenants, and that calls for a celebration. Share your joy with your tenants too and keep them happy so that they stay with you for a long period.

Take Good Care of Repairs

Being the owner of your rental property, you already know that someday you will have to repair the roof of your house or replace an electric appliance. Use this opportunity to make a positive impression on your tenants. Don’t go for cheaper options. Remember, when you buy a quality product or choose a comfortable replacement option over the cheaper ones, you invest in long-lasting solutions. This means that you won’t have to buy a new product again after a couple of years. Taking care of repairs and choosing quality products will make your tenants feel good and belonged.

Go Easy with Rent Increments

Most rental property owners automatically include a small rent increase at each lease renewal period. If the lease is ending in a stronger market, it can be tempting to raise rents by the maximum legal amount. However, doing so may only give you negative feedback, and you may even lose your tenant. A good rule of thumb is to keep your rents slightly below market rates. This is a powerful retention tool and shows your tenants they are appreciated.

Offer Renewal Incentives

If you have an excellent tenant that you just don’t want to lose out on, you might want to waive the rent increase if they will sign for another year. Instead, you can even offer some incentive or promise to continue with the same rent amount if they renew their lease. Doing so will help you in the long run as you won’t have to bear the costs of finding a new tenant. The best time to offer incentives and other offers is a month or two before the tenancy is up for renewal.

Send Out Season’s Greetings

Who doesn’t love receiving a greeting that has lovely words and sweet wishes on it? We all feel special when we get a greeting in your mailbox, right? So put a smile on your tenant’s face by sending festive greeting cards. Also, save important dates such as your tenant’s birthday, wedding anniversary, or even their child’s birthday and send greetings on their special days. There are 100% chances of them loving your gesture. A box of chocolates or a flower bouquet along with the card can make an ideal gift for them. Or just keep it simple and send them a text message on special occasions.

Apart from these, follow the basics of maintaining a good rapport with your tenants such as being professional, being truthful and respectful, and giving them their privacy and space. You can reach out to your real estate agent and request them to coordinate with your tenants whenever you are unavailable so that your tenants have someone to reach out to in the time of need.

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Renting out Your Condo: Here’s What You Need to Know

Planning to rent your condo? Knowing the market value of your rental condo and pricing it right aren’t the only things you need to do to make a profitable deal. There’s a lot you need to know before you sign the deal with a tenant. Here’s a complete landlord’s guide for you that you must read before you rent out your condominium.

Make Your Condo Better

One thing you must know is that rental condos need to be in a top-notch condition for higher rent amount. Rental condos that don’t look great at first sight generally have a lower value than those condos that have everything in place. Hence, undergo all the necessary repairs and spruce up your condominium. If you see any visible flaws such as cracks and mould growths, address them before you start looking for tenants.

Screen Potential Renters

Once you receive several duly filled rental application forms for your rental condo, it’s time to screen each tenant. Go through each application thoroughly and pay attention to the contact details of previous landlords they have provided. Call all the previous landlords to understand what kind of tenant each one of them was. Did these applicants have disputes with their landlords or neighbours? Did they pay their rents on time? What were the good and bad habits of these applicants? Find out everything and jot down all the details.

Likewise, call employers of these applicants to confirm their employment status and details provided by the applicants. Shortlist applicants that seem to be genuine overall.

Find the Right Tenant

Nobody wants to end up with an annoying neighbour. Therefore, conducting background and reference checks isn’t enough. You must meet and talk to every potential tenant to understand them better. Of course, you can take cues from their background checks as well. Look for someone who can pay rent on time, doesn’t lie about anything, will follow all the rules, and meet your expectations. If you identify any sign of the tenant being a liar, nosy, nuisance-creator, or simply irritating, skip them.

Write a Lease

The last thing to know before giving away your rental condo is how to write a lease agreement. A written lease or the contract will ensure that you and your tenant agree with every legal term mentioned by both the parties and defined by the local governing body. A good lease complies with landlord and tenant rules, and insurance laws in your local real estate market. This tenant lease or contract includes information such as

  • Lease term,
  • Security deposit amount,
  • Rental due date and late penalties,
  • Who will be responsible for which repairs and maintenance tasks and expenses,
  • Rules of behaviour (allowance of smoking or alcohol consumption on the property),
  • Pet policies,
  • Association rules which the tenant needs to follow, and
  • Eviction terms (such as damaging the property or not paying the rent).

If you can’t prepare this lease agreement on your own, you can ask your real estate agent to do it for you.

There are several other steps to prepare your rental condo for renting it out. Make sure you talk to your real estate agent and keep the pros by your side throughout the process so that they can help you do all the necessary things.