Renting Out Your Home in Regina: Everything You Should Consider
When it comes to renting out your Regina home, there are many reasons people have for doing so. For example, it could be that you are moving and don’t want to sell. Renting out the property could also have been your plan when you bought the home initially.
Whatever the reason, renting out your home can be one of the best decisions you’ll ever make. If you make the right moves, you may be able to earn a decent passive income for years to come. This is why we at Leenan Properties have put together this guide on how to rent out your Regina home.
Now, there is a right way and a wrong way to go about renting out your Regina property. In today’s article, you’ll learn what’s best to do when it comes to renting out a house.
1. Get Landlord Insurance
Your homeowner’s insurance policy won’t be sufficient to cover your tenants. While landlord’s insurance covers most things homeowner’s insurance will, it covers extra risks that homeowner’s insurance will not.
Also, in most cases, the bank where you have your mortgage will insist you have landlord’s insurance. Landlord insurance offers cover for the rental building in the event of:
Escape of water
Storm or flood
Riot, civil disturbance or malicious acts
Fire, lightning, explosion or earthquake
Besides covering the building, a landlord’s insurance policy will also cover you against potential liabilities. For example, if a tenant injures themselves while at your property and you’re found to be at fault.
2. Make the Home Rent-Ready
A home that is rent-ready is aesthetically pleasing. In turn, it may be able to attract qualified tenants quickly. Now, there are many things that go into making a home rent-ready.
Here is a list to get you started:
Spray for pests
Ensure the home is clean
Check to see that all appliances are in good working order
Fix anything that is broken
Clean the windows
Replace/check heating and air conditioning filters
Refresh the look of the walls by putting a fresh layer of paint
Declutter the home
3. Understand the Regina Landlord-tenant Laws
The importance of this can’t be overstated. Hiring a professional property management company like Leenan Property Management can help you avoid legal issues with our understanding of the laws.
Every city in Canada has laws in place that help govern the relationship between landlords and tenants. For example, when evicting your tenant, you must follow the eviction process to the letter. It’d be illegal for you to do things like:
Shut off your tenant’s utilities
Lock the tenant out of their rented premises
Remove their belongings
By providing unlivable conditions, a court would probably rule that you have “constructively” evicted your tenant.
What’s more, even as a landlord, you cannot enter a tenant’s rented unit as you please. All tenants in Saskatchewan have a right to privacy. Thus, you must first notify your tenant prior to accessing their rented premises.
The notice must be at least 24 hours in advance and not more than 7 days.
4. Know How Much Rent to Charge
As a Regina landlord, you aren’t limited in how much rent you can charge your tenants, though there are increase laws in place. However, overcharging your tenants isn’t an option. Doing so will only make your rental less desirable to prospective tenants.
Similarly, undercharging your tenants may be bad for your bottom line. That’s because you’ll be unable to maximize your rental income.
To know how much rent to charge, conduct a comparative market analysis of the neighborhood. Know how much rent landlords with similar units are charging, and then make adjustments based on your property’s features. Leenan Property Management can do this for you!
5. Market Your Property Vigorously
A vacant property is going to be costly to maintain. Among other things, there can be mortgage payments to be made, and property taxes to be paid. So, the longer your property stays without a tenant, the more losses it’ll make.
With rising competition, you have to think of better marketing ideas than just yard signs and newspaper ads. Those methods were effective in the days of yore but not anymore.
An effective marketing strategy is one that combines both ‘traditional’ and digital tactics. So, besides using yard signs and newspaper ads, you also want to make use of social media, rental listing sites and even PPC advertising. To best market your property, Leenan Property Management offered proven methods to get your property seen by as many prospective tenants as possible.
6. Screen Your Tenants Thoroughly
Ever heard of problem tenants? Now, those are the kinds of tenants you may get if you don’t have a proper screening process. Keeping the security deposit won’t always be enough to cover the fallout.
To begin with, require that all prospective tenants provide references of previous employers and landlords. You may also want to let them know that you’ll be reaching out to those individuals.
When contacting previous landlords, you may want to ask questions such as:
Did the tenant abide by the terms of the lease?
Did the tenant live peacefully with other tenants or neighbours?
Was the tenant able to pay rent on time without issues?
Did the tenant notify you of their intention to vacate your premises?
Would you rent to the tenant again? If not, why?
Ideally, aim to speak to at least three different people, from former landlords to employers to personal contacts.
Next, ask for their social security numbers and check whether they are financially responsible or not. Make sure you have their consent to do so. It may also be in your best interest to check their criminal status by running police reports.
All of these require a great deal of time and experience to conduct properly. Leenan Property Management can take care of it for you!
7. Hire a Professional Property Management Company
Does all this seem overwhelming and time-consuming for you? It probably is, if you already have a full-time job or lack experience and skills in managing rentals.
Hiring a good property management company, like Leenan Property Management, can help you in all aspects of property management. We will help you in filling vacancies, collecting rent, signing leases, and even filing eviction actions.
We will also handle routine inspections and repair issues. What’s more, you won’t have to worry about the legal aspects – we cover that as well. We are familiar with all laws that landlords must follow in the area, as well as any city fees that need to be paid.
Sure, being a landlord can be lucrative. However, it’s not a guaranteed “lazy” way to quick riches. It’s a process that requires time, patience and dedication, as well as proper skills and experience. If you lack the requisite skills, a property management company like Leenan Property Management is your best bet to successfully rent out your Regina house!