Successful Alberta landlords offer tips to help you to succeed
The question at the Alberta Landlords Association forum was one that many landlords across the province are asking as we are soon to enter 2016. The topic was timely and the answers provided where helpful.
A new Edmonton Landlord named Cindy Xi asked about how to avoid difficult tenants and how to find good ones. She wrote she was worried about renting out her new investment property and asked for some help.
The reality is we landlords do face a lot of challenges in 2016. We are experiencing a downturn in oil prices and this means less jobs and less good tenants. On top of that we face a provincial government that many think doesn’t really understand or appreciate the hard work and financial risks small residential landlords have undertaken to provide high quality rental properties in Alberta.
Remember it wasn’t that long ago when Calgary Mayor Nenshi was accusing landlords of gouging tenants. Funny how we haven’t heard anything substantial from him now that real estate is dropping and vacancy rates are rising. Are we still ‘gouging tenants’ Mayor?
Even with a more complicated economic climate experienced and successful landlords know there are lots of great tenants out there and you just have to find them (and weed out the bad tenants who want to rent from you). Landlords across Canada know that it’s just a matter of time before the Alberta economy takes off.
Top Alberta Landlord Tips for 2016
Take a look at how Alberta landlords can be successful in 2016. This is Part 1 of important tips from experienced and successful Alberta landlords who want to help you succeed.
1. Make Sure You Know the Economic Climate Before You Invest
Make sure you are are of how your local economy is. Is it growing? That means more jobs and more hard working people seeking them. Is it stagnant? That means you might have to wait a bit longer to find a great tenant. Or you might have to lower rent price.
2. Learn the Regulatory Environment You Are In As a Landlord
Are you aware of the rules? Are you ready in case you have to evict a tenant? Do you know how to handle someone who breaks a lease? Become an “Alberta Landlord Expert.”
3. Buy the Right Property
Be honest about your rental property. Will it attract good tenants? Will these tenants choose your property over other rents in the area?
4. Avoid “Get Rich Schemes”
Avoid seminars claiming it’s easy to get rich as a landlord. It’s not. You need to be professional and have a long-term plan.
5. Screen Your Tenants Carefully
Always include a credit check to make sure your tenants are financially responsible people.
Make 2016 Your Most Successful Year Yet!
Experienced and successful landlords know that no matter what the current economic climate the rules for success are the same. If you buy the right property and screen your tenants in a professional manner you are on your way to renting to great tenants!