5 Things tenants need to know and do now

1. Ensure everything's legal!

It is essential that all matters related to the lease agreement are in writing and signed by all parties, including deposit requirements, monthly payments and the notice period for termination.  Make sure too that you're in compliance with the Rental Housing Act, as well as the Consumer Protection Act. 

2. Maintenance matters

Make an effort to ensure maintenance issues are taken care of in good time. Consider coming to an agreement with tenants about what they're able to manage themselves and where further input and expertise is required. Regular maintenance will also reduce the need for costly repairs later. 

3. Insurance is in your interest 

Ensure the property and the contents (if let furnished) are adequately insured. Revise the premium with your provider annually. 

4. Make an effort to keep good tenants

Show appreciation to the tenants who pay on time and look after the property. Keep this in mind when rental escalation is considered. 

5. Work with a professional

A trusted property advisor will assist in sourcing and vetting tenants, drawing up lease agreements, collecting rent, property inspections and act as the liaison for maintenance issues.