As a condo owner in Ottawa, there is always the chance of losing tenants, which results in a loss of income. Keeping your tenants happy and satisfied with their living conditions is easy, if you follow a few basic tips.
Be there for your tenants
Responsibility is key when it comes to building maintenance and upgrades. If your tenants are unhappy with a certain area of your condo, getting it repaired as quickly and efficiently as possible will help build trust in you as their landlord. Maintaining a clean and tidy building will build a strong and trusting relationship between you and your tenants. As a result, they will stay tenants for a longer period of time.
Let them know the rules
A list of specific expectations and rules the tenants need to follow should be presented to them prior to the signing of the lease. Hand over a list of certain rules of conduct you expect them to follow as tenants, along with the responsibilities you plan to follow as the condo owner in Ottawa. This will make things clear from the start, with respect and honesty being put in place before the tenants even move in. This will help prevent issues from occurring later on. You will find people happier and more comfortable living in your building once they know what exactly is expected of them and of you.
Respect is key as a condo owner in Ottawa. Respect your tenants and they will respect you in return. Stay in communication with your tenants, even if you do not live in the same building. Offering a phone call once or twice a month to see if they have any problems will develop a good communication between you and your tenants. A healthy and honest relationship can be established right from the start.
Finding good tenants is also key since you do not want to have to deal with rent being paid late or not at all. Do not bring in people you do not trust or are uncertain about. You may have to trust your gut instinct on this one and turn down a few prospects that give you a bad feeling. There are a lot of great people in the world, and once you are satisfied with a tenant, do anything within your power to keep them happy.
Maintaining the repairs and cleanliness of your condo will satisfy your tenants and create an honest relationship with good communication. Respect them for paying their bills on time and following your code of conduct, and they will offer you respect in return, by staying in your building longer and increasing your overall revenue as a condo owner in Ottawa.
HomeLife Capital Realty Inc., Brokerage*
