{"id":981,"date":"2019-06-07T13:44:42","date_gmt":"2019-06-07T13:44:42","guid":{"rendered":"https:\/\/rentals.ca\/blog\/?p=981"},"modified":"2019-06-07T13:44:42","modified_gmt":"2019-06-07T13:44:42","slug":"tools-beginner-landlords-dont-know-about-but-should","status":"publish","type":"post","link":"https:\/\/rentals.ca\/blog\/tools-beginner-landlords-dont-know-about-but-should","title":{"rendered":"5 Tools Beginner Landlords Don’t Know About, But Should"},"content":{"rendered":"

As a new landlord, learning to manage one or more properties can quickly get overwhelming. \u00a0Tenant-landlord laws, property management fees, managing cash flow; these were all concepts you didn\u2019t have to deal with before you bought the property. \u00a0All of a sudden, they\u2019re thrust upon you.<\/p>\n

In this article, we\u2019ll go over a few tips, tricks and tools you should integrate in your real estate investment operation. Each can improve your business and increase your bottom line.<\/p>\n

Online Listings Expand Your Tenant Choices<\/h2>\n

A beginner landlord often has a tough time finding tenants.<\/p>\n

Even if you own a beautiful property in a trendy part of town, you may get only a handful of applications if you\u2019re not advertising it properly.<\/p>\n

That\u2019s why we recommend using an online rental listing service to promote your property. \u00a0Don\u2019t limit yourself to print or a sign in the window.<\/p>\n

Just how much of an impact can listing your property can have? \u00a0Consider this. According to 2017 consumer housing trends, 83% of renters used online listings<\/a> to find a rental. \u00a0While there\u2019s still value in print, the rental world is moving online.<\/p>\n

The proliferation of online listing services is reflecting this trend. \u00a0Consider that 10 years ago, the go-to resources were mostly Craigslist and Kijiji. \u00a0Now type \u201cCanada apartment rental\u201d in Google and you\u2019ll find at least one specialty site for each major Canadian city.<\/p>\n

Of course, these listing services aren\u2019t free. \u00a0However, on a site like Kijiji, you\u2019re sharing the same advertising platform as someone pawning off their cat carrier. \u00a0It\u2019s not optimized to show lists of amenities, nor can a user filter via handy tools like a map or number of bedrooms.<\/p>\n

Then consider that better sites like Rentals.ca<\/a> offer the option of 3D tours. \u00a0Oh, and in case you\u2019re wondering, 3D technology isn\u2019t a fad. \u00a0Adoption of virtual and augmented reality is growing<\/a> year-on-year. \u00a0The early-adopters have paved the way and the technology is becoming mainstream.<\/p>\n

Contact Legal And Evictions Services \u00a0Before Something Happens<\/h2>\n

Many laws and guidelines dictate how landlords and tenants interact. These often vary by province and territory. \u00a0As a result, finding a good source of legal help can be difficult.<\/p>\n

If you\u2019re just starting out and don\u2019t know where to look, the CMHC offers a portal for landlords<\/a> on legal issues landlords should consider. \u00a0Landlordtenant.org also offers rental law information broken down by province<\/a> as well as links to relevant government sites.<\/p>\n

However, knowing the main rules and regulations isn\u2019t necessarily enough. \u00a0You need to have a specialized lawyer you can contact in case something goes wrong.<\/p>\n

It\u2019s best to have consulted with a lawyer before any legal issues materialize. \u00a0You don\u2019t need to retain them, however, it\u2019s good that you at least sit down with a lawyer once to discuss your situation. \u00a0If ever a legal situation arises, you\u2019ll have a contact point who knows your background. This speeds up proceedings.<\/p>\n

If you don\u2019t have a lawyer already, you can find one easily through the Canadian Bar Association<\/a> or sites like CanadianLawList.com<\/a> and FindLaw.ca<\/a>.<\/p>\n

You should also research a competent eviction service. \u00a0Emotions can run high when a tenant needs to be removed from the property and it\u2019s a process almost every landlord shouldn\u2019t DIY.<\/p>\n

Eviction services use professionals and are trained to deal with such situations. They generally have in-house lawyers that can guide the landlords in the right legal direction during the entire process.<\/p>\n

Online Rent Payment Systems To Streamline Finances<\/h2>\n

The day rent is due can be a time guzzler for a landlord. \u00a0You have to take time out of your day to cash one of the prepaid cheques, be it online or in person at the bank. \u00a0Worse case, if the renter\u2019s cheques bounce, you then have to take more time track the tenant down and get your money.<\/p>\n

Luckily, the Information Age has spawned yet another platform to simplify your life: automatic online rent payment portals.<\/p>\n

For example, with Dwello<\/a> you can automatically withdrawn from the tenant\u2019s account on a set date every month. \u00a0The money is then transferred to your bank directly within a few days. Other companies like RentMoola<\/a> even allow your tenants to pay via credit card.<\/p>\n

These service are great for a few reasons:<\/p>\n