Here are a few ways for you to succeed in the Edmonton rental business this 2015.
Note: Remember, you can access all our available Rental Homes For Sale in Edmonton through our Edmonton MLS Listings page.
- THOROUGHLY CHOOSE AND EXAMINE TENANTS. This is at top of the list because this basically is the foundation of a successful rental business.Never allow just anybody to rent your Edmonton property.
Conduct a thorough background investigation, check the prospect tenant’s credit history and references. Late payments and history of irresponsibility for the maintenance of his previous rented property are the glaring signs that the prospect tenant should be rejected.
- LEGAL DOCUMENTS. People above the age of 18 already know by now that all business transactions should be documented. Have all the terms and conditions of the rent in writing. There are plenty of available legal documents online that you could use as a template for your rental business. GOOGLE is your friend.
Detail is key. Make the legal document as clear cut as possible.
- SECURITY DEPOSIT. The keyword here is “security”. Make sure you create a reasonable and straightforward system of obtaining, possessing and refunding the security deposit.
- IT’S A BUSINESS. Yes! It is!
It’s not a pleasurable pastime. You should treat it with utmost respect and view it in the most serious manner.
- THE LAW. Last, but not least, understand the laws covering your rental business. Ignorance of the law, excuses no one. If and when, sh*t hits the fan, make sure you have the law on your side.
Short, concise ways to pull of your rental business without a hitch. Don’t make things complicated-simplify! Follow these tips and you’re on your way to earning that passive income for the next months and/or years.
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