We’ve said it before and we’ll say it again, having rental properties in the city of Edmonton is one of the most attractive ways to earn more money this 2015. We’re already on the second half of the year so if you really want to increase your wealth, it best that you start owning that rental property soon.
Team Leading Edge provides easy access to all the available Homes For Sale in Edmonton that you could use to start your rental business, just visit our Edmonton MLS Listings page.
Here are a few excellent to help you prepare for this exciting business venture.
MARKET RESEARCH. You have to be knowledgeable and up-to-date with the current rental rates in your neighborhood. Different locations vary in rental rates so in order to compete, you have to know the most appropriate price for your rental property.
In this research, you also have to factor in the price your expenses in maintenance, repairs and pest control.
PRESENTABLE FAÇADE. To attract a good number of “qualified” tenants, a presentable façade is one of your most useful tool. A quality looking home will attract quality tenants.
TENANT. Speaking of attracting quality tenants, a background check is one of the activities that you should do before accepting any. There are plenty of people looking to rent a home in Edmonton and the risk that some of them will cause trouble is high.
Screen the tenant, check his credits. The most ideal type of tenant should have a good payment history.
PLAN B FOR YOUR FINANCES. Always-and we mean ALWAYS, have a plan b for your finances. There is always a possibility that your rental property will need emergency repairs for its electric wiring, plumbing, etc. For this possible scenarios, you must always have extra or emergency cash on hand.
INSURANCE. Since renting out an Edmonton home poses some risk, that best way to manage this risk is to use insurance. Your insurance should cover damages caused by tenants, disasters and even legal fees just in case you go to court.
Like any good investment vehicle, you need to put time and effort to pull this off perfectly. It’s not rocket science and once you pull it off, it’ll add more zeroes to your bank account.
Call Team Leading Edge today to help you get started in the process of owning that rental property.
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