According to the population estimates by the City of Surrey, approximately 682,235 people live there. This population is expected to increase to 709,488 by 2026. As more people occupy Surrey, the demand for rental properties also rises.Renting out your real estate investment can seem complicated, mainly because of the competition for potential tenants with other landlords. The good news is that property management in Surrey can ease your burden.In this article, we discuss the top seven landlord tips on how to rent out your house in Surrey, British Columbia.
As you start your journey to being a landlord in Surrey, you must understand the state, federal, and local landlord-tenant laws. For instance, according to the Fair Housing Act of 1968, landlords should not discriminate against potential tenants because of disability, race, sex, family status, or religion.Further, section 32(1) of the Residential Tenancy Act (RTA) requires landlords in Surrey, BC, to ensure their properties comply with the safety, housing, and health standards. The house's location, character, and age should also be suitable for occupancy.All rental units should have a smoke detector installed per the BC Building Code. Besides, landlords are responsible for carrying out any repairs to the property, including the following:
As a prospective landlord, gather relevant information on potential tenants before renting your property. You can use a rental application form where tenants provide their details. These include:
This information will guide you in finding a high-quality tenant. Additionally, find out how many people will be staying at the house and the types of pets they keep.
One of the most vital home rental tips is setting the right price for your real estate investment. If you overcharge, your property will become vacant for a long time. On the other hand, if you undercharge, you may miss out on potential rental income.
Therefore, you must research how much comparable properties in Surrey are renting for. Consider unique features of your rental property, including the following:
These factors will help you decide whether to rent it at a higher or lower price. The rental market changes over time; adjust your rent price accordingly. This way, you'll make the most out of your investment.
Effective advertisement attracts the right renters and rents out your property quickly. Utilize marketing channels such as local advertising, online platforms, and social media to reach a wide range of prospective tenants. Moreover, highlight your property's special features and amenities to capture the attention of the target audience.Include features like air conditioning, pet-friendly, entertainment, dishwasher, and a swimming pool in your property description. The rent at which you advertise the property should match the amenities available.Besides, use high-quality, clear photos; you can ask a professional photographer to take the pictures if possible. Professional photos make a good impression on potential renters.
Before advertising your property for rent, take your time to prepare it. If any improvements or repairs are needed, take care of them. This may include repairing damaged floors, painting the walls, or fixing a leaky tap.Furthermore, stage your real investment property in a way that will impress potential renters. The place should appear well-maintained, clean, and inviting. You can also hire a professional stager to do the job for you.
Communicate effectively with potential tenants and reply to their inquiries on time. This can instill confidence and assure them that renting your property is the right decision.Once you've found a quality renter, build a positive relationship with them. Address any maintenance or repair issues they may have immediately. This measure prevents further damage to the property.In addition, a method to collect rent should be developed to determine if it suits the tenant. You can create a system for tracking security deposit refunds and rent payments. Doing so ensures rent is paid on time and your finances stay organized.Regularly follow up with the tenants to see if they're comfortable and if they may have any concerns regarding the rental property.
An expert property management company will handle all the aspects of the rental process, such as maintenance, rent collection, and tenant screening. Through their expertise, you and your renters can enjoy a stress-free experience. When hiring a property manager, choose one who understands how important it is to rent out your investment to high-quality renters.Axford Property Management offers comprehensive rental property management services to ensure you maximize the potential of your real estate investment. Some of the services we provide include the following:
Renting out your property is a great way to maximize your income. With top tips like preparing your house, screening tenants, and communicating effectively, you learn how to rent out your home without hiccups. A property management company can help you manage your rental property seamlessly.At Axford Property Management, we have an expert team with in-depth knowledge of Surrey's rental market. We provide tailor-made property management solutions to optimize rental returns and protect your investment.Contact us today and enjoy passive rental income with no hassle.
1. Research Landlord-Tenant Laws in Surrey
As you start your journey to being a landlord in Surrey, you must understand the state, federal, and local landlord-tenant laws. For instance, according to the Fair Housing Act of 1968, landlords should not discriminate against potential tenants because of disability, race, sex, family status, or religion.Further, section 32(1) of the Residential Tenancy Act (RTA) requires landlords in Surrey, BC, to ensure their properties comply with the safety, housing, and health standards. The house's location, character, and age should also be suitable for occupancy.All rental units should have a smoke detector installed per the BC Building Code. Besides, landlords are responsible for carrying out any repairs to the property, including the following:
- Tree pruning and cutting
- Addressing serious mold issues
- Pest and insect infestations
- Cleaning windows on the outside at certain intervals
- Repairing intercoms, access devices, locks, and keys
2. Conduct Thorough Tenant Screening
As a prospective landlord, gather relevant information on potential tenants before renting your property. You can use a rental application form where tenants provide their details. These include:
- Contacts of their former landlords
- Information about present and past employers
- Contacts of their references
- Credit history
- Present income
- Social security numbers
This information will guide you in finding a high-quality tenant. Additionally, find out how many people will be staying at the house and the types of pets they keep.
3. Strategic Pricing
One of the most vital home rental tips is setting the right price for your real estate investment. If you overcharge, your property will become vacant for a long time. On the other hand, if you undercharge, you may miss out on potential rental income.
Therefore, you must research how much comparable properties in Surrey are renting for. Consider unique features of your rental property, including the following:
- Is the location better than the others?
- Is it bigger?
- Have you just renovated it?
These factors will help you decide whether to rent it at a higher or lower price. The rental market changes over time; adjust your rent price accordingly. This way, you'll make the most out of your investment.
4. Market Effectively
Effective advertisement attracts the right renters and rents out your property quickly. Utilize marketing channels such as local advertising, online platforms, and social media to reach a wide range of prospective tenants. Moreover, highlight your property's special features and amenities to capture the attention of the target audience.Include features like air conditioning, pet-friendly, entertainment, dishwasher, and a swimming pool in your property description. The rent at which you advertise the property should match the amenities available.Besides, use high-quality, clear photos; you can ask a professional photographer to take the pictures if possible. Professional photos make a good impression on potential renters.
5. Ensure Your Home Is Ready for Renting
Before advertising your property for rent, take your time to prepare it. If any improvements or repairs are needed, take care of them. This may include repairing damaged floors, painting the walls, or fixing a leaky tap.Furthermore, stage your real investment property in a way that will impress potential renters. The place should appear well-maintained, clean, and inviting. You can also hire a professional stager to do the job for you.
6. Responsive Communication With Tenants
Communicate effectively with potential tenants and reply to their inquiries on time. This can instill confidence and assure them that renting your property is the right decision.Once you've found a quality renter, build a positive relationship with them. Address any maintenance or repair issues they may have immediately. This measure prevents further damage to the property.In addition, a method to collect rent should be developed to determine if it suits the tenant. You can create a system for tracking security deposit refunds and rent payments. Doing so ensures rent is paid on time and your finances stay organized.Regularly follow up with the tenants to see if they're comfortable and if they may have any concerns regarding the rental property.
7. Hire Professional Property Management in Surrey
An expert property management company will handle all the aspects of the rental process, such as maintenance, rent collection, and tenant screening. Through their expertise, you and your renters can enjoy a stress-free experience. When hiring a property manager, choose one who understands how important it is to rent out your investment to high-quality renters.Axford Property Management offers comprehensive rental property management services to ensure you maximize the potential of your real estate investment. Some of the services we provide include the following:
- Advertising across multiple platforms
- Comprehensive and transparent statements of management fees and rental income
- Regular property inspections
- Competitive pricing
- Thorough background checks on potential tenants
- Expert leasing property advice
Learn How to Rent Out Your House With Axford Property Management
Renting out your property is a great way to maximize your income. With top tips like preparing your house, screening tenants, and communicating effectively, you learn how to rent out your home without hiccups. A property management company can help you manage your rental property seamlessly.At Axford Property Management, we have an expert team with in-depth knowledge of Surrey's rental market. We provide tailor-made property management solutions to optimize rental returns and protect your investment.Contact us today and enjoy passive rental income with no hassle.