The long term rental market is holding strong in the Nelson and Castlegar areas.  If you have a property that you are currently renting out, or considering renting in the future, please read on.

These are important things to know when becoming a Landlord and putting your property on the market for rent.

1. Setting the right rental rate:  Owning a home is expensive, covering the costs of a surprise repair, regular maintenance, taxes and utilities can really add up.  Know that when you update your insurance policy, that will also increase.  Hydro/Gas – are you paying, or the tenants?  Get all your costs together to help set the rate.  Know the market.  Market research will give you a good understanding of the going rates.  Properties that are still available may not be a great indication as they may be set too high.  While we understand the high costs of owning a rental, we also will discourage or even not take on a property that we feel is highly over-priced. 

2.  Understand the Tenancy Laws:  No discrimination, understand the laws around pets, know what a material term of a lease is and how to add addenda that are binding and part of the contract.  Use the correct Tenancy Agreement. . . . just to name a few.

3. Screening, selection & Lease:  Use a thorough application form, understand what you legally can, and cannot ask.  Check references, know what to ask.  Run a credit check. Meet and show the space in person.  Finally, draft a legally binding lease or Tenancy Agreement.  Know the difference between fixed term with vacate clause, fixed term, or month to month, and when when to accept a deposit. 

4. Move in inspection: This is very important as it is what will be referenced on a move out or routine inspection if there are damages beyond normal wear and tear.  Use the recognized (or an accepted version of the) RTB move in inspection form.  Document with photos (lots!).  Ensure the tenant receives a copy of all paperwork and photos within the time frame stipulated. 

If this sounds like a bit too much to wrap your head around, or you’d rather be preparing for ski season, getting a few last bike rides in, or enjoying a cup of coffee by the fire, give us a call, this is what we’ve been doing everyday for the past 11+ years!

Our Tenant Placement Service covers all of the above.  We can do all that for you, and then you can take over from there, or we can continue to manage the property so you can focus on other things.