5 Important Things to Keep In Mind While Renting Out a Property in Ontario

5 Important Things to Keep In Mind While Renting Out a Property in Ontario

Since time immemorial, buying your own property has been one of the steadiest investments! It provides double benefits – not only does the value of your initial investment increase with time but renting out property also provides an excellent and regular ROI plan. However, if you really wish to make an excellent rental income from your property in Brantford ON, there are some essential things you must keep in mind.

1. Marketing Your Property

Whether you own a small house or a vast estate, make sure to market it well so that it catches the attention of potential renters who are looking out for a rental place. You can take great pictures of your property, upload them on property rental websites with details, or you can also get in touch with a good property management company to look after the marketing side of things.

2. Hiring The Right Broker

A broker might come at an additional cost, but hiring one is worth every dime if you have to rent out the property in Brantford ON. A good property manager will look after every task, from getting your property noticed in the market to find good tenants. In fact, in the long run, the right broker can make the whole process of dealing with tenants completely hassle-free.

3. Making A Thorough Lease Agreement

Drafting the right rent agreement is the most important thing to do. For this task as well, it is best to consult an experienced property manager who can help you make a watertight agreement. Make sure to include all the terms, every detail related to the rent, maintenance/damage of the property, notice period before vacating the property, etc.

4. Verification Of Tenants

Thorough police verification of your potential tenant is an un-skippable step. Make sure you do a proper background check to know to whom you are renting out your property in Brantford, Ontario. Ask for references and also keep a photocopy of their original identity proofs with you.

5. Fixing The Rent

Do not decide on the rent amount randomly. Do a check of the neighbourhood properties with the help of your property manager, find out the current market prices, and then fix your rent accordingly. Make sure to mention the same in your agreement and discuss all kinds of charges to be borne by the tenant well in advance.