Risk & Business Magazine Miller Insurance Summer 2019 Magazine | Page 29

RENTAL PROPERTY OWNERS
KEEPING THE
PROPERTY WELL
MAINTAINED HELPS
MINIMIZE THE
CHANCES OF A
BIGGER PROBLEM
DOWN THE ROAD,
BUT IT ALSO GIVES
YOUR TENANTS A
SENSE OF PRIDE IN
THEIR HOME—SO
THEY’RE MORE
LIKELY TO RESPECT
AND TAKE CARE OF
THE SPACE.
handling repairs and maintenance, and
the duration of the rental agreement.
If you need help drafting your rental
agreement, you may want to consult a
lawyer.
5) DECIDE HOW YOU WANT TO BE
PAID EACH MONTH. BEFORE YOUR
TENANTS MOVE IN, AGREE ON HOW
THEY WILL PAY RENT. Will you require
a physical rent cheque on the first of
the month? Will you accept e-transfers
directly to your bank account? You may
want to avoid cash payments so you don’t
have to carry a large amount of money to
the bank each month.
6) PLAN FOR PETS. IN SOME
LOCATIONS (LIKE ONTARIO, FOR
EXAMPLE) IT’S ILLEGAL FOR A
LANDLORD TO EVICT A TENANT FOR
BRINGING A PET INTO A RENTED
SPACE, EVEN IF THERE’S A “NO PETS”
RULE IN THE RENTAL AGREEMENT. So
learn about your local and provincial
laws, and if you have concerns about
animals, ask potential tenants if they
have pets before agreeing to let them
rent your space. While many pets are
house-trained and won’t do any damage
indoors, be prepared to give your rental
space a little extra TLC when a pet-
loving tenant moves out.
Note: If you’re renting out a condo and the
condo corporation says pets aren’t welcome
on the property, you’ll need to explain
this to your tenants and include it in your
rental agreement.
7) SOUND THE ALARMS. When getting
your rental property ready to rent out,
make sure you install adequate smoke
and carbon monoxide detectors. Provide
your tenants with care instructions (like
testing the smoke detector once a month,
for example) and extra batteries.
8) KEEP UP WITH THE UPKEEP. When
new tenants move in, advise them to
let you know immediately if anything
goes wrong, no matter how minor. Not
only does keeping the property well
maintained help minimize the chances
of a bigger problem down the road, but
it also gives your tenants a sense
of pride in their home—so
they’re more likely to respect
and take care of the space.
Ready to insure your
rental property?
Contact your
licensed broker
today. +
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