Success in the rental process is a two-way street.
Both landlords and tenants have to carry out their responsibilities to ensure a positive and mutually beneficial rental experience.
Emerald Management & Realty Ltd.—one of the leading property management companies in Calgary—is here to share expert tips for both parties.
From tenant screenings and rental pricing to effective communication and renewal negotiations, discover helpful insights below:
Table of Contents | Rental Property Management in Calgary: Expert Tips for Landlords and Tenants
- Property Management in Calgary: Tips for Landlords
- Expert Tips for Tenants
- Team Up with Us For Seamless Calgary Property Management
Property Management in Calgary: Tips for Landlords
1. Understand the Law
Before you begin your journey as a property manager in Calgary, it’s essential to understand the laws involved.
Familiarizing yourself with the Residential Tenancies Act in Alberta and local regulations in Calgary to ensure compliance is a great place to start. Being familiar with your legal obligations will help you provide a safe and habitable living environment for tenants.
2. Tenant Screening
Don’t just seal the deal and hand over the keys to the first individual who shows interest in your property. Keep in mind that a tenant is someone you’ll have to deal with for as long as the contract lasts, and so you want to ensure they’re reliable.
Finding the right tenant isn’t always easy—and it typically requires quite an amount of sifting before the ideal one surfaces. But how do you know if the prospective tenant in front of you is the one you should entrust your valuable property with? That’s where the importance of a thorough tenant screening process comes in, which is a game-changer in helping you avoid low-quality tenants.
As one of the leading property management companies, we recommend looking into their monthly income, credit score, job security, and references during the screening process. Initially, this may seem like a tedious task, but it’s a crucial step that can do wonders in preventing serious issues in the future.
3. Rent Pricing
Let’s face it: reasonable rental pricing plays a huge role in how many potential tenants you’ll attract.
So, how do you find the balance between earning favourable returns and not scaring potential tenants off with a price tag that’s too high?
Beyond looking into the Calgary rental market and setting a price that can effectively compete, you’ll want to research the median household and per capita income for the area as well.
4. Regular Maintenance and Inspections
It’s your responsibility as a landlord or property manager in Calgary to ensure the space offers a safe and comfortable living environment for tenants.
Ultimately, every property requires regular maintenance and inspections so it stays in tip-top shape. It also helps to prevent minor issues from escalating into costly problems in the future.
But don’t just pop up out of nowhere to carry out maintenance and inspections—give your tenants a notice. Whether these will take place on a pre-determined schedule throughout the year or will be more short-noticed, always coordinate with your tenant beforehand regarding these matters. Inform them in advance about how long the process will take. To make it more convenient for them, consider allowing them to select the date so that it seamlessly fits their schedule.
5. Set Reasonable House Rules for Tenants
By setting house rules, it becomes clear to your tenants what your expectations are. This helps to avoid any confusion in the future. From noise regulations to pets and overnight guests, all the rules involving these elements should be clearly stated before they move in.
However, keep in mind that the house rules you set still have to be in accordance with the law. Otherwise, it’ll infringe on their rights and you could end up facing legal action.
6. Clear and Honest Communication
Upholding clear and honest communication helps prevent misunderstandings and conflicts down the line. As a landlord or property manager in Calgary, you have to be proactive in addressing any questions, maintenance issues, or other concerns raised by tenants.
7. Respecting Privacy
Landlords should provide proper notice before entering the property for inspections, repairs, or any other reasons. Establishing clear boundaries and expectations regarding privacy can help maintain a positive relationship between landlords and tenants.
8. Offer Attractive Lease Renewal Terms for High-Quality Tenants
As one of the leading property management companies, we know all too well how challenging it can be for landlords to find ideal tenants—but keeping them is a whole different story.
Losing high-quality tenants means you have to dedicate time, money, and effort to advertising and the screening process all over again. Offering attractive lease renewal terms can inspire your tenants to stay. Whether you’re upgrading the property with better fixtures, giving it a brand-new coat of paint, or even lowering the rental increase rate, there are plenty of ways to boost tenant retention.
9. Provide a Move-in Guide for Tenants
Another essential element of property management in Calgary is proper guidance.
Don’t leave your tenants in the dark about how garbage, utilities, association fees, laundry, or deliveries work in the area. Provide them with a helpful guide as soon as you seal the deal.
10. Insurance
Here’s another aspect of rental property management you wouldn’t want to overlook: adequate insurance coverage for property and liability risks—such as property insurance and general liability insurance.
Property insurance will protect physical assets like buildings and equipment from risks, such as fire, vandalism, or natural disasters. On the other hand, general liability insurance will protect from claims of bodily injury or property damage to third parties on their property.
Equipping yourself with the right insurance policies will provide peace of mind for both you and your tenants.
11. Emergency Preparedness
You can never know when emergencies will arise, but what you can do is be prepared for them
As one of the leading property management companies, we highly recommend having a clear plan in place for emergencies, including a list of contacts for repairs and a 24-hour response system.
12. Financial Management
Property management in Calgary can be quite a demanding pursuit. Beyond keeping the property in check, you’ll also have to keep meticulous financial records for income and expenses related to your property. You might want to consider using professional accounting services to take some things off your plate.
13. Professional Help
Being a property manager in Calgary clearly isn’t an easy feat—but you don’t have to handle all these responsibilities by yourself.
Hiring a property management company is a worthwhile investment—here are all the benefits that come with it:
- If you own multiple rental assets, working with property management companies can eliminate the hassle of having to handle all these accounts. They can do all the heavy lifting for you.
- From advertising your property to collecting rental fees and managing tenant issues—all of these aspects can be extremely time-consuming. Free up your time and eliminate the need for you to handle these hassles when you leave it all up to a property management company.
- If you live far away from your rental property, being a hands-on manager can be tough. Opting for property management companies in Calgary means your assets will consistently be in good hands and that all issues will be attended to right away.
Expert Tips for Tenants in Calgary
1. Read and Understand Your Lease
Don’t sign that lease agreement unless you’ve fully understood it. Outlining the rights and responsibilities of both parties, including rent payment schedules, maintenance responsibilities, and rules for the use of the property, it’s essential that every statement is clear to you so as to avoid disputes and ensure a positive rental experience.
If you feel like there are certain elements that you don’t particularly agree with, don’t hesitate to communicate this with the landlord and they might be willing to make the necessary adjustments.
2. Be Familiar with the Residential Tenancies Act in Alberta
It’s not just landlords who need to be familiar with the Residential Tenancies Act in Alberta—tenants should also fully understand it so they know their rights to fair treatment. By knowing and understanding the laws and regulations governing property management, both landlords and tenants can protect themselves and avoid potential legal issues.
3. Document the Property Condition
Before filling your new space with your belongings, don’t forget to have your camera ready.
Leading property management companies always recommend taking photos and noting any existing damage when moving in to protect your security deposit. Whether you’re moving into apartments for rent in Calgary or other property types, these photos can serve as proof if the need ever arises.
4. Timely Rent Payments
Whether you’re living in apartments for rent in Calgary or other types of properties, don’t underestimate the power of timely payments.
Ultimately, rentals are a business. The fees you pay serve as a source of income for landlords—and everybody wants their income to arrive on time and as agreed upon. Always pay your rent on time to maintain a good relationship with your landlord and avoid penalties.
5. Communicate Maintenance Requests and Other Issues Promptly
Just like how landlords carry out maintenance checks periodically to prevent minor issues from escalating into more costly damage, reporting issues early on can also prevent bigger problems down the line.
As such, make it a point to communicate concerns promptly to your landlord or property manager to have them addressed quickly. Make sure to keep written records of these concerns as well.
6. Respect the Property
Another expert tip from rental property management companies that you’d want to keep in mind is to treat the rental property as if it’s your own.
After all, you are the one who’s currently occupying the space. If its quality deteriorates due to a lack of care from your end, you’d be the first one to be inconvenienced living in a place that’s less than ideal.
Tenants should take good care of the property to avoid damage and potential disputes with the landlord. You don’t want to let them down by making them think they were wrong for trusting you and selecting you through the tenant screening process.
7. Purchase Tenant Insurance
Tenant insurance typically covers personal belongings, liability protection, additional living expenses, and sometimes even medical payments if someone gets injured on the rented property. It can also provide protection in case of theft, fire, or other unexpected events. Purchasing a policy like this will give you more peace of mind during your stay in a rented property.
8. Understand the Process for Lease Renewal or Termination
In Calgary, the required notice periods and procedures for lease renewal or ending your tenancy depend on the type of tenancy agreement you have. For a fixed-term lease, no notice is required if you plan to move out at the end of the term. However, if you wish to renew your lease, it’s common practice to inform your landlord at least one to three months in advance. For month-to-month tenancies, provide your landlord with at least one month’s notice before the end of the rental period if you wish to terminate the lease.
9. Renewal Negotiations
If you’re keen on renewing your lease, start discussions with your landlord well in advance to negotiate terms. Working on this as soon as possible also ensures you’ll have enough time to look for other apartments for rent in Calgary in case you can’t come to an agreement.
Team Up with Us For Seamless Calgary Property Management
Why go through the trouble of property management in Calgary when you can leave it all up to the experts?
For over 40 years, Emerald Management & Realty Ltd. has been the leading property manager in Calgary. For 6 years running—from 2016 to 2021— we’ve been honoured by the Top Choice Awards as the city’s leading provider of top-tier services.
From tenant screenings and maintenance & repairs to collecting payments and resolving tenant concerns, your properties are always in good hands with us.
Learn more about our rental property management services
Ready to watch your properties reach their full potential? Contact us today to get started!
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