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Install coin-operated laundry machines, which are cost-comparable to local laundromats.
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Install energy saving lights in all areas where you pay for hydro.
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Make sure all bathroom fans area at least 75 CFM.
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Direct wire smoke detectors wherever possible.
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Install motion detector/timing on exterior lighting.
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Replace plastic flex vent with metal flex vent for dryer.
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Keep fire extinguishers handy in the laundry room and the kitchen.
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Keep accurate records on smoke detector inspection and changes.
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Inspect your investment regularly (add it into the lease). Do a weekly drive by to check for garbage, windows, doors locked. Go inside every 6 months to ensure all is in order. It is your investment – use the premise to check smoke detectors, etc.
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Make all necessary repairs quickly.
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Be aware of illegal drug use if any by the tenants. Report it.
Know what to say, do, and look for when leasing your investment:
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When showing your property, take note…did the prospective tenant remove his or her shoes?
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Never discuss the personal lives of other tenants.
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Check spellings…if the name is misspelled, the agreement is void.
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Do not make the lease inclusive (lights will be left on).
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You cannot legally discriminate against smokers, but you can say non smokers preferred.
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Do credit checks. Ask if they are working, for how long, and the last place of residence. Get the name and phone number for past landlords.
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Never give rent discounts for paying on time.
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Avoid hassles…don’t use a guarantor when renting to students. Instead, get parents to sign the lease.
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Have tenants initial each section of the lease to ensure they understand the entire agreement.
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Don’t let tenants paint the home/apartment. Keep a common colour throughout.
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Make sure tenants have content insurance – ask tenants to initial this clause and request a confirmation letter from the insurance company each year.
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Keep accurate records of everything tenants have done and all complaints.
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Consider joining a local property management association (in London, the London Property Management Association)
