It’s not something you hear about in the news, but Landlords have hearts too! With the current economic downturn, people are facing a scary world that threatens our basic needs. People are forced to choose between shelter and food or paying the gas bill, and landlords are not immune to this either. Most have normal day jobs that are just as fragile as everyone else's, but some are in a position to help where they can. Tenants are asking for rent reductions, generally for a couple of months while they get back on their feet. It is not expected that every landlord should reduce their rents, but there are some who can and will. The question is not whether or not you should do this; it's up to each individual landlord. This is something that only you can decide, but how to properly help these people without permanently affecting your income is something to be cautious of.
Should you find that you are willing and able to do what you can to help, be sure to adhere to these rules. In a perfect world, you could just tell your tenant that they can pay $100 less for three months, shake hands, and in three months you would have your standard rent again, but unfortunately this isn’t the case. Its not a perfect world; it’s a paper world that has correct procedures and regulations, but its surprisingly easy and quick to help out your tenants. The easiest method is to offer a "rent rebate." In this case, the tenant pays you the whole amount of their rent, and you pay them back the amount you choose. By using this method the rent paid is still the original amount, thus eliminating you being stuck with low rent in the future.
-- Staff and AdviserToTheAdvisers
Thursday, June 11, 2009
Tuesday, March 31, 2009
Finding a new tenant...
Owner: When checking references on a tenancy applicant, how can I tell whether the previous landlord is legitimate or a friend of the tenant?
LandlordMentor: Ask this question: “Can you confirm the address (with postal code)?”
Owner: I held an open house for my vacant rental unit and eight different people came. How do I pick the right one?
LandlordMentor: You can’t! Open houses are for attracting purchasers, not renters. Schedule only one potential applicant, couple, (etc.) at a time so you can interview them during the showing, watch how they react to the unit, and listen to what they say.
Owner: I schedule suite showings and over half the people don’t show up.
LandlordMentor: When scheduling showings, tell your prospects to phone you about one hour before to confirm and tell them that if they don’t, you won’t show up.
Owner: I give out application forms to tenancy applicants and they either don’t return them or don’t answer all the questions.
LandlordMentor: The application stage is your best opportunity to learn about your potential tenants. Don’t give out the form; instead, sit down with your applicants right after the suite showing and interview them to get all the answers, filling out the form yourself, which they then read and sign.
LandlordMentor: Ask this question: “Can you confirm the address (with postal code)?”
Owner: I held an open house for my vacant rental unit and eight different people came. How do I pick the right one?
LandlordMentor: You can’t! Open houses are for attracting purchasers, not renters. Schedule only one potential applicant, couple, (etc.) at a time so you can interview them during the showing, watch how they react to the unit, and listen to what they say.
Owner: I schedule suite showings and over half the people don’t show up.
LandlordMentor: When scheduling showings, tell your prospects to phone you about one hour before to confirm and tell them that if they don’t, you won’t show up.
Owner: I give out application forms to tenancy applicants and they either don’t return them or don’t answer all the questions.
LandlordMentor: The application stage is your best opportunity to learn about your potential tenants. Don’t give out the form; instead, sit down with your applicants right after the suite showing and interview them to get all the answers, filling out the form yourself, which they then read and sign.
Monday, March 9, 2009
"Green" Apartment Living
Living an apartment does not always lend itself to a green lifestyle. Rules and regulation with large buildings often prevent people from making those decisions that might be beneficial to the environment, but landlords can do their part and make life a little bit easier without much strain on themselves and the building:
1. Many people like to bike to work, but most don’t have a place to store their bicycle. Bringing bikes into apartment units can track in dirt and take up space, and most buildings don’t want bikes left in the hallway or in patio areas. A simple solution is to have a designated bicycle storage area on the main floor or outside. Bikes don’t take up a lot of space and tenants are still responsible for the security of their own bike.
2. Most apartment buildings have at least one garbage can in the entry common area, but few make the effort to put in a recycling bin as well. If there is a recycling bin at the entrance to your building, it will hopefully encourage your tenants to be "green" as well as reduce the amount of garbage you have to deal with.
3. The Cancer Society, Saint Vincent De Paul and Big Brother Big Sister all pick up donations of clothes and household goods, making it simple to have your clothes re- used by people less fortunate. Living in an large building puts a bit of a "kink" in the system as bags of clothing in a common area will become unsightly. A way to solve this problem and promote donations is to designate one day every couple of months that is designated as a "donation day" for a specific cause.
4. Many apartment buildings don't have space for a standard composter, but that doesn't mean your tenants can't take part! The first option for composting in small units is called vermi composting, and yes - it is a bin of worms! This is becoming more and more popular as the bins don't take up much space and it is a very fast way to turn your organic waste into rich soil. The second option is simple; you need a bucket, soil and oxygen... All you will need to do is put two or three tablespoons of rich, moist soil into your bucket, and you are ready to compost! If you choose to compost only natural waste (vegetables, fruit and coffee and tea grinds), simply mix the contents of the bucket (gently) and you will eventually end up with a scent-free compost under your sink.
For more tips and ideas, watch for April/May's "Green" Top Storey.
-- Staff and AdviserToTheAdvisers
1. Many people like to bike to work, but most don’t have a place to store their bicycle. Bringing bikes into apartment units can track in dirt and take up space, and most buildings don’t want bikes left in the hallway or in patio areas. A simple solution is to have a designated bicycle storage area on the main floor or outside. Bikes don’t take up a lot of space and tenants are still responsible for the security of their own bike.
2. Most apartment buildings have at least one garbage can in the entry common area, but few make the effort to put in a recycling bin as well. If there is a recycling bin at the entrance to your building, it will hopefully encourage your tenants to be "green" as well as reduce the amount of garbage you have to deal with.
3. The Cancer Society, Saint Vincent De Paul and Big Brother Big Sister all pick up donations of clothes and household goods, making it simple to have your clothes re- used by people less fortunate. Living in an large building puts a bit of a "kink" in the system as bags of clothing in a common area will become unsightly. A way to solve this problem and promote donations is to designate one day every couple of months that is designated as a "donation day" for a specific cause.
4. Many apartment buildings don't have space for a standard composter, but that doesn't mean your tenants can't take part! The first option for composting in small units is called vermi composting, and yes - it is a bin of worms! This is becoming more and more popular as the bins don't take up much space and it is a very fast way to turn your organic waste into rich soil. The second option is simple; you need a bucket, soil and oxygen... All you will need to do is put two or three tablespoons of rich, moist soil into your bucket, and you are ready to compost! If you choose to compost only natural waste (vegetables, fruit and coffee and tea grinds), simply mix the contents of the bucket (gently) and you will eventually end up with a scent-free compost under your sink.
For more tips and ideas, watch for April/May's "Green" Top Storey.
-- Staff and AdviserToTheAdvisers
Monday, February 2, 2009
No Hearing = Order of Possession
Hooray! No more waiting two to three months to evict the tenant who chooses not to pay the rent. If a tenant doesn’t pay the full rent within five days after receiving a (new!) 10 day Notice to End Tenancy, the landlord can apply for a “Direct Request” Order of Possession. The landlord must submit certain documents that will be reviewed by a Dispute Resolution Officer, who will then issue an Order of Possession in a couple of days, with no hearing being held.
-- LandlordMentor
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