My dad/mom have 2 residential rental properties and a commercial property here in Ontario and one in the Bahamas (for people to rent while spending extended time there. This will become his retirement home for 6 months of the year soon).
He has an air tight lease and screens his tenants very well and he hasn't had a problem in the 30 years he has been doing it.
He is also good too... If the people take care of the house and this is witnessed on his bi-annual inspections he gives them 1 month out of the year rent free and usually in December when cash is tight around Christmas. It isn't written in the lease but a verbal agreement to the tenants when he gives them the keys, to assure the property is looked after.
The other thing he does is he has a list of contractors that he has an agreement with so should something happen at 2am like a pipe leak etc. They can call him and he will call the contractor and have them come fix it within 24 hours or faster depending on how severe the problem is. Usually is minor. Sometimes he will get the tenant to fix it if it is minor and just pay for the parts and a few bucks for the tenants time. They are appreciative and so is my dad/mom.
He will also send them a Goodie Basket during the Holiday Season as a "Thank You".
Sure it costs him a little bit to do all this but he has 0 aggravation and has never had to repair the houses or cash a security-deposit cheque. The 1 Month free rent is figured into the rent anyways so it doesn't really cost him more than a fruit basket and some repairs here/there. The houses (In Ontario) are both paid for now and have almost doubled in value.
He also only rents to couples or families... No students, No bachelors etc. unless they can provide a list of references from other properties that check out.
In one house we have had a Mexican family living there for almost 8 years. They are really nice people. The house is extremely well looked after and clean and the outside is so well manicured you could call them "Grounds" or turn it into a mini golf-course. They really take pride in the house... Because they have been there so long and do such a good job my dad hasn't raised the rent at all in those 8 years even though the property taxes, Hydro & Gas took huge jumps in that time.
He has an air tight lease and screens his tenants very well and he hasn't had a problem in the 30 years he has been doing it.
He is also good too... If the people take care of the house and this is witnessed on his bi-annual inspections he gives them 1 month out of the year rent free and usually in December when cash is tight around Christmas. It isn't written in the lease but a verbal agreement to the tenants when he gives them the keys, to assure the property is looked after.
The other thing he does is he has a list of contractors that he has an agreement with so should something happen at 2am like a pipe leak etc. They can call him and he will call the contractor and have them come fix it within 24 hours or faster depending on how severe the problem is. Usually is minor. Sometimes he will get the tenant to fix it if it is minor and just pay for the parts and a few bucks for the tenants time. They are appreciative and so is my dad/mom.
He will also send them a Goodie Basket during the Holiday Season as a "Thank You".
Sure it costs him a little bit to do all this but he has 0 aggravation and has never had to repair the houses or cash a security-deposit cheque. The 1 Month free rent is figured into the rent anyways so it doesn't really cost him more than a fruit basket and some repairs here/there. The houses (In Ontario) are both paid for now and have almost doubled in value.
He also only rents to couples or families... No students, No bachelors etc. unless they can provide a list of references from other properties that check out.
In one house we have had a Mexican family living there for almost 8 years. They are really nice people. The house is extremely well looked after and clean and the outside is so well manicured you could call them "Grounds" or turn it into a mini golf-course. They really take pride in the house... Because they have been there so long and do such a good job my dad hasn't raised the rent at all in those 8 years even though the property taxes, Hydro & Gas took huge jumps in that time.
