3 Tips for Being A Good Landlord

As the economy is preventing more buyers from owning their own home during these unprecedented times, many are turning to rentals for a place to live. Despite facing their own challenges, landlords in Calgary, Alberta are hoping to capture this market. 

Being a landlord is a fantastic side-business to have, because it allows you to make the most out of the property (or properties) that you own. Renting out space to a tenant is an excellent way to pay off your mortgage, make extra money for other endeavors, and keep your property occupied and, hopefully, well looked after. There are downsides to being a landlord too, but here are three tips for renting out your home: 

  1. First you need to make sure that the space you want to rent is habitable. There are lots of building codes and legislation you need to research in order to make sure that you are, in fact, allowed to rent out a space in your home. Remember what a renter would need: a room, access to a kitchen and bathroom, a way to get in and out of the house effectively, a place to park their vehicle, etc. If your current home is not up for the job but you still want to rent, consider buying an investment property better suited to your needs.
  2. Get advice from the professionals! Research other rental listings, or talk to other landlords, to get some quotes on what would be reasonable rent to ask for given what you are offering and what is available on the market. Have a lawyer draw up a renters agreement that you can get renters to sign so that everything is legal and looked after. Bring in professional contractors to fix and clean anything that needs touching up. Hire a photographer to get HQ pictures of the property for your listing. Get everything ready!
  3. Take the time to find good renters. This requires advertising and interviewing! Remember that they are interviewing you as much as you are interviewing them. Be sure to be kind and professional, and you will attract kind and professional renters! This is not a time to settle—follow your gut instinct and find someone wonderful. Be respectful and honest, and your tenants will treat you the same.

Being a landlord can be complicated, but follow these easy steps and it will make the process go smoothly!

(Photo via Canva)

Posted by Ken Richter on


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