You have a property for rent and you want to find a quality tenant. Where do you start? Finding tenants or renting a property is a multi-step process that involves: Advertising for tenants  Pre-screening tenants The residential tenant application Screening your references Running a credit check Tenants Advertising for tenants Define the type of tenant you’d like to live in your property and write the ad to that tenant, while leaving out exclusive language. The human rights act extends to housing in Canada. If you have a downtown condo, mention the features and benefits most attractive ..read more

When organizing your rental property management, ask yourself, do your tenants know what you want? Do yourself and your tenants a kindness and put it in writing. Giving tenants a copy of your landlord/tenant requirements is the best way to bypass uncertainty and misunderstanding When organizing your rental property management, ask yourself, do your tenants know what you want? Do yourself and your tenants a kindness and put it in writing. Giving tenants a copy of your landlord/tenant requirements is the best way to bypass uncertainty and misunderstanding. You might assume that the people you’ve ..read more

What are Be Smart Forms and how can they help your landlording business? Since December 2022, I’ve been working on getting Sharmane Watt’s  “Be Smart” forms into an editable format and available on my website (www.neldaschulte.com). Now that they’re finally done and available online, I want to introduce you to them, tell you why they’re valuable to you, and give you a link to access them. I’m offering one for free so you can see what a great time saver they are for your landlording business. What are they? “Be Smart” forms are the brainchild of Saskatchewan multi-family landlord Sharmane ..read more

According to the Residential Tenancies Act, How many tenants are too many tenants in one property? As landlords who’ve been in the property management landlord tenant business for many years, we noticed common tenant patterns. Renting properties to several unrelated single occupants (friends), brings a predictable risk of bringing in additional “friends” to reduce costs. Certain cultures consider it socially unacceptable to refuse to allow people from within their community a place to stay. Many newcomers to Canada have large families and low incomes and come from countries where living in c ..read more

How much does it cost to evict a tenant? Let’s start with the background story. Many landlords believe that they’ll find a good tenant if they trust their gut and do nothing else. Often, they’re wrong and end up going through an eviction. The cost to evict a non-paying tenant runs into thousands of dollars of debt, sometimes bankruptcy, and always causes months of stress and strain. Cost to evict a tenant? How can you calculate the cost of eviction for your rental property? Let’s say you charge monthly rent of $2000. and the tenants are responsible for paying the utilities. Eviction Services ..read more

Many landlords are nervous asking for a tenant’s credit score because they’re unsure of how to read a tenant credit report. How is a credit score rated? Credit reports are part of your tenant’s financial picture. In Canada,there are  two national credit bureaus: TransUnion and Equifax. Although the two credit bureaus have separate algorithms for determining credit worthiness, basically, they both rely on five factors to assign a credit score. 35% payment history 30% utilization ratio 15% credit history 10% public records 20% inquiries Credit Score Based on a tenant’s financia ..read more

In Alberta, tenants experiencing domestic violence can terminate a lease early for domestic abuse. Although this isn’t an issue most people like to talk about or deal with, legislation passed in 2016 protects victims of abuse. It’s helpful for landlords need to be aware of the Act and the criteria. In 2016, the Residential Tenancies (Safer Spaces for Victims of Domestic Violence) Amendment Act, Termination of Tenancy (Domestic Violence) Regulation, and amendments to the RTA Ministerial Regulation allowed victims of domestic violence to end a tenancy early without financial penalty if they mee ..read more

Experienced landlords have learned how to save valuable time by knowing what pre-screening questions to ask in a tenant interview. Wise landlords understand how to evaluate potential tenants before booking a showing. Why bother with tenant screening? Pre-screening helps determine whether potential tenants are suitable for your rental property. Why ask pre-screening questions? Let’s say you book a showing with a potential tenant for your furnished, two-bedroom, 500 sq foot, no pets allowed basement suite. When you arrive at your property, five people show up. During the showing, they tell you ..read more

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Why is Alberta Real Estate Investing Smart? Alberta Real Estate Investing is one of most promising provinces for buying rental properties. With its high standard of living, strong economy, and stable political climate, Alberta has become a top destination for investors worldwide. In this article, we will explore five key points that explain why investing in Alberta a real estate portfolio is a wise decision. ·        Investor friendly province ·        Affordability and livability ·        ..read more