5 common mistakes landlords make

How to ensure good management:
  1. Get familiar with the provincial tenant legislation and understand your obligations and rights.
  2. Find your local trades before you need them.
  3. Create the property plan of action before firming up your offer and ensure the right people are in place to execute that plan effectively.
  4. Accept and embrace the fact that you cannot be a “one man show".

  1. Managing without systems.
Systems are something that very few people talk about. Many of the “gurus” point to how important it is to have a team, but very few talk about the systems needed to create said team and continue to grow.

Your system should encompass:
  1. Tenant communications tracking
  2. Vendor/trades communications
  3. Work-order requests tracking
  4. CRM -- waiting lists and wish lists, current opportunities, current leads etc.
  5. Document management
  6. Bookkeeping and financial management
  7. Joint-venture communications and reporting

  1. Rushing to fill vacancies.
It’s mid-October and temperatures are dropping. Your tenant is scheduled to move out at the end of the month and you don’t have a single applicant in sight. To attract tenants, you decide to relax your ‘normal’ requirements and reduce the rent or skip the credit check. While the costs of carrying a vacant property are high, they are nothing compared to the stress of non-payment of rent, damage to property and frustrating tribunal hearings.

Simple ways to avoid the vacancy pressure include:
  1. Have three months of expenses tucked away in case of a vacancy. This reserve should be contributed to monthly, and should be a part of your initial financial calculations.
  2. Have your ads ready and posted when you receive notice.
  3. Have a waiting list of pre-qualified prospects ready to call.
  4. Ask your tenants and the neighbours for referrals and reward them for a successful applicant.
  5. Get creative and stand out.
LENA GUIRGUIS is a real estate entrepreneur, asset management consultant, coach and author. She is a managing partner at New Venture Solutions, and a co-founder of NV Property Management, a boutique-style property management firm. Guirguis also founded Stilettos & Hammers, an all-women's investment network focused on educating women on how to plan for retirement, manage their cash flow and assist them in the purchase of their own investment properties. Contact her at 800-454-1095 ext. 206 or lguirguis@nvpm.ca
This article was originally published in the October/November 2014 issue of CREW.

read more > 1 2

Are you looking to invest in property? If you like, we can get one of our mortgage experts to tell you exactly how much you can afford to borrow, which is the best mortgage for you or how much they could save you right now if you have an existing mortgage. Click here to get help choosing the best mortgage rate


  • by Ravi D 2017-01-17 12:14:05 PM

    Being aware about how and where things can go wrong when you rent out your house is extremely important. https://goo.gl/D4qj9g lists out the elementary mistakes that most landlords make. Avoiding these simple mistakes could safeguard your property from a lot of damage and safeguard your investment

  • by chakkaravarthy 2017-01-20 11:35:53 PM

    Dear Partner/Associate.

    We have direct and efficient providers of Bank Guarantee (BG), Insurance Guarantees, MTN, Confirmable Bank Drafts, Standby Letters of Credit (SBLC) and Third Party Guarantees. If you are a potential Investor or Principal looking to raise capital, we will be happy to answer any questions that you have about this opportunity and to provide you with details regarding these services.

    Our BG/SBLC Financing can help you get your project funded, by providing you with yearly renewable leased bank instruments. We work directly with the providers of these instruments. Leased Instruments can be obtained at minimal costs to lessor compared to other banking finance options. This offer is open to both individuals and corporate bodies.

    The Financial institution can finance your signatory projects such as Real Estate Development, Aviation Service, Agriculture Finance, Petroleum Importation, Telecommunication, construction of Dams or Bridges and all kind of projects., we fund 100% of the face value of the financial instrument.
    Inquiries from agents/ brokers/ intermediaries are also welcome.

    If you are interested in seeking to raise finance for your business/projects in this way, please contact me for more information.

    Chakkaravarthy Munuswamy

    Contact : Chakkaravarthy Munuswamy
    Email ID: chakkaravarthy.finance@gmail.com
    Skype ID:chakkaravarthy.finance

Get help choosing the best mortgage rate

Just fill in a few details, and we'll arrange for a Mortgage adviser to help you find the best mortgage for your needs

  • How soon do you want a mortgage?
  • Name
  • Where do you live?
  • Phone number
  • E-mail address

Industry news

Submit a press release


Do you invest in commercial properties?