Episode 140 Transcript – Landlord advice

Here’s Mortgage Secrets with your award winning AM730 mortgage expert Jessi Johnson.

Jessi: Hi I’m Jessi Johnson and I’m here inside my brand new condo in Surrey which I currently have for rent. I’m relatively new to the whole world of being a landlord. I had one other property in Cloverdale but we are renting it out as shared accommodation, it’s a little bit different. So it’s my first time renting the entire unit that I’m renting out. To cut to the chase here, these are the does and don’ts of being a landlord.

DO add your email and your phone number on craigslist. I actually made a mistake of not adding my phone number for awhile and I really noticed that I can get many calls, as many as I hoped.

DO pre-screen your clients before driving to location and meet them. Ask them when are they looking to move in and how long are they planning on staying. Do they have a problem verifying references? Do they have a job? What if you want to check their credit? If they have an issue with this, they can so no now, as opposed to down the road where you’re wasting your own time.  

DON’T – Do not wait a day or two to show the property. If somebody contacts you and says “I want to take to take a look”, get out there quickly after you pre-screen and show them immediately. What generally happens that happened to me is someone comes in find the place, they like it and say “we will take it” without looking at the other properties. Don’t put too much content in your ad, I actually made that mistake myself. Aim for at least a one year lease, but keep in mind that 6 months is better than nothing.

You can reach me at firsthomeinfo.ca or jessijohnson.ca
Remember to own your life! Have a great day and now I’ll show you the condo!