Even reliable and effective processes can benefit from a periodic review. Take some time to evaluate how your Kelowna tenants are requesting maintenance and repairs. There may be some changes you can make to inspire more efficiency and accountability. If you don’t have a process in place at all, and you simply respond to repair requests when you get around to it, there’s definitely room for improvement.
Paperwork probably isn’t the most enjoyable aspect of owning rental property. However, it’s a necessary part of investing in Kelowna real estate, and you’ll need to carefully document every part of your process, from evaluating tenant applications to managing leases to tracking income and expenses.
There are a few reliable ways to increase your cash flow and enjoy a more profitable investment experience. Here are a few of our favorite ways to help investors earn more on their rental property.
Preparation, education, and partnerships will help you navigate the process better than anything else. Start with understanding why you’re investing and what you hope to achieve.
It’s an excellent time to be a real estate investor in Kelowna, especially if you’re renting out well-maintained homes in good neighborhoods.
Tenant turnover is expensive. When a resident leaves your property, you’re faced with a temporary vacancy as well as maintenance costs. There are additional expenses, too, such as paying to re-key the property and advertising the unoccupied home in order to find a new tenant.