In today's challenging rental market, a landlord's readiness to rent out their property is crucial. Many individuals are struggling to find affordable and decent housing, making the role of a landlord akin to a public service.&nbsp;Are you a landlord with a vacant property? If your rental property is sitting empty and costing you potential income, here are some practical tips, sprinkled with real-life examples, to help you avoid prolonged vacancies and protect your profit margins.1. Landlords must budget for void periods from the very start.Vacant periods are inevitable, so it's essential to budget for these times from the outset. If you rely on the rental income to cover a buy-to-let mortgage, having a contingency plan is crucial. Ensure you have a reserve fund to cover at least one month's rental income, helping you stay financially stable during tenant turnover.Take, for example, Sarah, a landlord in Toronto who set aside three months' rent in a contingency fund. When one tenant unexpectedly moved out, Sarah had enough saved to cover her mortgage payments without stress while she found a new tenant.&nbsp;2. Get your property insuranceConsider investing in Landlord Insurance that covers rental income loss from vacant properties. These policies can mitigate financial strain during unoccupied periods. With the changes in insurance policies since the pandemic, shop around and compare deals to find the best coverage. Some insurance companies may offer specialized policies for specific types of rental properties, such as Airbnb rentals or commercial properties. It’s important to note that while landlord insurance is not mandatory in Ontario, it is often required by mortgage lenders and can provide financial protection for landlords in the event of property damage, liability issues, or loss of rental income.&nbsp;The cost of landlord insurance in Ontario can vary depending on factors such as the type and value of the property, the number of tenants, and the level of coverage desired. On average, the cost of landlord insurance in Ontario can range from around $350 to $1,500 per year, depending on the specific policy and provider.3. Maintain Your Property in Top ConditionTake advantage of any vacant periods to refurbish and redecorate your property. Address maintenance issues, upgrade utilities, and ensure the property is in excellent condition to attract potential tenants. You should inspect the property regularly to avoid problems like mold or water damage from leaky pipes. &nbsp;Regular inspections can help you catch problems early, such as mold or water damage, which can be costly if left unchecked.For instance, John used the downtime between tenants to install a new energy-efficient heating system and modernize the kitchen. When prospective tenants visited, they were impressed by the upgrades, and John was able to rent out the property quickly at a higher rate.&nbsp;4. Ensure Your Property’s SecurityEmpty properties can attract unwanted attention, leading to theft or vandalism. Even if you are renting out the property unfurnished, appliances and fittings, such as copper wire piping, can attract the attention of thieves if it’s obvious the home is empty. Vandalism and arson can be an issue, as can having your home occupied by squatters. Secure your property by changing locks after each tenancy, using light timers to give the appearance of occupancy, and visiting regularly to check for any issues.&nbsp;Lisa, a landlord in a bustling neighborhood, started using&nbsp;<a href="https://www.rifo.com/home-tech">smart home devices</a> that allowed her to control lights remotely and monitor her property through security cameras. This not only deterred potential intruders but also reassured prospective tenants about the property's security.&nbsp;While securing your property is crucial, it's equally important to respect tenant privacy. Installing cameras in private spaces, such as bedrooms or bathrooms, is a serious invasion of privacy and is generally illegal. Even placing cameras in common shared spaces, like living rooms, can be problematic if not handled properly.For example, James, a landlord in a shared rental property, considered installing a camera in the common living room to monitor security. However, he realized this could make tenants uncomfortable. Instead, he opted for security measures at entry points and exterior cameras. James found this approach respected his tenants' privacy while still providing a sense of security.The key is to communicate clearly with your tenants about any security measures you plan to implement. Ensure that any cameras installed are only in public areas where privacy expectations are lower, such as entrances or exteriors. Always get tenant consent and be transparent about the purpose and location of any surveillance equipment.5. Become a member of a Professional Landlord’s AssociationFor example, being a member of&nbsp;<a href="https://ontariolandlords.org/">Ontario Landlords Association</a> offers many key premium services for professional and small business landlords. Access to professional landlord community resources, education and discussion boards, Credit Check Center, Rental Kit Centre, Criminal Check Centre, Insurance Center, Discount Center, legal resources and specialized services, are all made available to members of OLA. Highly recommended!For a one time registration fee a landlord gets access to credit checks for as low as $10 with the leading background screening companies in Canada, which enables landlords to run multiple checks to find the best applicants for their rental properties. Needless to say that it is worth spending time and money carrying out reference and background checks on the tenant before signing an agreement. These checks will hopefully reduce any future issues that may arise. We have all seen stories in the media about landlords falling on hard times and event losing their properties due to tenants skipping on rental payments.&nbsp;6. Using a professional real estate agent is a great idea.A good real estate agent can help you avoid having a vacant rental property in the first place by speeding up the time it takes to find the right tenant, so shortening the interval between lets. A property management company can manage and maintain your property. Consider hiring a property management company for advice too. They are knowledgeable in the property market and local area. Choose yours wisely, getting at least three valuations and checking out their track record with properties like yours.A competent real estate agent can significantly reduce the time your property sits vacant by quickly finding suitable tenants. They offer valuable market insights and can manage and maintain your property efficiently. When selecting an agent, get multiple valuations and review their track record with similar properties.A real estate agent can connect you with a great local home staging company, like&nbsp;<a href="https://www.artsystaging.com/?trk=article-ssr-frontend-pulse_little-text-block">Artsy Home Staging</a> in Markham, ON. First impressions matter. Ensure your property is clean, well-maintained, and attractively presented. Convenient well-appointed living space, accent furniture pieces will help showcase your property in the best light. &nbsp;7. Above all, keep your tenants happy!The best way to avoid the voids is to ensure your tenants stay for the long term. Keep your tenants happy by being a good communicator. So, how do we make tenants happy?&nbsp;By being competitive on rent. Obviously! Do some research on other rental properties in the local area and market your property at the right price levels. Double-check with your property management company too. If the rent is too high, you may find it difficult to find potential tenants.Respond to questions&nbsp;from the tenants promptly and ensure all repair issues are addressed.&nbsp;Consider allowing Pets.&nbsp; One comment we always hear is that finding pet-friendly landlords is difficult, so allowing pets could help you fill your rental more quickly. Tenants with pets also tend to rent for more extended periods, providing a more stable rental income.Consider Jane, an Etobicoke landlord who allowed her tenants to keep their adorable cat, Whiskers. Jane found that tenants with pets often formed a more personal connection to the property and were more inclined to treat it as their own home. Whiskers’ family has been living there happily for over two years, and Jane's property has never been vacant for more than a week between tenants.Then there's Tom from Markham, who rented his apartment to a young couple with a friendly golden retriever named Max. The couple was ecstatic to find a landlord who welcomed pets, and they showed their appreciation by maintaining the property impeccably. Max even became a hit with the neighbors, creating a positive community vibe that attracted more potential tenants to the building.By allowing pets, you not only fill your rental faster but also foster a more welcoming and stable living environment.&nbsp;Charging a pet deposit can be a reasonable practice to protect your property against potential damage caused by pets. Many landlords and property managers implement pet deposits to cover any extra cleaning or repairs that might be needed after tenants with pets move out. Key principles for success:Fairness and Transparency: Be upfront with tenants about the pet deposit and any additional pet-related fees. Clearly outline these charges in the lease agreement to avoid any misunderstandings.Local Laws and Regulations: Ensure that the pet deposit complies with local laws and regulations. Some places have limits on how much you can charge for a pet deposit or specific rules about handling pet-related damages.Non-Refundable Fees vs. Refundable Deposits: Decide whether the pet deposit will be refundable or non-refundable. A refundable deposit can be returned if no pet-related damage occurs, whereas a non-refundable fee typically covers additional wear and tear.Reasonable Amount: Set a reasonable amount for the pet deposit. Charging too much might deter potential tenants, while charging too little may not cover potential damages. A common practice is to charge an additional month's rent or a fixed one-time amount, such as $200-$500, depending on the type of pet and property.Charging a pet deposit can benefit both landlords and tenants. It provides landlords with financial security and peace of mind, while tenants can enjoy having their pets without worrying about unexpected costs at the end of their lease.These are some of the steps that property owners can implement for a steady rental income.While vacant periods are a part of being a landlord, careful planning and a proactive approach can minimize their impact. Maintain a contingency fund, keep your property in excellent condition, and work with professional agents to ensure a steady stream of tenants.&nbsp;And remember, embracing pet-friendly policies can be a win-win for both landlords and tenants, fostering a welcoming and stable living environment. With the right balance of security and privacy considerations, you'll not only fill your rental faster but also create a positive and vibrant community that everyone will love being a part of. Here's to happy tenants and prosperous rentals!&nbsp;Good luck!&nbsp;

Being a Great Landlord 101: How to Avoid Vacant Properties?

Learn how to minimize vacancies and maintain a healthy rental income with these practical tips for landlords from RIFO experts 

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