Just like other individuals, landlords need some time off from their daily responsibilities taking some vacation days to rest and reset. However, unlike corporate 9 to 5 employees with scheduled vacation periods, landlords must take certain precautions and prepare before vacation to ensure the smooth operation of their rental business. These are our recommendations to make sure your property and tenants are cared for while you’re enjoying your vacation.
Landlords on Vacation: Our Recommendations to Prepare For Your Time Off
1 – Designate an Emergency Contact
Appoint a reliable person as an emergency contact who can address urgent issues in your absence and ensure your tenants have this person’s contact information before leaving.
Give your temporary replacement all the information they need regarding the property’s current state, a basic overview of laws and regulations, tenant communication guidelines, emergency protocols and your contact information while you’re on vacation.
2 – Review Insurance Coverage
Confirm that your landlord insurance is up-to-date and provides adequate coverage. Notify your insurance company about your absence if necessary.
3 – Secure Important Documents
Gather your property’s essential documents, such as lease agreements, insurance documentation, contractors’ contact information, and emergency procedures, well-organized and easily accessible. This will be helpful for your designated contact.
4 – Notify Tenants in Advance
Inform your tenants about your upcoming vacation well in advance. Provide them with your designated emergency contact information if they need immediate assistance during your absence. Remember that incidents may happen, and it’s important that your tenants have someone to assist them while you’re unavailable to maintain a good relationship with them and ensure your property is safe.
5 – Let Your Contractors Know
If you have a list of trusted service providers that handle regular or emergency repairs on your property, let them know of your absence, just like your tenants. Give them the contact information of your designated emergency contact so they can coordinate a service or repair while you’re away.
6 – Handle Maintenance and Repairs
Address any maintenance issues or repairs before leaving. Schedule a site visit and discuss with your tenants if there’s anything they need regarding the property, and take care of the issue before your vacation to keep the peace of mind that the property is in good condition.
7 – Document Your Property Condition
Take photos or videos of the property’s current condition when you visit your tenant and share them with your emergency contact. This documentation can be invaluable if any conflict arises about the property’s state during your absence.
8 – Automate Rent Collection
Set up an automated rent collection system if you haven’t already. This ensures that rent payments are received on time even when you’re not physically present.
By following these preventive steps, independent landlords can have their much-deserved vacation stress-free, knowing that their investment is taken care of.
A Shortcut to a Stress-Free Vacation
Landlords working with a property management company can rest assured that all these tasks will be handled by professionals overseeing their property. Knowing that your investment is in the hands of knowledgeable staff is the best way to enjoy your vacation at 100%. If you’re a Calgary landlord and plan to schedule your vacation time soon, start the prepping process and contact us.
