How to Be A Successful Landlord!

tips picTOP “10” TIPS FOR SUCCESSFUL LANDLORDS

  • Maintain good communication with tenant(s)
    • Don’t be afraid to discuss concerns or issues with your tenants and encourage them to do the same with you
    • Discussing issues early and directly will go a long way in strengthening the landlord/tenant relations.
    • Communication is particularly important where the student is from another country, or if this is the first time he or she is away from home
  • Be fair and reasonable
    • Keep the rent and any other costs at a reasonable rate – give tenants a reason for any changes you make
    • Tenants hours can be chaotic so be understandable and make sure you keep lines of communication open
    • For some tenants it is their first time in rented accommodation so spell out in fine detail what is expected and allowed
    • Some tenants are challenged financially and are cost and value conscious
  • Be clear with expectations
    • Outline expectations at the beginning of the relationship-who does what and when?
    • Who will pay the utilities, take out the garbage, provide garbage bags/cans, mow the lawn, provide lawn mower, do the cleaning
    • When is the rent expected, is an appropriate time to reach the tenant/landlord
    • What is acceptable behaviour, especially if sharing your home
    • Show respect for your tenants
  • Have written and signed agreements
    • This provides protection for both parties
    • Tenants and landlords are governed by the Tenant Protection Act
    • Boarders are governed by contract law – very important to have a written contract
    • There is no guarantee if there is no contract
  • Have accommodations well maintained
    • Well maintained properties will advertise themselves
    • Expect there to be repairs/maintenance/damage and budget for it
    • Tour the premises at least once during the lease term
  • Be a visible landlord
    • Keeps you up-to-date regarding repairs needed
    • Can make an exterior inspection at any time but must give written notice of interior inspections
    • Keeps the neighbours happy if you are around regularly
  • Stay informed about laws/by-laws/codes/LTB
    • Fire Code
    • Building Code
    • Health Code
    • These codes vary from municipality to municipality
  • Be positive
    • It should be possible to work out problems if you take a positive attitude
    • Being a landlord can be both profitable and enjoyable
    • How you approach being a landlord will shape your overall experience
  • Help tenants be good neighbours
    • Introduce your tenants to the neighbours when they move in
    • Ensure that the neighbours know how to contact the landlord
    • Discuss expectations with tenants and also with neighbours
  • Know your purpose-what is your reason for being a landlord?
    • To earn an income?
    • For a tax write-off?
    • To plan for retirement (or to supplement retirement income)?
    • To provide housing for a post-secondary school student?
    • To fill an inherited property?
    • To create “financial freedom”!