TOP “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”!