How to Be A Successful Landlord!
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”!