Kingsway Townhouse for Rent


on General June 3rd
Brownstone Lane

Brownstone Lane

Upscale property in small enclave of townhomes, beautifully designed and finished, hardwood in main living areas and broadloom in bedrooms. 3 bathrooms, finished basement with gas fireplace. Large deck at rear with walkout from kitchen. One car garage with parking for one additional car. Located close to shopping, good schools and transportation. Call 416-653-2877

5 Things Tenants Tell Us and What They Usually Mean


on Condo, General, Landlord, Property Management, rental, tenant, Toronto May 20th

OK, after 25 years in the property management business, I may be a bit jaded.  However there are some things that we hear over and over again. Here are the most common ones that either make me smile or set off alarm bells.

1. Would the Landlord reduce the rent for a really good tenant?

It seems to be common to think that most tenants are bad tenants.  In reality, most tenants are good tenants. We only hear more about the bad ones. There is not much to tell about good tenants. They pay their rent, respect the other tenants and take pride  in the property they live in.

Some prospective tenants think that by telling the landlord that they are good tenants, they are offering something special to a landlord.  Despite experience and good judgment and credit checks, a landlord never really knows absolutely how good a tenant is until they have moved in and lived there for awhile.

If the rental is a well maintained property in a good rental location it will  attract mostly good tenants.  If a property is poorly maintained it will often attract poor tenants. It’s as simple as that.  Landlords do not have to reduce rent or make deals with tenants if they are offering  quality rentals.

2. My dog never barks.

Most dogs bark. The only exceptions, I’ve seen are dogs that wear ‘no bark’ devices and once one that had been surgically altered (yes,  really). Dogs owners become accustomed to the sounds of their dog and often don’t notice how much they bark.  Often the dog does not bark when the owner is home but when the dog is left alone, every time someone  enters or leaves the property the dog, who wants to be feed of walked or just noticed, starts to bark. Of course, the dog owner does not hear it but everyone else gets to listen.

3. I had to declare bankruptcy but it was my ex’s fault. He/She was the one with the spending problem.

I have to admit falling for this story several times early in my career. In each case, the tenant ran into financial trouble before long and had to be evicted.  Sometimes a prospective tenant  tells me that they did have some problems but they have  sold their house so they have sorted out their problems and will be able to pay the rent without fail.  When someone has just sold their house it does not necessarily mean that they had equity in the home. They may have been forced to sell.   It is always important to do a credit check and make sure there are no credit issues and good bill payment patterns.  Sometimes, this story leads to the next one:

4. I couldn’t pay my rent because I have a sick/dead relative. 

I’ve heard variations of this story countless times and almost with out exception, it’s the beginning of the end of the tenancy.  It’s a story that of course, I have to give the benefit of the doubt to,  but after hearing it so often with the same end result, I have to also consider the consequences of unpaid rent and do my best to mitigate the situation.

5. I’d like to pay my rent in cash

Sometimes when a novice landlord hears this they think that it’s good news: no bouncing cheques! However, this the the story that really sets off alarm bells.  If A tenant wants to pay rent by email transfer that is not a problem. It’s when they ask to pay ask to pay cash because they don’t have a bank account that I get concerned. This can mean that  they don’t have a bank account because too many creditors are waiting to garnishee any money the tenant has in a bank account.  This prospective tenant often shows up near the end of the month in hope of finding a landlord desperate enough to put aside any reservations he may have about poor credit.

Should I rent my house?


on Condo, General, Landlord, Property Management, rental, tenant, Toronto April 2nd
Toronto homes

Should I rent my House?

When you have an opportunity to travel and work in another city, there is  the question of  what to do with your house or condo while you are away. Most of us don’t have the luxury of leaving it vacant and if we do there are costs involved to make sure the house is safe while you are away (see vacancy protection).  Usually the choice is whether to rent or to sell.

You need to be comfortable with the idea of renting your house first of all and  secondly you have to be comfortable financially as well.  If you are  going to lose sleep at night,  fretting about what your tenants are doing to your property you should probably not consider being a landlord. Read more »

Dos and Don’ts for Ontario Landlords


on Condo, General, Property Management, real estate investment, rental, tenant, Toronto March 16th
  • Learn about the Law (Residential Tenancies Act.).
  • The Landlord and Tenant Act supersedes your lease.
  • The most important part of managing your property is bringing in a good tenant.
  • Do a credit check on anyone who is to be on the lease.
  • Make sure the deposit cheque has cleared before signing a lease.
  • No one moves in before the lease is signed.
  • Make sure you keep a set of keys to your property.
  • Have a cushion of at least 3 months expenses in case of problems.
  • Respect your tenant’s privacy, give proper notice.
  • Use the proper forms for notices and read the instructions to make sure you are doing it correctly a small mistake can void the notice.
  • Buy property in locations that will attract quality tenants with good jobs.
  • Respond promptly to tenant issues.
  • Be fair, but hold your ground on unnecessary or unreasonable requests.
  • Keep the property well maintained.
  • Increase rents if the market will bear it.
  • Don’t let your emotions get in the way of acting professionally.
  • Your tenants are not your friends, keep the relationship business like.
  • Don’t rent to friends or relatives.
  • Work with tenants to resolve issues.

Can a Tenant in Ontario be evicted in Winter?


on investment property, Landlord, rental, tenant October 15th

january_There is a common myth that tenants cannot be evicted in winter in Ontario. This is not the case. There is nothing in the Residential Tenancies Act that prevents a tenant from being evicted during the winter months.

If the Sheriff is working the tenant can be evicted.  The sheriff’s office is closed on holidays and often they are not available between Christmas and New Years but otherwise they will evict if you have an order for eviction. Read more »

Choosing good locations for investment property in Toronto


on Condo, General, investment property, Landlord, real estate investment, rental, tenant, Toronto September 30th
Condo for Rent

Brunel Court

Of course, you want to rent your property to the best possible tenants. So we need to look at where tenants want to live and what neighborhoods attract the best tenants.

Lets talk about the majority of tenants first. In Toronto, most tenants are under the age of 35. They are likely single, singles sharing or couples. They are more likely to have a pet instead of children at this point in their lives. These tenants often have a car. They are often young professionals getting started in their careers and many have an active social life. Read more »

To have or Not to Have: The Basement Apartment


on General, investment property, Landlord, real estate investment, rental, tenant, Toronto April 12th

rental houseWhen and where are basement apartment a good idea?

If you are a first time buyer and you want to use the extra income from a basement apt. to help pay down your mortgage, a basement apt can be great.

If you have purchased an investment property in a trendy downtown location that has a basement apt that will attract good tenant then this will also work. The apt is likely close to public transit so parking is not an issue. There will be a choice of tenants applying so you can choose one that has good credit without having the unit vacant for a long period of time.

In these two scenarios that basement apartment can really work for you. Read more »

Interactive Map of Housing Prices in Toronto


on Condo, Landlord, Toronto January 6th

Check out this fascinating interactive map from the Globe and Mail. You can see how housing prices have changed in Toronto Neighborhoods.

http://www.theglobeandmail.com/life/home-and-garden/real-estate/exclusive-how-much-are-homes-in-your-toronto-neighbourhood/article4520994/?from=6929120

 

The Residential Property Management Advantage


on Condo, General, Landlord, Property Management, rental, tenant, Toronto December 3rd

The most important aspect of property management is bringing in a good tenant that will take care of your property and pay the rent on time. If you are not successful in getting a good tenant  it can be a very stressful tenancy sometimes  resulting in extensive damage to the property or months of lost  rent plus the costs of legal fees and eviction. Read more »

Choosing Investment Property that will Attract the Best Tenants


on Condo, Landlord, Property Management, rental, tenant, Toronto November 26th

by Lucille Yates

Once you get past the financial considerations, next is deciding on the location and type of investment property to purchase. The thing to think about is who will your tenant be.  What type to tenant would bring you the best income and would take care of the property?

condo development in Toronto

Downtown Toronto Condos

Often it is the location of the property that attracts a particular type of tenant.  In my experience most tenants tend to be under age 35, often single or couples without children.  These are people starting out in life, they want to live where their friends live.  They want to be close to their work, especially if they are young professionals putting in lots of hours to get established in their field. They want convenience of amenities close  to home.  They often want to eat out so the proximity of restaurants and grocery stores  is important. Read more »