Archive for March, 2016

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.