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
- this is especially important for international students and those leaving home for the first time – detail what is expected and allowed
- Be fair and reasonable
- Keep rent at a reasonable rate & provide reasons for any changes
- Keep in mind student hours can be chaotic
- Students are often challenged financially
- Always discuss a problem with the student before going to their parents
- Be clear with expectations
- Right from the start, outline who does what and when
- Who will pay utilities, take out the garbage, mow the lawn, clean
- When is rent expected? When can you be reached?
- Have written and signed agreements
- Tenants and landlords are governed by the Residential Tenancies Act
- There is no guarantee if there is no contract
- Keep accommodations well maintained
- This will help you advertise
- Expect maintenance/repairs and budget accordingly
- Be a visible landlord
- Keep up-to-date on repairs
- Written notice is required for interior inspections
- Stay informed about laws/by-laws/codes
- Fire code, building code and health code (varies between municipalities)
- Help tenants be good neighbours
- Introduce your tenants to the neighbours when they move in
- Ensure neighbours know how to contact you
- Know your purpose – what is your reason for being a landlord?
- To earn an income?
- For a tax write-off?
- To plan for retirement?
- To fill an inherited property?
- Be positive
- How you approach being a landlord will shape your overall experience
- Student Life & Community Experience Staff located in Mackenzie Chown A-block 204 are here to help. You can stop by in person from Monday – Friday, 8:30 – 4:30 or call 905-688-5550 ext. 3721