Top 10 tips for successful landlords

  1. Maintain good communication with tenant(s)
    1. don’t be afraid to discuss concerns or issues with your tenants and encourage them to do the same with you
    2. this is especially important for international students and those leaving home for the first time – detail what is expected and allowed
  2. Be fair and reasonable
    1. Keep rent at a reasonable rate & provide reasons for any changes
    2. Keep in mind student hours can be chaotic
    3. Students are often challenged financially
    4. Always discuss a problem with the student before going to their parents
  3. Be clear with expectations
    1. Right from the start, outline who does what and when
    2. Who will pay utilities, take out the garbage, mow the lawn, clean
    3. When is rent expected? When can you be reached?
  4. Have written and signed agreements
    1. Tenants and landlords are governed by the Residential Tenancies Act
    2. There is no guarantee if there is no contract
  5. Keep accommodations well maintained
    1. This will help you advertise
    2. Expect maintenance/repairs and budget accordingly
  6. Be a visible landlord
    1. Keep up-to-date on repairs
    2. Written notice is required for interior inspections
  7. Stay informed about laws/by-laws/codes
    1. Fire code, building code and health code (varies between municipalities)
  8. Help tenants be good neighbours
    1. Introduce your tenants to the neighbours when they move in
    2. Ensure neighbours know how to contact you
  9. Know your purpose – what is your reason for being a landlord?
    1. To earn an income?
    2. For a tax write-off?
    3. To plan for retirement?
    4. To fill an inherited property?
  10. Be positive
    1. How you approach being a landlord will shape your overall experience
    2. 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