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How To Be A Good Landlord

To be a good landlord you need to run your rental properties like a business.

You are not a charity! You are not public housing! Don't "feel bad" about increasing rents or issuing N4s. You have provided housing and are owed your rent. Dealing with the LTB is horrible but it's all we got so you just have to make it work, if you can't deal with it hire a paralegal!

But you don't have to be a "slumlord" either. Treat your rental properties like a business and you will make better decisions to ensure the property is properly maintained and you will have a better relationship with your clients (your tenants). Fix issues and deal with people respectfully. If you aren't up for that hire property management (or don't get into active real estate investing!)

You also need to screen your tenants properly and do a full credit check! 📊

It's so important to vet prospective tenants thoroughly and doing a full credit check is a great tool to use. Yes someone may have fell on hard times, gone through a divorce, or had health problems that impacted their employment which is totally fine. If you are happy with their reasoning for unpaid debts doesn't mean you don't have to rent to them, it just means you're going into the rental relationship with ALL the information to make your decision.

We have tenants with not so great credit scores. When we talked to them about it they were open and honest and had plans in place to get back on track. That's what we like to see. People taking accountability for themselves and their past mistakes. It's really more of a "character check" than a "credit check"!

We continue to use SingleKey for tenants to complete a rental application and run the credit check. We like the additional analytics it provides, and we are able to make our decisions with all the facts in front of us.

Being a landlord can be tough and often feels like a thankless job but if you are getting into real estate investing it comes with the territory and you have to be up for it, or hire it out to a reputable property management company immediately!

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