To many, the least attractive side of real estate investing is being a “landlord”. They think they will have to deal with 2:00 am maintenance calls and tenants that destroy the property or don’t pay.
And yes, those things can happen.
It’s important to gain knowledge on your rights and responsibilities as a landlord and if you’re not comfortable taking on that role, you better source a good property manager.
At Junction House Properties we take property management very seriously because we feel it’s important to remember we are providing homes to people (not just housing), but we also want to ensure our investments are being well taken care of and you should too. Our Joint Venture partners appreciate our experience and benefit from not ever needing to talk to a tenant!
If you want to manage your own properties, here are some things you should remember...
In Ontario, you need to know and use the Residential Tenancies Act (RTA) as your guide to all your rights and responsibilities as a Landlord.
Always use the Residential Tenancy Agreement (standard form of lease) and ensure you're covering all the additional terms in Appendix B.
Adhere to Landlord and Tenant Bureau (LTB) policies, rules, forms etc.
Utilize systems to report rental payments through credit bureaus.
Stay informed through local community meetings or rulings regarding housing, short/long term renting changes, and any other by-laws that may impact your business.
Managing long-term vs short-term rentals is very different. Don’t apply the same tactics when dealing with tenants/guests.
For short-term rentals, you have to remember you are in the hospitality business! You are there to serve, be kind and courteous, and over communicate to guests.
Be organized! There are lots of apps you can utalize to help manage tenant information, expenses, maintenance requests and calendars.
Contact us if you'd like to chat more about how we can help you grow your porfolio by managing your properties.