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So the day has come: You are a landlord, with a great set of tenants in your investment condo, cheques in your pocket, and the paperwork complete.
Now, you have to be good at it.
No one gets out of bed in the morning planning to phone it in as a landlord, but being a great one—and thus guaranteeing great tenants will want to stay in your rental—is a harder job than most condo entrepreneurs realize. So here are four tips to make sure you end up managing a smooth, trouble-free rental—and not turning into someone's Worst Landlord Ever.
Know your responsibilities
If you've signed that lease, but you haven't read up on the Residential Tenancies Act, the Landlord Tenant Board, or the laws around the landlord-tenant relationship in Ontario, that is your first, most necessary job. It's hard to live up to your responsibilities if you don't know what they are, and a first-time landlord who doesn't even know what they don't know can be just as much of a nightmare for tenants—and the landlord themself—as one who's dedicated to running a slum.
There are buckets of great resources out there for new landlords, coming from every side of the industry: current landlords, property management companies, the municipal and provincial governments, tenant groups, your condo board, and more. Read those resources critically, synthesize the information they give you, and don't be afraid to pick up the phone and use those government resources: Help is often just a phone call away.
Once you know what the landlord's job description is, you can make informed decisions about how to do it. If you look at those responsibilities and find yourself utterly overwhelmed, the next step might be research into professional property management companies. Bringing in a management company is fulfilling your responsibilities, and it's a far better thing to know your own limits and make sure the job's still done right than to try to fake your way through and find yourself in a big mess six months down the road.
Vet your contractors (or property managers, or inspectors)
As the landlord, you're responsible for making sure anything that breaks in your unit is repaired quickly and well—for both your tenants' ability to enjoy the space they're paying for and your ability to keep your investment condo in great shape. Doing due diligence on anyone you pay to manage or work on your property is absolutely key in being a great landlord—and making sure that repairs get done right the first time, instead of ballooning into blame, repeating issues, and potentially taking contractors to small claims court.
Just like you carefully considered your tenants' previous rentals and references, do good research on any contractors, property management companies, inspectors, or real estate professionals who work with you on your investment condo. Unfortunately, the great selection of tradespeople in a large city like Toronto also provides cover for bad apples, sloppy workmen, and contractors who see your inexperience as a chance to jack up their rates, and the damage a bad repair can do to both your unit and your tenant relationship can be expensive and very difficult to fix.
So do it the Holmes on Homes way, and treat everyone you work with on your condo as a business partner—and check their credentials thoroughly before they start. It'll make your tenants love you, save your money, and make sure the repairs or management work you get are built for the long term.
Communicate, communicate, communicate
Nothing is worse from a landlord than silence—especially when the issue is urgent. Being a great landlord doesn't mean 24-7 availability, but it does mean providing updates on ongoing issues, returning calls promptly, and making sure the lines of communication are sound.
Set up an agreed-upon system for your tenants to bring issues to your attention, ask questions, or otherwise get in touch, or for you to likewise check in on things, discuss administrative needs, and more. Decide firmly on a maximum amount of time for a response on either side, and stick to it diligently. Being reliable, available, and informative will make sure your tenants feel secure—and make it much easier for them to meet you in the middle by keeping the same standards and not being afraid to bring small issues to your attention.
It's also important to communicate firmly, yes, but still respectfully with your tenants (and your condo board, and your property manager, and your contractors). People who respect others' needs appreciate being treated with courtesy themselves, and good relationships are built on manners and professionalism. Avoid oversharing your personal issues with your tenants, putting too much of the maintenance work and inspection on them, or getting into power struggles. At the end of the day, the landlord-tenant relationship is a business one; treating it with professionalism is key.
Consider your neighbours
While you're not living in that condo unit, you're still the owner and landlord—and you're still the one who will be accountable to your neighbours and your condo board if your tenants cause problems in the building. Make sure those relationships are ones you keep in mind if a noise complaint, violation of condo board rules, or other issue comes up with your tenants, and keep lines of communication open with your neighbours to stop issues before they start.
A neighbour who knows you, knows you're on the case, and trusts that you can handle whatever comes your way is an asset in your corner when it comes to keeping your property in good shape—and helps prevent trouble down the road in case of problem tenants.
Own your mistakes
If you are new to being a landlord, it is entirely possible you will mess up. Being a landlord is entering a whole other industry, without training or certifications, and hitting the ground running. If you mess up, though, it's crucial—and, bluntly, mature—to own up to those mistakes. Taking responsibility, looking progressively for solutions, and making the choices that reduce impact to the tenants and property first will go a long way to keeping your relationships with your tenants, condo board, and more healthy instead of sending them down the drain fast.
You can't learn from what you don't take responsibility for, and learning is key in any industry.
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Being a great landlord isn't hard work, but it's diligent work—and it pays off. Treat your investment condo like a business, run it like a business, and always be improving, and you'll see good tenants who want to stay, a great property maintenance standard, peace of mind, and a great reputation to bring in the next stellar tenant.
Best of luck DelRentals.com!