How to be a landlord

Yes, it is true – anyone can be a landlord. As long as you have the cash to spare, the tenacity to deal with constant challenges and an optimistic attitude, you have what it takes to succeed. However, there are also some more practical tricks you need up your sleeve in order to make being a landlord work for you. In this short blog, we’ll cover some of the basics of renting that will help you succeed.
 
1. Screen all applicants. Do not skip this step – it is necessary to know who is going to be living on your property. You want to know if they have good credit, a steady job and an upstanding character.
2. List all house rules. Present each prospective tenant with a list of house rules that you then attach to the lease upon signing – in that way, no one can claim ignorance after the fact.
3. Be sure to collect on the first of each month. Don’t let a tenant get away with not paying on time, lest it become a habit.
4. Include late fees on lease. Determine an amount for late payments and stick to it!
5. Be organized. Regardless of whether you have one or one hundred rental units, keep a detailed file of all repairs done to the place, the names of all contractors and an account of all payments received.
6. Know when renewals are coming up and make sure that you are on top of them!
 
Bookmark the Landlord and Tenant Board’s website: www.sjto.gov.on.ca/ltb and have their phone number on speed dial!