Del Condominium Rentals

Toronto Condo Rentals and Property Management Blog

Everything You Need to Know About Managing a Rental Property

By Leave a Comment

Rental Property

Turning your condo into a profitable rental property is very enticing and appealing to many rental property owners. The real estate market in Toronto and the GTA represents a valuable opportunity for investors to generate significant ROIs from properties they purchase and rent.

But being a landlord requires a lot more expertise than being a property owner. There are many things that you’ll need to consider if you want to do it right. The idea of sitting back and collecting rent payments may seem easy, but there are a lot of moving pieces you need to be aware of.

And if you decide to self-manage your property, you’ll want to be familiar with all of these factors. Here are just a few of the most important things that go into managing a rental property:

Tenant Management

Your tenants are the people who pay you rent every month. If you want to profit, it’s essential that you find long-term, suitable tenants who will respect your property and treat it as their own. This means that marketing your condo in the right places and screening tenants is a very important process that requires time and knowledge.

After finding suitable tenants, you will need to regularly communicate with them and make sure you collect rent at the start of every month.

Tenant management is a very important, ongoing job that can be difficult and stressful for landlords. Remember to keep your relationship professional, provide any essential services as required by the law, and minimize disruptions by being attentive to their needs.

Knowing the Market

Understanding the rental market that you are in is an integral part of making the most out of your rental property. Deciding on a rental price and what’s to be included is a major decision you’ll need to make even before listing your rental and talking to potential tenants.

You should ensure that there is a market for your property and that it is rented quickly. However, you also want your investment to be profitable based on the time, effort, and resources you’re putting into it. Knowing the rental market is a big part of owning a rental property.

Property management companies often help you get more value out of your property because they understand market rates, what premium features drive additional revenue and more.

Property Maintenance

Property maintenance and repairs to damages are something that you will have to deal with eventually. After all, wear and tear are unavoidable.

Staying on top of repairs, potential damage, and everything else is an ongoing job. You’ll need to be ready when the time comes and be prepared to act quickly. This means having preferred contractors readily available, resources to carry out the repairs, and the right protocols in place to avoid invading your tenant’s personal space.

Regular check-ins and renovations are an important part of lessening the cost of things and can directly impact the profit you earn from owning a rental property.

Understanding the Law

Tenants have rights, and so do you. Understanding and enforcing the law is something that should never be overlooked when managing your own rental property. It could end up in major penalties and the need to pay large legal bills eventually.

It can take someone a long while to get a solid grasp on the legalities surrounding renting out a property so they can be sure to follow them. On top of this, the rules are constantly being changed and amended, so it’s an ongoing process for the property manager to stay on top of it.

Accounting

Just like any business, it’s important to keep proper records and manage the property’s finances. Saving money for maintenance, paying fees associated with the property, and keeping track of everything is another job that will take up a good chunk of time for the property manager.

If there ever was an issue with a tenant and they sought legal help, you would be expected to have kept records of things in association with your condo and the tenants. By not keeping records, you are taking a huge risk that could come back to haunt you down the road.

Del Condominium Rentals – Reliable Property Management You Can Count On

Self-managing your own property is a big job that should not be taken lightly. If you have a full-time job or manage multiple properties, you may struggle to do the job effectively and efficiently.

That’s why so many people seek the help of a property management company like Del Property Management. We have over 30 years of experience working with our clients throughout Toronto and the GTA.

Let Del Condominium Rentals simplify the landlord experience for you. We can help you find tenants, maintain your property, and keep you in good standing with your condo association.

Are you interested in learning more? Get in touch with the Del Condominium Rentals team today by emailing sales@delrentals.com or calling us at (647)-952-3644.

Are You Interested in Working With Del Condominium Rentals?
Submit your info below to download FREE eBook and learn more about our services, management cost and more


Tips for Following Health and Safety Standards in Your Rental Property

By Leave a Comment

While owning a condominium in the GTA can be a lucrative business investment, there are a vast number of province-wide regulations that you need to follow when you lease your rental property. Some of the most important laws to be aware of are those that relate to the health and safety standards for all rental properties in the GTA. 

Failing to comply with these rules can get you into serious legal and financial trouble. We’ve put together a set of useful tips that are designed to help you follow these regulations—so you can reduce your risk and turn your property into a powerful investment tool.

Keeping the Property in Good Repair

The Residential Tenancies Act (sometimes known as the RTA) states that landlords in Ontario are required to follow certain guidelines for the health and safety of their tenants. The most important regulation, and the one you are most likely to come across as a landlord, is that the property must be kept in good repair. 

This means that it is your legal responsibility to repair any damage caused by reasonable wear and tear for your tenant’s safety. This can include: 

  • Replacing broken appliances. Be sure to check the lifespan of all of the appliances in your rental unit. Most appliances have a lifespan of around ten years. However, this can vary. Do your research before an appliance breaks down. 
  • Fixing leaking faucets. Leaking faucets are a matter of safety for your tenants as water leaks can lead to dangerous and expensive mould build-ups.
  • Repainting walls with peeling paint. Peeling paint poses a health danger as it can create lead-contaminated dust.
  • Dealing with clogged pipes and drains. Clogged pipes can also create an unhealthy atmosphere in the home. If left untreated, they can also damage your property.
  • Providing a suitable supply of utilities. Unless it is specified in the lease, you cannot start charging for utilities. 
  • Maintaining clean and hazard-free communal areas. As the owner of the entire building, you are responsible for keeping areas like the garage and communal hallway clean and free from hazardous materials.
  • Preventing and removing pest and insect infestations. You may be surprised to learn that pests and insects are also your responsibility—however, if your tenant reports an infestation, it’s your job to hire a pest control company. 

All of these responsibilities are in place to ensure your tenants live in safe and healthy conditions. It’s important that you are aware of which repairs and utilities you are responsible for to avoid the legal repercussions that come when you fail to comply. 

It’s always best practice to stay on top of your repairs and maintenance in order to keep your property from falling into a state of disrepair. If you are new to being a landlord, you may be surprised at how quickly “wear and tear” can occur. For this reason, schedule regular inspections where you can keep an eye on what is safe in the unit and what is not. 

The Most Common Legal Repercussions 

When you fail to keep your rental unit safe by neglecting any of the issues mentioned above, you can quickly run into legal difficulties. 

Here is what you can expect to occur when you don’t maintain healthy living standards for your tenants. 

  • After issuing a letter to you, the tenant can contact the Property Standards department. 
  • An inspector will make an appointment and order the necessary repairs with a deadline.
  • If you fail to comply in time, you will be fine or event charged with an offence.

It’s important to note that even if you do comply, the tenant can apply for an abatement of rent until the repairs are made, so you may lose your rent money until the home is safe and healthy. Be careful to request the official documentation proving that your tenant has applied for this abatement in an official capacity. 

Del Condominium Rentals: Helping Landlords in the GTA

Staying on top of your property’s compliance with health and safety standards is both a time-consuming and an incredibly important part of your landlord duties. If you fail to stay on top of the crucial repairs listed in this article, you may find yourself in legal trouble for failing to ensure the health and safety of your tenants.

That’s where we come in. At Del Condominium Rentals, we offer a full range of property management services. We shoulder the burden of repairs, rent collection, tenant screening, and more—so you can sit back and wait for your monthly rent cheque. 

Find out more about our services or contact us at 647-952-3644 or by emailing sales@delrentals.com
Are You Interested in Working With Del Condominium Rentals?
Submit your info below to download FREE eBook and learn more about our services, management cost and more


About Del Condominium Rentals

Del Condominium Rentals (DCR) is a full service rental management company. For more information about our program and how to have your suite professionally managed, please contact our Head Office at 647-952-3644 or email us at sales@delrentals.com

Recent Condo Rentals Post

Condo Rentals Tags

apartment appliance cleaning Best Property Management Best Property Management Company cleaning Condo condo cleaning Condo Furniture Condo Garden Party Condo Living condo management condo management company Condo Party condo property management Condo Rentals decorating condo energy Energy Conserving green moving Holidays Investment Condo Landlord Late Rent Payments living green Long Term Rentals maintenance Moving Moving Day Moving Day Tips Moving Tips professional property management company Property Management Property Manager Rental Income renting a condo Renting Apartment Renting Condo Renting Investment Property Renting Toronto Short Term Rentals Tax Time tenant screening tenant screening process Toronto Toronto Condo Rentals