Whether you’re a first-time landlord or a seasoned professional, the rental industry is constantly shifting and evolving. This year, you can expect to see rental trends moving faster than ever. In order to stay competitive as an Ontario landlord, make sure you tick everything off an up-to-date to-do list.
Here’s our ultimate 2020 landlord checklist. Ontario property owners have a lot to consider, so we’ve listed all of the important details you will need to consider this year. Remember, many of these details are regulated by Ontario laws – make sure you familiarise yourself with the most recent legalities.
Marketing The Property
The first stage of renting out the unit will be to market the property to potential tenants. In order to appeal to the best tenants, you will need to have an idea of the following:
Decide on a competitive rental rate based on trends in your area. Know when rent will be due, and how you will deal with late payments.
Decide whether your rent rate will include all or some monthly utility bills.
Term of Tenancy
How long will the tenancy last? What will the process be for extending the tenancy? How much notice will your tenants need to give if they wish to terminate the tenancy?
As an Ontario landlord, you are restricted by law from asking for a security deposit. Make sure you understand the legal ramifications of demanding refundable deposits before including them in your marketing material.
Decide on whether your property allows pets, and if it does, which ones. Again, be sure to familiarise yourself with regulations regarding domesticated animals in condominiums.
Parking, Laundry, and Other Amenities
Include information about the amenities included in your property. This is your chance to make your property shine. Sell the property by listing its various amenities.
Your Role During Tenancy
You will need to prepare for the following things during your tenants’ occupation:
Access To The Unit
Understand your legal rights and limitations regarding access to the unit. Once your tenants have moved in, you will not be allowed to enter without permission or prior notice. It’s important that you keep an eye on the state of the unit, so plan your visits in advance to avoid legal problems.
As the property owner, general maintenance will be your responsibility. Keep track of general repairs that are likely to be needed throughout the year, and follow provincial guidelines regarding rental property safety, including fire drills and alarm tests.
Emergency Maintenance and Repairs
You will also be responsible for emergencies. Draw up a list of local 24-hour service companies for any eventuality. When you receive a frantic call at 2 AM, you will be grateful for your list!
Prepare For Disputes
Inevitably, legal disputes will arise in some cases. Do your research and prepare for common landlord disputes. In doing so, you may avoid some of these disputes altogether.
The End of the Tenancy
Extra administrative work tends to fall in your lap upon tenancy termination:
Keep track of your tenants’ notice periods. This way, you will avoid any surprises, and you can prepare to re-market the unit if necessary.
Decide on when your end of tenancy inspection will take place. Make a detailed checklist of which items in the unit you wish to inspect. Come prepared to ensure you know exactly what damage and wear the unit has sustained.
In the unfortunate case of eviction, familiarise yourself with legal requirements and rules regarding when eviction is allowed. If necessary, enlist professional help to ensure you evict your tenants in the appropriate manner.
Put Your Trust In Property Management Company Del Condominium Rentals
As you can see, there are a myriad of things to consider when preparing to rent out an apartment in Ontario. The job doesn’t stop once the tenancy begins. In fact, your duties will likely multiply as your tenants settle in. Not to mention the plethora of complex legal considerations that you will need to wrap your head around.
But, there’s no reason to get overwhelmed by the job. Del Condominium Rentals can simplify the landlord process for you. As Toronto’s leading property management company, we provide a wide range of services.
The Del Condominium Rentals team will market your property, deal with your tenants’ concerns, and handle the tenancy termination. Our expert team will take care of every single detail, including:
- Thorough tenant screening
- 24-hour professional maintenance
- Excellent tenancy agreements
- A knowledgeable legal team to deal with disputes and to ensure you are following regulations
- Necessary repairs to increase the value of your property
If you’d like to make the most of your condominium, without all of the hassle and stress, Del Condominium Rentals is here to help. Give us a call at 647-952-3644 or email us at email@example.com to get started.
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