The landlord business is heavily legislated. Landlords have had a more difficult situation during COVID as legislation makes them unable to collect rent or evict tenants.
Difficult situations can be avoided, or at least minimized.
Become familiar with the Landlord and Tenant Board, the standard lease agreement and paperwork required to evict someone.
Have a financial cushion covering the mortgage, condo fees and other costs of at least six months plus legal fees.
Consider a month-to-month agreement rather than a fixed-term lease for added flexibility.
Renting to Tenants
Screen prospective tenants. Look at their income, employment, credit check, references and previous tenancies. Call phone numbers to verify provided information. Google the prospective tenant and their employer to ensure available information matches what appears on their application.
Do the math to confirm their declared income is sufficient to pay the required rent and other monthly costs.
Meet with the applicant in person before determining if they are trustworthy. Visit their current residence to get a feel for how they will treat your property.
Address Problems Immediately
Any late payment is a problem. So is a global pandemic. Immediately reach out to the tenant to work out any required compromise. Serve proper notice in case the tenant fails to pay rent or agree to a payment plan. All agreements and notices should be in writing.
The Condominium Corporation is Watching
Condominium owners are responsible for the actions of their tenants. Condominium corporations have an obligation to protect the rights of its residents so make an effort to be aware of tenants’ actions. Should any problem arise, the corporation will likely reach out to the owner to deal with their problem tenants.
Being a landlord is not a business for amateurs. Obtaining tenants, conducting credit checks, property maintenance, tenant relations, collecting rent, tax documents, and problem resolution make it a complicated business. For those lacking the experience or time, services are available to assist with managing home rentals.