29 November 2011 ~ 0 Comments

Keys to Successful Rental Property Management in Toronto

Canada’s largest city is currently the world’s fourth most livable city, so it’s natural that more people will look for rentals in Toronto.  If becoming a landlord or property manager appeals to you, here’s how to make it a success.

          

To start, read up on Canadian landlord and tenant law as it applies to a Toronto rental. Consult the Canadian Legal Information Institute and do seek professional guidance should you have more questions.  For now, consider the following:

Have reasonable financial expectations – don’t hike up the rent because you then run the risk of pushing out good tenants.

Balance your earnings and effort – if working on your Toronto rental properties has become your second full-time job, use a property management firm to run them.

Have the property inspected – do this before you buy houses for rent in Toronto and you will avoid unexpected expenses later.

Make sure your leases are legal – If you make a mistake on the leases of Toronto rental properties, it will be harder to take a tenant to court for violating the terms.

Verify a tenant’s references and run credit checks – rather than rushing to fill a vacancy, take the time to establish that the prospective tenant is a better option than an empty property.

Join the landlords’ association in your area – it provides a wealth of experience, as well as sample leases, copies of laws and regulations, and lists of reliable lawyers, contractors and inspectors.

Network with lawyers, bankers and tax professionals – this is crucial to increasing your holdings.

Get the right insurance – contact an insurance professional to choose the best package for your rental property.
Create an emergency fund – set aside money for unexpected expenses that are not covered by insurance.  A useful amount to reserve is 20% of the value of the property.

 

More Information

http://www.toronto.ca/

http://www.canlii.org/en/on/onltb/

http://www.ontariotenants.ca/index.phtml

http://www.economist.com/blogs/gulliver/2011/08/liveability-ranking

Image By: JimBain 

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