02 May 2012 ~ 0 Comments

Seven Tips for Making your Property Business run Smoothly in Oakville

A rental property business in Oakville can be a sound and profitable venture. However, careful management is required to minimise problems and avoid unnecessary financial losses and administrative headaches.  Here is a checklist of actions every responsible landlord must take.
advice for landlords in oakville

  1. Due diligence: Take great care when screening prospective tenants for your Oakville property. Make sure you check credit history and references properly. Never take short cuts; you will regret it later if you get “the tenant from hell”. If in any doubt – check criminal and eviction records. Always use a written rental application.
  2. Written agreements:  Use a written lease or month-to-month rental agreement to set out the terms of your relationship with tenants including complaints, repairs, notice, landlord access and the like.
  3. Repairs and maintenance: Don’t get behind with routine maintenance on your Oakville property and do repairs when tenants ask for them. If you have good tenants then it makes good business sense to keep them happy.
  4.  Notice before entry:  Know the parts of the Canadian Residential Tenancies Act covering tenants’ rights to privacy. Notify your tenants whenever you plan to enter the rental apartment, and provide as much notice (minimum 24 hours) as possible.
  5. Security: Keep your Oakville property secure. Take steps to increase the security and safety with good lighting and well-kept grounds. If you own a large multi-occupancy block, consider installing a surveillance system.
  6. Hazards: If there’s a hazard such as lead or mold on the Oakville property, you must warn your tenants about it. Landlords are increasingly being held liable for tenant health problems resulting from exposure to environmental toxins in rentals.
  7. Insurance: Make sure you are sufficiently well covered by liability and other property insurance. A good policy can protect you from lawsuits by tenants for injuries or discrimination and from losses to your Oakville rental property caused by events such as fire and storms and or even burglary and vandalism.

More Information

Landlord and Tenant Board

http://www.ltb.gov.on.ca/en/index.htm

Image By: throwthedamnthing 

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