Your complete guide on how to be a good landlord in Toronto. Or at least, not an awful one!
As a Toronto Landlord, I know that being a good Landlord, does not guarantee you will have a good tenant. However, it is more likely that a good relationship between Landlord and Tenant will encourage a better situation for both parties.
Begin with the Listing Process
Being a good Landlord starts during the listing process. Ensure your Realtor®, who will do the marketing of the suite and process the applications and background checks, understands your perfect tenant. You will need to let the Realtor know if there are any rules for your property or specific requirements that may make one tenant a better choice than another. For example, if there is a No Pet By-law, ensure you are marketing to that audience. If the tenant has a Service Animal, that may be a consideration that is outside the scope of this post.
Do Not Discriminate
Picking a tenant also means you may not discriminate. All you have to go on, initially, is the tenant’s application package. More and more we are seeing tenants provide a biography letting the landlord know about their lifestyle and plans once they move in. This may include: “We love to cook and host game nights with our family and friends.” Or “We work from home and need a quiet home to facilitate our work.”
Host a Key Meeting
When I secure a new tenant, I like to host a “key meeting” where the landlord and tenant meet in person and the landlord provides a tour of the property, highlighting items for the tenant to note. I also provide a welcome package.
Provide a Welcome Package
Your Welcome Package could include the following;
• Copy of Condo Rules
• Keys - my agent provides a key chain for my keys
• Contact List (Handyman, plumber, electrician, concierge, landlord or property manager’s contact details)
• Starbucks gift card or a gift card for the local Coffee joint for $5-10.
How to be a good landlord is critical to the likelihood that your property will be returned in good clean condition when the tenant moves out. Oh, and if the tenant wishes to end the lease early, let them! It is likely rents have gone up and you will make more money with each turnover!