As every Landlord knows, being a Housing Provider is both rewarding and challenging. At times, it can feel like a rollercoaster of emotion, as things can go from calm to crisis at any moment. It can be difficult to manage the fluctuating demands of the property, especially with all the other demands in your life.
On a daily basis, we see Landlords that are overwhelmed, discouraged, frustrated and tired. This state of mind can create a downward spiral of procrastination, indecision and indifference, which can damage their relationship with their Tenant and negatively impact the financial performance of the property.
It doesn’t have to be this way!
The most successful Landlords realize that they can’t do it all themselves. They get help with the most critical elements of the rental business by building a team of experienced professionals that can handle any challenge.
Where do Landlords need help the most?
1. Finding high-quality Tenants
Finding a good Tenant is your highest priority as a Housing Provider, but most Landlords don’t have the time, patience or tools necessary to do it properly. This can lead to short-cuts and bad decisions when it comes to choosing a Tenant.
Getting help with finding a Tenant will pay off in many ways. For example, a Property Manager will do the legwork of vetting candidates and present you with the best potential Tenant. This will save you time, effort and the stress associated with finding the right fit for you and your property. A good Property Manager will also stand behind their Tenant selection by offering a guarantee to reduce your risk.
Learn more about our Tenant Screening process HERE.
2. Maintenance and Repairs
Being a Housing Provider means that you’re on-call 24/7 for your Tenants.
As a Landlord, it’s important that you be responsive and proactive when it comes to maintenance and repairs. This can be a challenge for some Landlords, as they might not have the experience or expertise to know what to do, or they may not live anywhere near the property.
Ideally, you should have a network of contractors and trades at your disposal, including:
- A Plumber
- An Electrician
- HVAC Contractor
- Hot Water Tank Technician
- A Roofer
- A Handyman for minor repairs
- Lawn and Garden Contractor
Of course, you can’t predict every issue, but having these contractors at your fingertips will cover 95% of the issues that arise. Another option is to hire a Property Manager, as they already have a network of contractors in place and can respond quickly when the need arises.
3. Doing things “correctly” as a Landlord
What do I mean by ‘correctly’?
Owning a rental property and being a Landlord is a business. You’re offering a product to the market (your rental unit), to solve a need (Housing) in exchange for money (Rent) to a Customer (Tenant). Like any business, there are certain rules, protocols and standards, either real or implied, that must be done correctly for a business to be successful.
This is even more critical in the rental business, as Housing plays such an important role in your Tenant’s life (and all of Humanity for that matter). I would go as far as to say that Housing forms the foundation of our Society.
What should be done correctly?
In our interactions with Tenants:
- Proper and correct Communication
- Responsiveness
- Fairness
- Empathy
Operationally:
- What Notices to serve and how to serve them
- Notice of Entry
- Tenant’s right to quiet enjoyment
- Rent Increases
- Inspections and Fire Safety
- Requirements under the Residential Tenancies Act
Where can you get help?
- Join an online Forum (Facebook)
- Read and understand the Residential Tenancies Act
- Read and understand the Ontario Standard Lease, including the Appendix
- Read the Instructions that are provided with all Notices
- Call Landlord Self-help for advice
- Consult with a Paralegal for advice or representation
- Hire a Property Manager to do all of this for you
4. Legal Representation
Sometimes things just don’t go right. That’s the reality and risk of being a Housing Provider.
When things do go wrong, it’s important that you take swift and correct action, so that the problem doesn’t escalate. For example, if a Tenant stops paying their rent, or has damaged their unit, or has a dispute with a neighbouring Tenant, swift action is needed to correct the problem and hopefully get things back on track.
Depending on the situation, it can be difficult to know what the correct action is. Most Landlords end up guessing and blundering their way through it, which often makes things worse.
The correct course of action in any situation is to not guess, but to get help or advice from someone with experience. A Property Manager can help, but a good Paralegal is also an essential part of your team. Yes, hiring a Paralegal does come at a cost, but it will save you loads of time, money and stress. An experienced Paralegal is invaluable, as they know how to navigate the legal system, to get issues resolved quickly and efficiently.
One other thing to consider: If the issue does go to a hearing at the Landlord and Tenant Board, the Tenant will be provided Duty-Council free of charge. That means that you’ll be pleading your case against an experienced Paralegal. This can put you at a disadvantage as they know the laws and how to navigate the system for the benefit of the Tenant.
Conclusion
Getting help with key elements of the rental business is critical for success as a Landlord. Trying to do everything yourself might save you money in the short-term, but can end up costing you lost time and money and increased stress. Get professional help and keep your rental business on the right track!
