I want to buy a rental property, but do I have to take its tenants? http://t.co/PYpiiMm8dc – Issue for investors in #Torontorealestate
— Landlord Relief (@LandlordRelief) May 31, 2013
One more post on this important question.
How to raise residential rents in the #Torontorealestate market http://t.co/BPV5so50xE
— Landlord Relief (@LandlordRelief) May 22, 2013
Ontario rental units coming on to the #Torontorentals market after Nov. 1, 1991 are NOT subject to rent control http://t.co/JWZSf4NBfN
— Landlord Relief (@LandlordRelief) May 22, 2013
Part of managing residential properties is to manage rent increases. Rent increases are governed by the Residential Tenancies Act of Ontario.
4 considerations for how to raise residential rents in Ontario and #Torontorentals http://t.co/IDjHXe8z3u
— Landlord Relief (@LandlordRelief) May 22, 2013
The 4 considerations include:
How a landlord can evict a tenant in Ontario http://t.co/wPKKVCgfLr – When #Torontorentals go bad
— Landlord Relief (@LandlordRelief) May 17, 2013
The above tweet links to the Ontario Landlord Tenant Board. It is an excellent summary of the law. Evicting a tenant in Ontario is difficult and requires judgment, common sense and patience. If you follow the principles for how to select tenants you will rarely need to evict one.
Ontario Landlord Lawyer – evictions, mediation, buying or selling a property with tenants, Landlord Tenant Tribunal https://t.co/vdHLib9RTu
— Landlord Law Canada (@Landlord_Law_CA) December 22, 2015
Whenever I speak with a prospective client the question of how to select a tenant comes up. To be clear, tenant selection is the single most important aspect of property management. Once you find a good tenant you must provide good service to keep that good tenant. But, the first step is to find that good tenant. There are two distinct steps:
1. Locate a potential tenant
2. Screen the tenant.
You must learn how to screen a tenant.
Tenant selection is more of an art than a science. You must be flexible and aware. You will get better at this over time. You must recognize that finding a tenant in a small town in Northern Ontario is different from finding a tenant in downtown Toronto. So, after more than 30 years of finding and selecting tenants, here are some of my thoughts about how to select a tenant.
How to find and choose residential tenants in the #Torontorealestate market http://t.co/Ytzl8zFnW8 – Big demand for #Torontorentals
— Landlord Relief (@LandlordRelief) May 16, 2013
Remember: You will solve your problem of finding a good tenant only if you can solve the tenant’s problem of finding a good place to live! You can solve your problem only by solving the tenant’s problem.
Ten Principles of Successful Tenant Selection:
Just had this conversation with a client. Yes, it’s true. Your best rent is not usually your highest rent! I recall a scene from one of my favorite novels. The man was deciding what to offer a contractor. He said:My offer will be his “best offer”. It may not be his “highest offer”, but it will be his “best offer”.
What does this mean when it comes to renting residential properties?
You do NOT want to ask for the highest possible dollar amount for rents.
When it comes to #TorontoRentals the best rent is usually not the highest rent http://t.co/T9VDMPDo90 #Torontorealestate
— Landlord Relief (@LandlordRelief) May 8, 2013
The reasons are: