— Landlord Relief (@LandlordRelief) October 11, 2014
From time to time I have written posts about “Buying and selling rental properties with tenants in them“.
The above tweet references a good article by Toronto Real Estate Agent Josie Stern.
Lots of good “common sense” advice including:
If you own an investment property and you want to maximize its value it’s important you know the law especially because the Residential Tenancies Act is very pro tenant. Also, remember to treat this investment like a business and not get too chummy with the tenants because you may allow emotion to cloud your judgement about rental increases and privileges you may be inclined to give the tenant that can affect the resale value.
Time and time again we list tenanted properties and of course they require tenant co-operation for viewing times and presentation of the property. Many sellers will say “oh my tenant will be very co-operative and flexible because I’ve been so good to them over the years by keeping their rent low etc” only to witness, after the landlord tells the tenant they are selling, an overly uncooperative tenant or one that insists you abide by the letter of the law. Most tenants do not appreciate the possibility of being displaced whether you have been good to them or not so treat it like a business because most tenants assuredly will. Furthermore align yourself with a trustworthy real estate agent who will advice you properly on how to go about maximizing the resale value of your investment.
I recommend the article to you.