Looking at how to Rent out your Property? And find a good tenant? Here are our Top 10 Essential Tips for Landlords:

1.  Our #1 TIP is to know the rules BEFORE leasing out your property. Be familiar with the Residential Tenancies Act, Agreement to Lease, and the Ontario Standard Lease. Don’t get caught surprised. Understand your rights AND your tenant’s rights.

2.  Make sure you inform your Insurance Company and have the correct insurance policy in place.

3.  If renting in a condo building, provide the tenant with the Building Rules and Regulations. Make sure any building pet policy is communicated.

4.  If renting in a condo building, make sure management is notified and provided with a copy of the lease.

5.  Understand your full tax advantages. It’s a business…..expenses such as realtor commission, travel, mortgage interest and repairs can be deducted. This is an essential landlord tip! 

6.  Each condo building has a different policy on Min Length of Term for leases ( short term, 90 days, 6months, 12 months). Make sure you are up to date on this.

7. Clean and show your place AS IF your were selling it. The quality of your property will reflect in the quality of tenant that views it.

8. SCREEN all tenant applicants. Even if all documents look good, verify them to be 100 % sure. This is YOUR investment.

9.  Build a professional and business relationship with your tenants. Communication is KEY! The goal is for respect to go both ways so don't just ignore them once you get the cheque. This tip is essential for being a successful landlord!

10.  Have an electrician, plumber and handyman on speed dial. Don't wait for an emergency to come up and have to scramble to find the best people for the job. Build a relationship with some tradespeople beforehand so that you can count on them right away should anything arise.