The first stage of renting out the unit will be to market the property to potential tenants. In order to appeal to the best tenants, you will need to have an idea of the following:
Decide on a competitive rental rate based on trends in your area. Know when rent will be due, and how you will deal with late payments.
How long will the tenancy last? What will the process be for extending the tenancy? How much notice will your tenants need to give if they wish to terminate the tenancy?
As an Ontario landlord, you are restricted by law from asking for a security deposit. Make sure you understand the legal ramifications of demanding refundable deposits before including them in your marketing material.
Decide on whether your property allows pets, and if it does, which ones. Again, be sure to familiarise yourself with regulations regarding domesticated animals in condominiums.
Include information about the amenities included in your property. This is your chance to make your property shine. Sell the property by listing its various amenities.
Understand your legal rights and limitations regarding access to the unit. Once your tenants have moved in, you will not be allowed to enter without permission or prior notice. It’s important that you keep an eye on the state of the unit, so plan your visits in advance to avoid legal problems.
As the property owner, general maintenance will be your responsibility. Keep track of general repairs that are likely to be needed throughout the year, and follow provincial guidelines regarding rental property safety, including fire drills and alarm tests.
You will also be responsible for emergencies. Draw up a list of local 24-hour service companies for any eventuality. When you receive a frantic call at 2 AM, you will be grateful for your list!
Inevitably, legal disputes will arise in some cases. Do your research and prepare for common landlord disputes. In doing so, you may avoid some of these disputes altogether.
Keep track of your tenants’ notice periods. This way, you will avoid any surprises, and you can prepare to re-market the unit if necessary.
Decide on when your end of tenancy inspection will take place. Make a detailed checklist of which items in the unit you wish to inspect. Come prepared to ensure you know exactly what damage and wear the unit has sustained.
In the unfortunate case of eviction, familiarise yourself with legal requirements and rules regarding when eviction is allowed. If necessary, enlist professional help to ensure you evict your tenants in the appropriate manner.
If you’d like to make the most of your condominium, without all of the hassle and stress, Del Condominium Rentals is here to help. Give us a call at 647-952-3644 or email us at sales@delrentals.com to get started.
Are You Interested in Working With Del Condominium Rentals?
Submit your info below to download FREE eBook and learn more about our services, management cost and more