Top Tips for Success as a Canadian Landlord

Being a landlord is a highly rewarding career that enables you to interact with a wide range of people and build a strong investment portfolio that ensures your long-term financial stability.

Landlord regulations and expectations vary from country to country. It’s important to be aware of the best practices to follow as a landlord in Canada to ensure you can provide the best service for your tenants and build a strong reputation in the industry.

Whether you’ve invested in properties across Toronto, Etobicoke, or Scarborough, you can follow the top tips we’ve discussed below to maximise your success as a landlord. 

Work with a Property Management Company

Whether you need a landlord property management in Downtown Toronto or Vancouver, working with a team of experts can make your life much easier as a landlord. You can work closely with a group of professionals who know exactly how to handle every aspect of commercial real estate property management.

Your chosen property management company will streamline your tasks using specialised software and well-versed techniques. They can take over the tenant screening process and handle any pressing issues with your properties, such as late payments, broken appliances, or structural damage.

Working with a property management company reduces your stress and frees up some time in your busy schedule so you can focus on other aspects of your business, such as investing in further properties or strengthening your landlord-tenant relationships.

Perform In-Depth Tenant Screens

Tenant screening processes are essential for finding the most reliable and trustworthy tenants for your rental properties. Whether you perform these checks yourself or outsource this task to a property management company, your screening process can identify the best tenants and streamline the contract-signing process.

Tenant screening involves performing background checks to identify whether potential tenants have the finances available to pay their monthly rent for the duration of their contract. You should also perform criminal checks to ensure your tenants are trustworthy and genuinely good people.

Purchase Landlord Insurance

In many areas of Canada, having insurance as a landlord is mandatory by law. You will need to purchase insurance before you can accept any tenants into your properties to protect yourself financially and legally.

Consider also purchasing property and contents insurance. This is particularly beneficial if you rent furnished properties, as you can protect your belongings from damage caused by tenants, whether this damage is accidental or purposeful. Landlord insurance protects you from financial losses associated with damage to your rental properties or unpaid rent. If you run into trouble with one of your tenants, you can file a claim with your landlord insurance provider. Your provider will assess your claim and may offer to cover the costs of repairing property damage or lost rental income to reduce your financial strain and stress.

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