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Tom Loi - ArticlesTom Loi
Director of RentBin.ca - Free to Post Rental Properties F2j.com - Free Information Resource Directory How to begin your career as a landlordTaking the risk to be become a landlord can be a hard stepping stone. There is no course on it and there is no certification to ensure this career can be successful.
Partially, the reason for this is because being landlord is actually quite easy. Some people have called making money while you sleep. Well, I haven't reached that point in my life, but as I get better, it is really becoming that easy. Top 11 Rules to remember about Renting out Houses - Simple Ideas that work1. In Ontario, the law supports the Tenants. The law protects the tenants because they are the poor ones and the landlords are the rich ones.
2. The most important thing to do is find an honest, ethical tenant. Do not be too anxious to rent out to anyone. Often times, anxious behavior leads to poor tenants and your home gets destroyed. You may believe you can sue the Tenant, but if the tenant has no money, then there is nothing to sue. Know your legal rights as a Renter and LandlordThings to know about the Ontario Residential Tenancy Act
Security Deposit: There are two kinds of security deposit a landlord can collect. The biggest problem with rent raisesThe Ontario Rental Tribunal sets maximum amount a landlord can raise their tenants every 12 months. This amount is often no more than an inflation raise of 2% - 3% of the current rent.
Because the amount is so small, I really don't want bother raising rent on my reliable, responsible tenants.
At the same time, if you, as a landlord request last month's rent as a security deposit, the Ontario Rental Tribunal requires that you pay the interest back to the tenant on it on annual basis. How to keep good tenantsI must be really good at keeping my tenants because my tenants have been with me for may years and the tenants I don't want, have often left within less than four months.
So the advice I am about to offer must have some merit.
First and foremost, I care about my tenants. I care about my tenants because they put their trust in me and accept me as their property manager. I go the extra mile to make sure my tenants are happy with where they are staying and compromise with their needs.
However, o Should a landlord include Cable TV and Internet as part of their rental agreement?One may believe that more services attract more renters. I use to believe that. To me, I thought it would be more cost effective if I manage the Internet and cable for my renters since I knew how to get the best deal. Then, I could increase the rent because I was providing Internet and Cable TV.
I was right in that I knew how to get the best deal, but I was wrong in that it was more cost effective. What is the purpose of a rental contract?Many people believe the purpose of a rental contract is to ensure each party commits to their part of the deal and to find a way to sue each other if the other party fails.
That is NOT the purpose a rental contract. Fact is, the law in Canada is designed such that petty cash lawsuits are discouraged. Often times, you will spend more on the lawsuit than getting the rewards from the lawsuit. Where To Advertize Your Rental Property?As a Landlord, it is Vital to Advertise Your Rental Property in Order to Attract Renters. Now, There are Many Ways to Advertise Such as Newspapers, Internet and Even Word of Mouth. I Will Discuss Each Medium in Detail.
newspaper:
newspaper Has Got to be the Oldest Way to Advertise. Whenever People Read the News, They Tend to Flip to the Classified Ads as Well to See What is Available. so it Might be a Nice Idea to Attract Renters This Way. Should A Landlord Request A Tenant Application FormMy answer is an absolute yes.
Oftentimes, eager landlords ignore the Tenant Application Form to speed up approval process. Fearing the landlord may lose the tenant, if the tenant is asked to fill out an application form, the landlord would close their eyes and assumes the renter is good. How to Find Your Perfect Ontario Real Estate AgentWhat kind of Real Estate Agent suits you best?
Ok, so we can all agree that a hard working, honest, good agent is the kind of agent you are looking for.
Now, the next question would be out of all the honest, ethical agents out there which ones will suit you best?
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