{"id":7639,"date":"2018-01-12T08:15:03","date_gmt":"2018-01-12T08:15:03","guid":{"rendered":"https:\/\/www.canadianrealestatemagazine.ca\/thinking-of-becoming-a-landlord-heres-what-you-need-to-know\/"},"modified":"2023-10-24T03:57:03","modified_gmt":"2023-10-24T03:57:03","slug":"thinking-of-becoming-a-landlord-heres-what-you-need-to-know","status":"publish","type":"post","link":"https:\/\/www.canadianrealestatemagazine.ca\/news\/thinking-of-becoming-a-landlord-heres-what-you-need-to-know\/","title":{"rendered":"Thinking of becoming a landlord? Here’s what you need to know"},"content":{"rendered":"

Get Landlord agreement forms here<\/a><\/p>\n

Being a landlord isn\u2019t without its challenges, but covering one\u2019s bases in the following ways is bound to yield quality tenants and rents.<\/p>\n

Every real estate professional understands the importance of location, and so should every landlord. Steve Arruda, a sales agent with Century 21 Regal Realty, has been a landlord for 18 years and advises taking one\u2019s time performing due diligence on prospective neighbourhoods.<\/p>\n

\u201cYou want to know where you\u2019re investing in and what the demographics are in that neighbourhood, and whether there are universities and families there,\u201d Arruda told CREW. \u201cI\u2019ve rented in depressed neighbourhoods, and it\u2019s challenging. The price may seem really tempting, but then you attract a lot of renters who may not have the best incomes, and they could become problematic because there are issues each month with payment. Location is one of the most important things. Make sure you know where you\u2019re investing and what the demographics in that neighbourhood are.\u201d<\/p>\n

If investing in a house rather than a condominium, ensure big ticket items like furnaces, wiring, roofs and windows are updated \u201cbecause those are the things that are quite costly to repair,\u201d added Arruda. \u201cIt\u2019s good to have those larger items updated, otherwise if they fail, it\u2019s always at an inopportune time like winter, and you\u2019ll be left with an angry tenant.\u201d<\/p>\n

Beyond material concerns, Arruda says landlords invariably become arbiters in disputes between tenants, unfairly or not, and that managing personalities is a delicate art.<\/p>\n

\u201cWhen you have a house with four units, like a multiplex, it\u2019s hard to get everybody to get along, and you\u2019re their first line of defence,\u201d he said. \u201cSo, managing personalities, managing expectations and being able to handle that
stress level are crucial, because for an inexperienced landlord, the first call they get because of an issue with a tenant or an issue with a clogged toilet can make their already stressful life even more stressful. Always be prepared for anything, whether issues with tenants or the property itself.\u201d<\/p>\n

Additionally, tenants need to be thoroughly screened, and Arruda recommends landlords run their own credit reports and confirm bank statements are real. Even calling an employer to confirm the information provided by potential tenants isn\u2019t beyond the realm of the reasonable. As well, call their previous landlords to find out what kind of people they are.<\/p>\n

Over 18 years, Arruda also learned that units with dishwashers, washers and dryers are not only highly sought after, they attract good-quality renters.<\/p>\n

Renu Ashdir, a sales agent with iPro Realty Ltd., says clients for whom she seeks rental accommodations flock to buildings with amenities like gyms, but warns too many amenities\u2014especially swimming pools\u2014result in higher condo fees.<\/p>\n

\u201cIf you\u2019re a person in your 20s and 30s, fitness amenities are the most used,\u201d she said, adding older tenants prefer the security of a concierge. \u201cPeople care about the kind of neighbours they have in a building and whether or not there\u2019s transit nearby.\u201d<\/p>\n

Most importantly, says Arruda, \u201cLook after your renters and know rental laws.\u201d<\/p>\n

Related stories:<\/strong><\/em><\/p>\n

\u00a0<\/p>\n","protected":false},"excerpt":{"rendered":"

Get Landlord agreement forms here Being a landlord isn\u2019t without its challenges, but covering one\u2019s bases in the following ways is bound to yield quality tenants and rents. Every real estate professional understands the importance of location, and so should every landlord. Steve Arruda, a sales agent with Century 21 Regal Realty, has been a […]<\/p>\n","protected":false},"author":6,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[4],"tags":[],"acf":[],"_links":{"self":[{"href":"https:\/\/www.canadianrealestatemagazine.ca\/wp-json\/wp\/v2\/posts\/7639"}],"collection":[{"href":"https:\/\/www.canadianrealestatemagazine.ca\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.canadianrealestatemagazine.ca\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.canadianrealestatemagazine.ca\/wp-json\/wp\/v2\/users\/6"}],"replies":[{"embeddable":true,"href":"https:\/\/www.canadianrealestatemagazine.ca\/wp-json\/wp\/v2\/comments?post=7639"}],"version-history":[{"count":1,"href":"https:\/\/www.canadianrealestatemagazine.ca\/wp-json\/wp\/v2\/posts\/7639\/revisions"}],"predecessor-version":[{"id":20855,"href":"https:\/\/www.canadianrealestatemagazine.ca\/wp-json\/wp\/v2\/posts\/7639\/revisions\/20855"}],"wp:attachment":[{"href":"https:\/\/www.canadianrealestatemagazine.ca\/wp-json\/wp\/v2\/media?parent=7639"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.canadianrealestatemagazine.ca\/wp-json\/wp\/v2\/categories?post=7639"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.canadianrealestatemagazine.ca\/wp-json\/wp\/v2\/tags?post=7639"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}