Property Management Tips

  1. Always use keyless entry when possible, but keep a backup key on site in a lockbox. 
  2. Love found money? Get yourself a coin operated laundry machine!
  3. Reliance Protection Plans are an affordable solution to protect you, your investments, and your time from unexpected disasters.
  4. Luxury vinyl plank flooring is an extremely durable and affordable product that will stand up against time, animals, and the most malevolent tenants.
  5. Stick with neutral paint colours and use the same ones in every building to save time, confusion, and money! 
  6. Using the same flooring, countertops, and hardware in all your units will save you time, money, and a lot of headaches.
  7. Keep your rolodex of handymen and contractors up-to-date. Property issues have a way of showing up at inopportune times.
  8. Be friendly with your tenants, but don’t become friends. You’re running a business and it’s important to remember that. 
  9. Always remember that your tenants are your customers. Treat them right and they will reciprocate. 
  10. Rent is due on the first day of each month, N4s are served on the second day if rent is not paid in full. No exceptions. 
  11. DO NOT FORGET YOUR N1s. This is a business, not a hobby. 
  12. Stay in contact, do not let more than 3 months pass between communication with your tenants 
  13. Written communication is always better than verbal, and it will stand up in case of issues at the Landlord Tenant Board. Do not delete texts/emails. 
  14. Stop promising things you can’t or don’t want to deliver on. 
  15. Set expectations with your tenants from day 1.
  16. There is no limit to how much you can increase rent on a parking space. Keep this agreement separate from your Ontario Standard Lease. 
  17. If you use a property manager, make sure you are managing them properly. Ask questions about costs you are unsure about and confirm that regular inspections are taking place.
  18. Take quality pictures of your property when it is renovated/cleaned/decluttered and used those pictures when filling future vacancies.