Tips for Landlords

 Six Tips for Landlords When Dealing with Tenants

‘Most’ tenants are ‘mostly’ good and good tenants are a landlord’s bread & butter.  The best approach for a landlord is to be: 

1.      attentive –due diligence before the lease signing and also in the termination phase (like doing an inspection when notice to terminate is given or received),  

2.      conscientious –take care of the little issues during the lease so they don’t become big issues (like giving late payment notices right away because of the lead time needed to evict), 

3.      communicative –keep in touch on a regular basis getting everything important in writing (email makes this much easier),

4.      fair – means to consider things from the other side, (the LTB has a requirement of fairness as part of the basic procedures), 

5.      reasonable –balance the pluses and minus of any situation, accommodation or plan of action (often enough it is better to give in a bit even when you are in the right)

6.      professional and above reproach –be able to justify to anyone (especially the LTB Hearing Chairman) that you have been honest and your actions were appropriate in the circumstances.

The upshot is that tenants do have their own legitimate issues and are ‘mostly’ not uncompromising when dealing with a landlord that is not themselves uncompromising.  You want to minimize your hassle, maximize your profit.  Following those six guidelines creates the best chance to have a positive relationship with the tenant(s) and where the better nature of both parties can facilitate a solution to any issues.  Of course, there is no guarantee by this that there still won’t be problems, but the chances are significantly reduced that I will see you at an LTB hearing and if I do the chances are significantly increased that you will be able to mediate an agreement that incorporates your concerns.