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Think being a landlord is just about collecting rent checks? Think again. When you’re a successful landlord, you’re running a small business – one that requires specific skills, dedicated time, and attention.
As a landlord, you’ll need to be prepared to wear a lot of hats. You’ll need:
Financial Management Skills
- Budgeting and cash flow planning
- Understanding market rates and trends
- Basic accounting and bookkeeping
- Tax planning and reporting
Property Maintenance Know-How
- Ability to assess repair urgency
- Knowledge of preventative maintenance
- Network of reliable contractors
- Vendor management skills
People Skills
- Tenant screening and communication
- Conflict resolution
- Negotiation skills
Legal Knowledge
- Understanding of Ontario’s Residential Tenancies Act
- Knowledge of landlord and tenant rights
- Documentation and record-keeping requirements
Related: Residential Tenancies Act
A Landlord’s Job Description
Daily Tasks (as needed)
- Respond to tenant communications
- Monitor emergency maintenance requests
- Process any incoming payments
- Schedule repairs as needed
Monthly Tasks
- Collect and process rent
- Pay property-related bills (mortgage, insurance, utilities if applicable)
- Reconcile expenses
- Schedule preventive maintenance
Annual Tasks
- Property inspections
- Tax preparation and filing
- Review and update lease agreements
- Evaluate rental rates (increase rent as allowed)
- Plan major upgrades or renovations
- HVAC maintenance (spring/fall)
- Review property insurance coverage
- Review emergency protocols
- Update tenant contact information
- Review and update vendor contracts
When Tenants Change
If your tenant provides notice that they’re leaving, you’ll need to find a new tenant. If you don’t outsource that task to a REALTOR, be prepared to:
- Photograph and market the property
- Show it to prospective tenants
- Screen tenants
- Prepare and negotiate a new lease
In between tenants, you’ll also have to:
- Perform move-in and move-out inspections
- Reconcile any security deposit and interest owed
- Deep clean
- Make any needed repairs or maintenance
- Transfer utilities (if required)
- Update building management (for condos)
Related: The Complete Guide to Being a Landlord
Specific Responsibilities by Property Type
In Ontario, landlords are responsible for internal and external maintenance. That includes:
- Exterior maintenance
- Lawn care and landscaping
- Snow removal
- Roof maintenance
- Exterior painting
- Gutter cleaning
- System maintenance
- HVAC servicing
- Water heater maintenance
- Plumbing and electrical system checks and maintenance
- Pest control
- Garbage/recycling management
If you’re renting out a condo, be prepared to:
- Understand and enforce condo rules
- Report needed repairs or maintenance of common elements
- Key fob/access card management
The BREL Bottom Line
Being a landlord is a JOB. Success depends on treating it like the business it is – with proper systems, procedures, and partners in place. If you want an investment property but don’t want to be responsible for the ongoing management, consider hiring a property manager to take care of it for you.
Related: How BREL Helps Landlords