Landlords wear many hats when it comes to owning a property. They are in charge of more than just collecting rent. A landlord is typically a problem solver, repairman, negotiator, and salesperson. Landlords are often the first person to deal with neighbor issues, handle tenant problems, and make the call to hire an outside maintenance specialist. The role of the landlord isn’t an easy one and often comes with negative connotations. 

As a landlord, it is essential to be aware of the following information and know the role a landlord plays.

Before Becoming a Landlord

For anyone who is considering purchasing a property and becoming a landlord, they must understand that this career path comes with unique challenges as well as rewards. The role of a landlord is of a small business owner who is renting out housing. As the only employee, they often wear many hats for their property to be successful. As a landlord, it is vital to know everything that goes on with your building and be well versed in the landlord-tenant rules that every landlord must abide by.

Landlord-Tenant Laws

The Canadian landlord-tenant laws are governed by provincial statute and judge-made laws that are varied from province to province. The relationship between a landlord and a tenant is contractual and is signed for fixed periods or periodic terms. 

As previously mentioned, the laws vary based on province, and what each tenant and renter is responsible for is included in the laws for that province. These responsibilities include; managing the security deposit, property maintenance, and setting a tenant up with a vacant unit upon their move-in date.

Responsibilities to the Tenants and the Community

As small business owners, a landlord’s tenants should be a top priority. As a landlord, it’s correct to expect on-time rent payments, clean properties, and tenants that are respectful to their neighbors. The landlord also needs to keep up with the property maintenance, which should be one of the most important and basic requirements for any property owner. 

Any landlord who is in good standing with his or her tenants should also be an advocate in their community. A thriving community can help impact a landlord’s chances of success and occupying a full building. 

Everyone has a different reason to become a landlord. If you are considering taking the step into property ownership and becoming a landlord, contact Mehran Redjvani to find the right property!