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The ABCs of Property Management

An introductory guide covering the fundamental aspects of property management for both landlords and tenants.

Welcome to the ABCs of property management, where we break down the fundamental aspects of successful residential property management. Whether you’re a seasoned landlord or just entering the rental market, understanding these basics is key to achieving positive and fruitful landlord-tenant relationships, and a successful investment experience.

A: Rental Applications

Qualifying tenants can make or break your real estate investment experience. For Landlords who’ve gone all-in, investing their life savings, relying on their investment property to retire, or trying to create generational wealth, a bad tenant can drown them.

Key Tips to Qualifying New Tenants

  • ALWAYS require detailed credit reports, and always get written permission from the tenant to run your own credit check –while a tenant-provided copy is great, pulling your own secondary report as the last step in the process will provide insight into if their copy was legit or fraudulent.

    Just yesterday, we had an applicant who openly told us they have bad credit, and that’s why they didn’t waste our time providing one. A poor credit score is not always a reason to deny a tenant. Often, somebody’s poor credit can be attributed to an unfortunate circumstance or life event, and many people in those situations deserve consideration.
  • Recent and concurrent paystubs are a must. Landlords and property management companies should always require the most recent pay stub and one or two from the preceding pay periods. This assists in verifying that the tenant is actively employed and provides an opportunity to ensure that all of the numbers add up; this is a great way to catch a fraudster with poor mathematics ability.
  • Face-to-face interviews are a crucial step. Assuming all the paperwork checks out, meet with the tenant(s) in person or virtually. During this visit, confirm details from their rental application, ask them why they’re moving, why they chose this property, who will be living there, etc. These meetings can sometimes increase your level of confidence in the tenant, or create doubt, which is reason to move on –trust your gut.

For a more detailed breakdown of how to properly qualify a tenant, check out Milton Real Estate Agents’ The Kormendy Trott Team’s blog on how to find the perfect tenant.

B: Budgeting as a Landlord

It’s important to budget for repairs, vacancy, and tenant locating services. Having a slush fund put aside that you can dip into when necessary is important. Owning an investment property can become a costly endeavour if the property is riddled with problems, especially when combined with a high-maintenance tenant.

Recent repairs that we experienced include:

  • Ant infestation: $250
  • Replace broken mirrored closet doors: $550
  • Replace and service an overhead garage: $220
  • Replace electrical recetpical: $275
  • Exterior recaulking: $1600
  • Failed mixing valve (plumbing): $325

Things add up quickly!

C: Communicating with Tenants

We can’t stress the importance of this one enough. Maintaining open communication and fostering healthy relationships with your tenant(s) is paramount to a successful experience. Consider tenants to be your customers, and your property is your product.

Whether handling tenant inquiries

The ABCs of property management lay the groundwork for successful and efficient residential leasing. Stay tuned for more insights into specific aspects of property management that will empower you as a property owner or tenant.

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Office: (647) 951-5288

229 – 336 Bronte Street South

Milton, ON L9T 7W6

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Critical Condition Report

It’s in the name! A critical condition report includes detailed photos, expiry dates, model numbers and more. It must be done at your earliest opportunity, and ideally, before a tenant moves in.

This report provides a reference for future inspections, assists in litigation, and minimizes future repair costs.

Rent Collection

Stop chasing payments!

Our electronic rent collection system collects rent automatically and tracks it through our mobile app. 

Tenants who pay through other methods will still have their rent deposited through Renti, tracked in the mobile app, and electronically deposited into your account.


Income and expenses in the palm of your hand. 

There’s no more need for spreadsheets, sticky notes, or late-night number crunching.

Monitor live data on your rental income and property expenses, and print custom reports for the annual tax season. 


Not all properties are alike, and some require a third party to assist with general maintenance such as replacing furnace filters and topping up of water softener salt.

Whether it’s a unique property or your personal preference, let’s discuss your needs and how Renti can help.

Tenant with keys

Tenant Locating

We’re happy to cooperate with your real estate agent, or you can let us handle everything with one of our preferred real estate agents. Learn more about our proven process to qualifying tenants below.

Property Visits

Included with Renti’s standard property management services is one annual visit, as well as a move-in and move-out inspection between tenants.

If you require additional visits, whether for personal preference, to perform regular maintenance, or to satisfy your property insurance policy, we will coordinate visits on the fly, or at set intervals.

Property Manager Doing Taxes


Leave the complex tax paperwork to us! We will handle your monthly remittance and annual NR4 forms, ensuring you’re always in compliance without the stress.

Timely and Accurate Reporting: No more deadlines to remember. We take care of everything on time, every time, providing you with peace of mind and avoiding potential penalties.

Ready to simplify your non-resident withholding tax responsibilities? Contact us today.