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The Basics of Property Management for New Landlords

property management for landlords
Property management basics broken down for new landlords.

Congratulations on becoming a landlord! Whether entering the industry completely green or expanding your portfolio, understanding the basics is crucial. This blog post’ll walk you through key elements to kickstart your journey into successful property management.

Understanding Landlord Responsibilities:

As a landlord, certain responsibilities come with the territory. From maintaining a safe and habitable property to handling repairs promptly, grasping these fundamental duties ensures you provide a positive living experience for your tenants.

Property Management Considerations for Landlords:

  • You’re a business owner. Your property is your product, and the tenant is your customer. Treat it this way, and you’ll increase the odds of having a positive and successful experience.
  • Just like doctors, real estate agents, and financial advisors have governing bodies they report to and whom they’re intimately familiar with, you’re governed by the Residential Tenancy Act. Understanding the laws governing this industry is crucial to a successful experience. Take it seriously!

Rental Agreements 101

A well-drafted lease agreement sets the tone for a smooth landlord-tenant relationship. We’ll delve into the essential components of a lease, addressing everything from rent payment terms to outlining rules and expectations for both parties.

Setting the Rental Payment Date

Establish in advance when the rent is due and the frequency. Some tenants may request a payment structure outside of the traditional once-monthly. Perhaps they prefer a weekly, semi-monthly, or bi-weekly payment that coincides with their pay dates. While a Landlord doesn’t have to concede to these requests, it isn’t unheard of.

PRO-TIP: Do not make regular exceptions to the rule. If rent is due and the tenant asks for an extension, regular extensions may be perceived by the Landlord and Tenant Board as acceptable behaviour. Which filing for eviction due to late payments will be harder to prove.

The Residential Tenancy Act Supercedes Your Rental Agreement

Just because you write something into an offer does not make it binding. In fact, if it contradicts the Residential Tenancy Act (RTA), that clause is automatically void. For example, at the time of this blog, you can’t write that the tenant has to pay additional money if they have a roommate, that they can’t have pets, or that they will pay additional security deposits or monthly fees that aren’t acceptable in the RTA. Well, you can write these things into the agreement, but you can’t enforce them, and doing so will get you in hot water if the Tenant seeks help -and they will!

Navigating Tenant Screening Processes:

Selecting reliable tenants is a critical step in property management. Collecting all of the appropriate identification, credit history, proof of employment, proof of income, and references and knowing how to analyze this data is important.

Assuming the tenant passes the initial review of documents, it’s time to perform an in-person or virtual face-to-face meeting. Conducting an interview effectively will confirm if the information they provided was accurate, and it should leave you with a generally finite opinion or gut feeling on whether they’re a good fit.

Welcome to the dynamic world of property management! This blog is just the beginning of your journey. Stay tuned for more insights as we guide you through the intricacies of successful property ownership.

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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.