Scarborough is a popular area of Ontario, and it offers amazing opportunities for property investors and aspiring landlords. You can find houses and apartments of all shapes and sizes in Scarborough and the demand for rental properties is high due to its close proximity to Toronto.

If you are considering expanding your real estate investment portfolio to Scarborough and renting out your properties, here are some top tips for succeeding as a landlord in this thriving area of Ontario.

Work with a Trusted Landlord Property Management Company

A company that specialises in landlord property management in Scarborough can help you with many aspects of being a landlord. They can perform in-depth tenant screenings to ensure you find reliable and trustworthy tenants for your rental properties.

Your chosen property management company can also oversee property maintenance and raise the alarm if there are any issues with your rentals. They can liaise directly with your tenants to convey their concerns and allow you to address any major issues quickly to keep your tenants happy.

Working with a landlord property management company makes your life easier by taking some time-consuming tasks off your shoulders.

With more free time in your schedule, you can focus on giving the most to your current tenants and hunting for new properties to add to your investment portfolio. In turn, you can enhance your success as a landlord and continue building a strong and diverse portfolio that ensures a steady stream of income.

Address Any Tenant Concerns as Quickly as Possible

As a landlord, it’s vital that you listen to your tenants and address their concerns. If they raise their concerns about a structural issue in their rental property or one of their kitchen appliances has broken, for example, make sure you visit the property and organise the appropriate repairs.

Consider performing proactive maintenance, where you replace various components in your rental properties before they break and cause any disruption to your tenants. Proactive maintenance keeps your tenants happy and avoids the need for extensive and costly replacements. It’s a good idea to encourage your tenants to carry renters insurance for extra protection if things go wrong.

Provide Modern Amenities for Tenants in Your Rental Properties

In order to succeed as a landlord, you need to maintain your properties to a high standard.

Make sure the amenities and facilities in your rental properties are modern and in full working order. Replace them regularly if you have long-term tenants or in between different tenants if you have a high turnover rate in your rental properties.

Although providing modern facilities is important, you must also ensure you stay within your budget. Make a spreadsheet that displays your income and outgoings so you can identify how much you have available to buy appliances for your tenants. Budgeting is a key skill for any real estate investor and landlord, so it’s something you can’t neglect!