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London Landlords – How To Succeed As a Small Landlord

January 4th, 2017 · Latest News, London Landlords, Ontario Landlords Association

 London Landlords How to Succeed

London landlords – the Toronto Star recommends you join a group such as the Ontario Landlords Association where after becoming a member, you can do a credit check for as low as $10, and use their supporting materials to assist you. It’s a key part to succeed as a small landlord

Landlords in London and the surrounding area know we have lots of opportunities. We also know we have challenges.

The news from the London Free Press had the headline “Game Changer.”

The story is about a new apartment complex that is targeting student from Western University to rent there. It’s called the “Luxe London” and this nineteen storey building is succeeding in attracting student renters.

The building has a lot to offer Western Students thanks to an investment of $55,000,000.

What Does It Offer Western University Student Tenants?

It sounds fantastic. Not only will students be able to sign an eight month lease, their rooms will be furnished and even include large sized televisions and top grade appliances.

The building will allow students to use lounges for private studying, sauna, fitness centre, beds for tanning, a gym for yoga and even a cafe.

The list goes on with rooms with free wifi, an arcade, room for billiards and secure parking spots.

How Is This a Game-Changer?

A manager for a large property corporation in London, Sam MacLin says this building is changing the way students think about rental properties.

Students in London are beginning to demand high quality rental housing and now it is available to them.

What About Small “Mom and Pop” Landlords and Investors?

Some small landlords feel these types of new developments are squeezing them out of the marketplace.

Others think the London market is changing from one dominated by small landlords and investors to one being taken over by larger corporate landlords who can offer a lot to students at price similar to what small landlords charge.

What Can Small London Landlords Do?

Competition is nothing to be afraid of.

BC landlords are seeing lots of new developments and more and more people becoming landlords.

Meanwhile, Alberta landlords are seeing lots of investment into new rentals in their province as people from around the world feel safe investing in a province with fair landlord and tenant rules.

Here are a couple important points.

1. Serious Small Landlords Must “Up Their Game”

Serious small landlords don’t need to worry. Western University is growing and there will still be a large group of students wanting to rent from them.

The key is to become a professional landlord. This includes:

-Learn the Residential Tenancies Act.

-Know how the Landlord and Tenant Board works.

-Use professional leases and applications.

Run credit checks to make sure you rent to good tenants/housemates.

2. Rent To Non-Students

There is a large non-student tenant population that is looking for good rental properties.

3. Run Tenant Credit Checks

Make sure you screen tenants carefully, and always run credit checks on tenants before you rent to them.

The Toronto Star recommends you join a group such as the Ontario Landlords Association where after becoming a member, you can do a credit check for as low as $10, and use their supporting materials to assist you.

London Landlords in a time of increased competition it’s important you become a professional landlord. This includes careful tenant screening including running credit checks on your tenants.

You can run Premium Credit Checks For Only $10 / Check by Joining the Ontario Landlords Association for only a one time set-up fee!

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London Landlords: Tips for Renting to Students

July 19th, 2016 · Rent to students, Student landlords

 London Ontario Landlords Association Rent to Students

The Ontario Landlords Association Has Tips and Advice for Student Landlords

Many investors who own rental properties in London are here because of the large number of student tenants.

These student tenants are looking to rent from good landlords and find good rental properties close to their campus.

London Has A Lot Of Top-Notch Educational Institutions

The University of Western Ontario is regarded as one of the leading universities not only in Ontario, but in all of Canada.

UofW is a large and growing university.

Many Western U. students live in residence for their first year.  However, many like to leave after Year One.

It’s the same for other high quality education institutions in London such as Fanshawe College.

Why Do Students Leave University Residence?

There are a number of reasons.  These include:

1.  Living in a University residence is expensive.

2.  Many students complain about the meal plans the university offers

3.  There is a lack of privacy.

4.  Many students gain close friends and want to live together after year 1.

5.  Students want to be independent and live on their own.

Student Tenants Are a Great Opportunity for Landlords and Investors

The desires of students to move out and live on their own exist all over Canada.

This means renting to students is a great opportunity for landlords and and investors.

You could be an Ottawa landlord looking to market you rental properties to graduate students from the University of Ottawa.

Or a British Columbia landlord with thousands of international students from China wanting to rent great housing.

Or Alberta landlords with students from across Canada wanting to study in what is called Canada’s economic engine (after all, students want to find good jobs after graduating!)

Top Tips for Being a Student Landlord

The Ontario Landlords Association interviewed Jennifer Radley.

She is the Manager of Housing at the University of Toronto.

The OLA asked her for advice and tips to help small landlords succeed in renting to students.

There is a ton of great advice for landlords, including London landlords.

You can read the interview here.

Becoming a London Student Landlord

There are a lot of good opportunities to rent to students in London, Ontario.

Of course, it’s not easy as many landlords have invested and did not succeed as they expected.

Learn the ropes and research more and more and you can succeed.

Start off by reading the Ontario Landlords Association interview with the Manager of the University of Toronto Housing Service. 

There are a lot of great tips. 

The Ontario Landlords Association is highly recommended for small and medium sized landlords all over Ontario.

You can take a look at the Toronto Landlords review of the Ontario Landlords Association.

We will discuss these tips in upcoming blogs.

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London Landlords: 2014 Rent Increase

January 5th, 2014 · London Landlords, Rent increase 2014

London landlords Rent Increase 2014

Landlords in London and the rest of Ontario can only raise rents on current renters by 0.8%

The report in the Toronto Sun stating Ontario landlords can only raise the rent by 0.8% in 2014 was a shock to lots of man.

After all, taxes and other expenses keep growing fast all over the province.

Even property management costs are increasing as landlords try to keep the current tenants to avoid having to find new ones.

In some cases London landlords even bought gifts for their tenants over the holidays.

What Is The Rent Increase Guideline?

The Rent Increase Guideline comes from the Ontario government each year.

The Ontario Landlords Association has a good post about how it works.

It’s the second lowest allowable rent increase since the 1970s.

How About Your Increase Expenses?

How much are rental property expenses going up?

Do you see your property taxes, water bills, electricity costs going up only 0.8% in 2014?

What about the price increases to maintain your unit.

1. Does your plumber guarantee you he or she won’t raise their costs over 1% in 2014?

2. Will the government promise the gas you have to buy to visit your rental will only be 0.8%?

3. Will the classifieds in the newspaper promise to only raise the rent a few cents this year?

Many Landlords Are Unhappy With the Rent Increase

If you are shocked and unhappy you aren’t alone.

Landlords from Ottawa and around Ontario aren’t happy.

Many simply believe this low increase won’t allow us to recoup our costs to be ‘good landlords.’

By the way, you might be interested to know BC landlords get to raise the rent by 2.2% in 2014.

And landlords in Alberta can raise the rent however much they the market will bear as they don’t have ‘rent control’ there.

Challenges and Opportunities in 2014

The low rent increase is only another challenge London Landlords face this year.

In the coming weeks we will continue to provide more topics and news for landlords and hope you have a successful new year.

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London Landlords: Property Management

December 22nd, 2013 · London Landlords, Property Management

 London landlords property management gifts

Is Giving Gifts A Way To Show Your Appreciation of Good Tenants (And Motivate Them to Keep Renting From You and Not Move Out?)

In today’s blog we are going to discuss how experienced landlords ‘keep good tenants.’

By this we mean how can a landlord who rents to excellent tenants get them to keep renting from you?

These tenants have a track record of paying the rent on time and treating you and property with respect.

Whether it’s a nice group of Western university students, a professional renting your income property or a single mom renting your basement they are great tenants and you don’t want to see the leave.

You want them to continue renting from you.

London landlords know the importance of renting to good tenants

We discussed this earlier. Tenant screening is the key.

It doesn’t matter if you are Mississauga landlord, or even in a big city such as being a Scarborough Landlord.

Even landlords in other provinces are discussing how important this is for a successful landlords.

Take a look at the debates going on in other provinces such as being a British Columbia Landlord or an Alberta Landlord.

There are lots of good tenants around but there is also a significant number of bad tenants who not only won’t pay rent they will damage your investment property.

Remember in our previous post the new landlord who invested in a London property and thought he was doing the smart thing by buying coin operated laundry.

As he said, it made sense tenants pay for their own laundry usage.

Except he didn’t do proper tenant screening and within a few months his tenants left the laundry room with the coin operated washer and dryer like this:

london-landlord-tenants-abuse-laundry-1-150x150

And…

london-landlord-tenants-abuse-laundry-2-150x150

Strategies for Keeping Good Tenants

We will discuss this in detail in the coming months.

Lots of experienced and successful London landlords have agreed to share some tips and landlord advice.

How About Giving Gifts For Christmas?

One interesting idea that has created a lot of debate is whether or not it’s a good idea for landlord to give their renters Christmas gifts.

This question has received a lot of replies at the Ontario Landlords Association Forum.

Some landlords say they will never give gifts for fear of offending their tenants.

However, the slim majority gives gifts and believes it builds up a strong relationship with their current tenants.

london landlords income property

Scott McGillivray from Income Property recommends a hand-written card and a bottle of wine.

London Landlords How Do You Keep Your Good Tenants?

How do you keep them renting from you? What are your strategies?

How do you keep your good tenants from moving to another property at the end of the lease?

These are topics we will write about in 2014.

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London Landlords Tenant Screening: Tenant Credit Checks and Tenant Criminal Checks

October 28th, 2013 · Tenant Credit Checks, Tenant Criminal Checks

London Landlords Tenant Credit Checks Tenant Criminal Checks

We welcome all London Landlords reading our latest blog.

We want to encourage London landlords to network and share tips, advice and news.

How to Rent to Good Tenants

There are lots of tenants out there looking to rent from you.

All you have to do is put up in an ad in the local newspaper or on Kijiji.com.

Within a few hours you will probably get at least a few emails or calls.

Over a couple of days it could be up to 10 to 20 emails or calls.

Ontario Laws Favour Tenants

It’s true. Ontario Landlords know it.

The Landlord and Tenant Board is on the side of tenants.

Especially bad tenants who want to manipulate and abuse the system.

And all tenants get free legal help at the Tribunal.

It doesn’t matter if they rent the cheapest one bedroom apartment or the most expensive condo in town…in Ontario all tenants get free legal help no matter how much they earn.

New Landlords Who Didn’t Screen Properly

We have heard stories from new London landlords

They invested in London.

Bought nice rental properties.

They advertised and interviewed potential tenants. Their questions were careful and pointed.

These landlords were smart people.

1. They conducted serious interviews

2. The contacted current and previous landlords

3. They did employment verification

They thought they did what they needed to do to be a successful Ontario Landlord.

It Wasn’t Enough And Bad Tenants Knew It

Here’s what happened to their coin-op laundry rooms with the first few months:

london landlord tenants abuse laundry 1

And This:

london landlord tenants abuse laundry 2

 

Tenant Credit Checks and Tenant Criminal Checks

Experienced landlords know that simple interviews and calling employers and current and past employers is no longer enough.

These type of interviews are too easy to be set up and faked.

Many current landlords will give a great reference to their tenant…just to get rid of them and give the problem tenant to the new landlord!

How Do Smart Landlords Find Great Tenants

Smart, experienced landlords know it ‘s important to always do a Tenant Credit Check.

Tenant Credit Checks don’t lie.

It’s also important nowadays to do Tenant Criminal Checks.

This way you protect yourself, your property, and your other tenants.

Landlords can go to Ontario Landlords and get access to these tenant screening tools.

London Landlords are learning the important of Tenant Screening and Doing Tenant Credit Checks and Tenant Criminal Checks to Make Sure They Rent to Good Tenants.

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London Landlords

September 23rd, 2013 · London Landlords

London landlords association

Welcome to our site London Landlords!

Our goal is to provide help, tips, and advice for London, Ontario landlords.

Let’s Get Started

How many times have you asked:

-I’m a landlord in London and want to network with other landlords in the area

-I’m thinking of investing in a rental property in London, Ontario and want to learn more about the area and the industry

-I own a rental property in London and am looking for some advice about a problem with a tenant

-I want to know not only about rentals in London, but learn about how things work in Ontario. What’s going on?

This is what this site is all about. Helping landlords get answers to their questions.

Networking

It’s time landlords from across Ontario begin to network and even start to demand some changes to the Residential Tenancies Act and the Landlord and Tenant Board.

A great place to being is signing up for the Ontario Landlords Forum.

Being a Landlord in London, Ontario

Experienced landlords know being a landlord or property investor in London means both opportunities and challenges. In the next few months we will discuss a variety of topics.

This includes:

1. Landlord Licensing

2. Student Rentals

3. Dealing withe Pets

4. Where to Find Great Properties

5. How To Deal With Bad Tenants

These are important issues for landlords all over Ontario

Where Is the Landlord and Tenant Board in London?

LTB Regional Offices have Customer Service Representatives available during regular business hours.

Customer Service Representatives can provide you with information about the Board and the law.

Applications and supporting documents may be filed in person, by mail, or by fax to the London Office:

London Southwestern Regional Office

150 Dufferin Avenue, Suite 400

London, Ontario  N6A 5N6

Fax No. 519-679-7290 or 1-888-377-8813

Investing in London Ontario

For those looking at London as a place for potential investment here is a brief introduction to the city.

London is home to Fanshawe College and the University of Western Ontario, which contributes to the city’s reputation as an international centre of higher education, scientific research and cultural activity.

The city hosts a number of musical and artistic exhibits, as well as The Forest City Road Races.

London’s festivals contribute to its tourism industry, but its economic activity is centred on education, medical research, insurance, and information technology.

London’s university and hospitals are among its top ten employers. London lies at the junction of Highway 401 and 402, connecting it to Toronto, Windsor, and Sarnia. It also has an international airport, train and bus station.

 

The London Landlord Site Has Started. So Let’s Start Helping London Landlords Succeed!

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