June 27, 2024

Property Management Tips, Real Estate News


Source : deadlinenews.co.uk

Both tenants and landlords must understand their legal rights and responsibilities to ensure smooth tenancy relationships. With expertise from managing over 22,000 properties, Royal York Property Management shares insights that help clarify these roles. This guide offers practical advice to help both property owners and renters avoid common issues and foster successful rental experiences. Whether you are dealing with tenant concerns or preparing for a new lease, understanding these key principles is essential.

Clear and Thorough Lease Agreements: Royal York Property Management emphasizes the importance of clear and thorough lease agreements. This agreement details critical aspects such as the rent amount, payment schedule, and rules set by the landlord.

Understanding and adhering to these terms is essential for maintaining a smooth tenancy. Nathan Levinson, president and owner of Royal York Property Management, adds, “Our legal team is continuously looking over and updating our agreements to ensure they are current with the latest laws. We make these adjustments frequently, aiming to protect and serve the best interests of both tenants and landlords effectively.”

Rent Increases: Landlords can increase rent once every year but must give tenants a 90- day written notice before the increase happens. There are exceptions, like for tenants in social housing whose rent depends on their income. For 2024, the maximum rent increase allowed by law is 2.5% without needing approval from the Landlord and Tenant Board. However, landlords can request to increase rent by more than this guideline by applying to the Board. New buildings, additions, and most new basement apartments first used for living after November 15, 2018, are not covered by rent control. Royal York Property Management follows annual rent increase guidelines and recommends that landlords make modest adjustments if the property is well-maintained. This approach helps maintain a positive relationship between property owners and tenants.

Repairs and Maintenance: Landlords need to keep their properties safe and livable by fixing problems quickly and making sure everything meets health and safety rules. Royal York Property Management emphasizes the need for quick action on maintenance issues. Their experience shows that delays in fixing problems can lead to tenants withholding rent. They advise landlords to act quickly on repairs, even if they believe there is a chance the issue might fall under the tenant’s responsibility, unless the lease agreement explicitly states otherwise. It is wise to tackle a maintenance repair immediately rather than face the financial strain of a tenant stopping rent payments for an extended period.

Notice of Entry: Tenants are entitled to privacy in their rental homes. Landlords are required to give at least 24 hours’ notice before entering a property for non-emergency purposes, ensuring the notice is properly received by the tenant. Royal York Property Management has encountered challenges with tenants who claim not to have received this notice of entry. Nathan Levinson, president and owner of Royal York Property Management, explains their solution: “Our system is quite advanced. It confirms whether and when a tenant has opened an email and provides us with a detailed report. This capability has been crucial in preventing lawsuits from tenants who allege they never received the notice of entry. Navigating these issues carefully is essential.”

Evictions: Tenants cannot be evicted suddenly or without reason. Landlords must follow specific rules, including giving tenants a formal notice using forms from the Landlord and Tenant Board (LTB), a group that handles disputes between landlords and tenants. Just because a tenant gets this notice doesn’t mean they have to move out right away. A landlord needs to get an official eviction order from the LTB first, and the tenant can challenge this at a hearing. At Royal York Property Management, we emphasize the importance of clear evidence and thorough documentation in eviction cases. Delays can occur, sometimes lasting months or even years, if the process is not handled right.

“Here at Royal York Property Management, we document everything carefully. For example, if a tenant reports a problem, we make sure to create a detailed report. This proves that we responded to the tenant’s request. We also keep detailed financial records, like receipts and proof of payments,” Nathan Levinson adds. This ensures that all actions are well-documented and can be verified if needed.

In conclusion, understanding tenant rights and responsibilities is essential for a smooth and equitable renting experience. Royal York Property Management stands as a beacon of effective property management in Ontario. Their dedication and structured approach helps prevent disputes and supports both landlords and tenants.

Nathan Levinson, president and owner of Royal York Property Management, emphasizes the company’s commitment to excellence: “We are continually refining our processes and focusing on the needs of both landlords and tenants. Our goal is to resolve issues before they escalate, ensuring peace and satisfaction for everyone involved.” By prioritizing preventive measures and transparent communication, Royal York Property Management fosters lasting relationships and maintains a stable, well-managed rental environment.