Since this blog will talk about a tenant not paying rent, I want to share my first experience in owning a rental property. I would love to tell you it is all rosy and fun, but it was pretty scary. I was 18 years old and I had never owned a property before. I didn't know how to be a landlord, but my dad had found me a great deal and recommended I jump right in. I was excited.
Property Management Toronto
I had a good tenant, and the first year went well. We stopped by a couple of times throughout the tenancy to make sure the place was in good shape. I never received maintenance calls. This property was a condo, and I felt really confident with how it was going. When year two rolled around, we began to have some problems. I started receiving a few bounced checks, and there were a lot of missed promises. Eventually, two months went by with unpaid rent and no clear idea about what to do next.
I started digging around and asked other landlords and Realtors about what they do when a tenant does not pay rent. Instead of getting advice and direction, I would hear their horror stories. They would all tell me stories about chasing down tenants to get the rent, and putting payment plans in place. There was no clear direction about what to do.
Twelve years down road, I can tell you the ins and outs of successfully collecting rent from tenants. But being new to the experience, I did not know and the Realtors around me did not have a clue. Make sure this doesn't happen to you. Instead of learning from mistakes and struggling from scratch, get some good advice from a professional.
Pursuing Eviction in Toronto
If you're going to pursue an eviction in Ontario for unpaid rent, you need to serve an N4 Notice, which allows a tenant between 14 and 21 more days to pay the rent. That is a lot of time, so you need to start the process soon. The longer you wait, the more rent you'll be out. A professional property manager will serve this notice at the start of the month, as soon as rent is late. From there, evictions get interesting and the tribunal process is considerable.
If you have any questions about how to deal with a tenant not paying rent or you'd like to talk about what professional Toronto property management can and should do for you, please contact us at Real Property Management Service.