Commercial real estate in Ottawa is alive and well as investors locally and abroad invest in sound opportunities here. If you have decided to bite the bullet and start investing yourself, you’ll need to know exactly what your duties as a landlord in Ottawa are, assuming that you are interested in purchasing rental properties.
You have the responsibility of maintaining a safe and secure environment for your tenants. The way that you do this is variable. One landlord to the next has a different way of handling the building and the tenants that reside in it. One way is to be proactive while the other is to sit back and just let things slide by until they absolutely need to be handled.
Responsible landlords that have invested in commercial real estate in Ottawa know that the proactive way is always the right way. A responsible landlord will ask his tenants if there are any problems on a regular basis. He will not wait for the phone to start ringing with a major crisis to deal with. He will actively take charge by asking the person that actually lives in the unit if there are any issues happening. This is by far the best way to find out how the unit is doing. After all, it is your asset that you are protecting.
A leaky faucet is a lot easier to handle than a flood on the floor that leaks down to the apartment below it. A malfunctioning electrical plug can be fixed, usually within an hour, by an electrician. When you compare this option to the potential consequences of a fire, the choice is obvious.
Most tenants won’t pick up the phone and call about these small problems until they turn bigger. Tenants are just like you and me – they have busy active lives. If you ask your tenant whether they have anything that requires attention, they will probably mention the small things.
Some landlords don’t want to deal with smaller issues since they have more important things to handle on a constant basis. The idea behind handling these smaller things is to avoid having important larger issues to work on.
If you have any questions about commercial real estate in Ottawa or about your duties as a landlord, give me a call today. If I don’t have the answers to your questions I can help point you in the right direction.
NOTE: The owners of this website own but are not the authors of the above content. Views and values that are expressed in these articles are not those of the website owners.
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