It can seem natural to just leave any faulty item as is, so long as it is still functioning. For instance, if a tenant calls a landlord about a heater making clanging sounds, a landlord might be tempted to leave it be so long as it is still keeping the unit heated.
Property management is a major responsibility for landlords, and can be both time consuming and costly. But there are some common traps that landlords can fall into, which can compound the issue.
The COVID-19 pandemic has disrupted many aspects of daily life, and even now that the health impacts of the pandemic have lessened, the economic impacts have persisted.
The unit turnover process is a common issue for landlords and property managers, as any time a unit spends without a tenant is time the unit is losing potential revenue. This process tends to have some redundancies involved, such as performing multiple inspections of a unit and adding work to the scope for the turnover.
For the first year since 2013, Ontario’s rent increase guideline is again meeting this maximum threshold of 2.5% for 2023. For reference, had the current rent increases been able to follow the rate of inflation, the 2023 increase would have been 5.3%, according to the Ministry of Municipal Affairs and Housing.
On this episode of the we’re joined by Robert (Bob) Gauvreau, who is a Chartered Professional Accountant. He is also the Founder and CEO of Gauvreau Account & Tax Advisory, plus a best-selling author, a speaker, and a business coach. Throughout the episode, we cover topics such as hedging your business operations against inflation, why Bob finds the vast majority of business owners are paying more tax than they should be, and much more.