How to Be the Exception(al) Landlord

Buy & hold wisdom from a kid of the Annex—now with EV chargers and properly labelled HVAC

I grew up in a landlord family. While other kids were practising slapshots, I was learning key codes and the difference between eggshell and semi-gloss. My mother owned rental houses in the Annex—back when those grand dames were still pulling double duty as income properties. One was a bona fide rooming house with nine or ten boarders. I can still see it: rock music drifting down the stairwell, a little marijuana in the air, and Mom knocking on doors with me in tow to collect the rent. In the garage out back, a crew once rented the space to build floats for Caribana in its early days. The Annex was wild, eclectic, and brimming with potential.

What really imprinted, though, was my parents’ conscientiousness. After each tenancy in another house that they’d rent out in its entirety, they walked the property with a clipboard, brought in their trades, refinished floors, painted, fixed what needed fixing, and hauled out whatever had been left behind. That “buy, hold, maintain beautifully” bug bit hard. I do the occasional flip (a tasteful one, promise), but my long game is to keep great properties for a long time—and keep them irresistible.

Here’s the playbook I use to stay fully rented (a large condo of mine has never sat empty) and keep tenants happy enough to renew—and refer.

Before we jump in, are you thinking about buying a property or selling your home in Toronto? My unique experience as a landlord, architect, and real estate broker can give you a leg up in today’s market. Let’s talk.

The Simple, Boring, Profitable Stuff (a love letter to the basics)

How to be a good landlord starts with these basics:

Keep it clean—obsessively. A spotless unit signals respect. Respect invites it back.
Constant upkeep beats heroic rescues. Small weekly fixes > one giant, expensive triage.
Price just below the comps. One vacant month is ~8.3% of your year. A 2–3% haircut to sit occupied usually wins that math every time.
Make the home functional first, fashionable second. Doors that latch, taps that don’t drip, storage that actually stores. Then the pretty bits.
Buy in great locations. More eyes on your listing, more qualified candidates, fewer awkward compromises.
Favour buildings with higher owner-occupancy. They’re usually better run, better kept, and better behaved.
Listen to tenants and act fast. The fastest way to retain a good tenant is a same-day response and a next-day solution.
Adjust rents with your actual carrying costs. Interest rates up? Taxes/condo fees up? Explain. Tenants respect transparent arithmetic.
Keep it current. EV charging access, efficient appliances, smart thermostats, LED lighting, and (yes) properly maintained HVAC—comfort + lower bills = happier humans.

Whether you’re buying a house to use as an income property or a home to call your own, read these posts next for more valuable advice:

Presentation Sells (and re-sells)

Photograph when the home looks its best. Daylight, tidy surfaces, windows gleaming.
Furnished (well) often shows better than empty. If the furniture is tragic, declutter or stage—don’t immortalize chaos.
Neutral paint beats a kaleidoscope. Your future tenant may not share your love (or that of previous tenants) of aubergine and chartreuse.
Bathrooms and kitchens matter. They don’t need trend-of-the-minute finishes—just clean, pleasant, and well-lit.
Carpet with caution. If you must, keep it pristine and low-pile.
Outdoor spaces count. A balcony is lovely but not mandatory; a tidy garden without carnivorous shrubbery is appreciated.
Windows & light are currency. Keep glass clean and window coverings simple; let the sun do the selling.

My Tenant-Experience Rules (otherwise known as how to keep the place never empty)

Service like a boutique hotel, not a bureaucracy. Texts returned quickly. Clear next steps. Specific ETAs.
Welcome kit + house notes. Wi-Fi, garbage days, shut-off valves, appliance tips, and favourite local haunts.
Preventive maintenance calendar. Seasonal checks (filters, caulking, drains, smoke/CO alarms) so problems never snowball.
Document everything. Before/after photos, receipts, and a repair log. It protects everyone and smooths renewals.
Be pet-sensible. You’ll widen your pool with reasonable pet policies and proper flooring choices.
Showings made easy. Flexible windows, clear instructions, and a unit that smells like “fresh air,” not “Febreze panic.”

Real estate investing is a long game. Between buying and selling homes, read these posts next to help you navigate the market:

Pricing Philosophy (the vacancy math I live by)

I keep my rents a touch under the pack in the same building. Why? Because consistency wins. If market rent is $3,000 and you lose one month, your annual revenue drops to 11 × $3,000 = $33,000. At 3% under market, fully occupied, you’d collect $3,000 × 12 × 0.97 = $34,920. Quietly under-asking by a whisker (while over-delivering on condition) often leaves you further ahead—and with better applicants.

A quick personal proof-of-concept

My larger condo has never sat empty. The “secret”? It isn’t a secret. I keep it immaculate, fix issues immediately, and price it a hair under competing units in the same stack. Tenants notice. They choose certainty. And they stay.

Reality TV does a great job of highlighting the glitz and glam of real estate. But not all is as it seems. Read my post about What Real Estate Reality Shows Don’t Tell You.

Handy Checklist (steal this)

Clean, repaired, and photo-ready
Neutral paint; bright lighting; windows immaculate
Kitchens/baths pleasant and functional (no mystery drawers)
Appliances efficient; HVAC serviced; EV charging considered
Thoughtful storage (hooks, shelves, bike options)
Priced 2–3% below the nearest true comparable
Owner-forward building/community, if possible
Fast, friendly communications; clear house notes
Preventive maintenance on a calendar (and done)
Rent adjustments tied to actual costs, explained simply

In sum (because you asked for a summary)

Buy and hold great properties; flip sparingly and tastefully.
Maintenance is marketing. Clean and fix constantly; the photos (and tenants) will thank you.
Price for zero vacancy, not bragging rights. A tiny discount beats a month of darkness.
Favour function and comfort. Neutral palettes, good light, quiet systems, modern essentials.
Respond quickly and document well. Retention lives here.
Invest in the future. Efficiency, EV readiness, and sensible upgrades keep you competitive.
Location still wins. Put your units where great lives are easily lived.

Final note:

I started this journey trailing after Mom through the Annex while Caribana floats took shape in a rented garage and Led Zeppelin rattled the banisters. Today it’s smart thermostats, LED bulbs, and EV chargers—same spirit, slightly fewer flares. Keep your places loved and lightly under-priced, and they’ll never be empty… and if a tenant asks about the “no carnivorous plants” clause, tell them it’s strictly enforced.

Looking for more buying or selling advice? I’m always happy to chat! Get in touch today by filling out the form on this page, calling me at 416-824-1242, or emailing robert@lifeofluxury.com.

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How to Be the Exception(al) Landlord