Meeting all the obligations of a landlord is not an easy task. As soon as you rent out your home, you suddenly realize how many things there are to do and how the job never really ends.
Let’s explore some of the hardest aspects of being a landlord and how property management companies help solve them.
1. Getting a Reliable, Responsible Tenant
Finding a responsible tenant takes time and skill, and there’s an enormous difference between having an A+ tenant versus someone who pays bills late and doesn’t respect your property. Securing an amazing tenant for the long-term lets you sleep easily at night, while the worst tenants can be a nightmare from which you can’t awake.
The best rental home property management companies ensure your mind is at ease by using their know-how developed after years of experience to find tenants who always pay their rent on time and treat your property thoughtfully.
Property Management Toronto has a four-stage tenant screening process:
- Employment letter: confirms the potential tenant works where they say they do and can pay their monthly rent comfortably.
- Credit check: provides a window into how they treat their financial obligations; a red flag here is crucial to note.
- Reference check: tells us information about the character that financial data on paper may not reveal.
- Tenant application: we’ll bring the applications to you, so you can approve whichever one you want without explanation or justification.
Finding a tenant takes skill and time, and there’s a lot riding on it, but our tenant selection criteria make the process smooth and effective.
2. Homes Need to Be Maintained
Most homeowners aren’t contractors and shouldn’t attempt to be after watching a how-to YouTube video. Instead, it’s better to have a slate of contractors deemed trustworthy after years of mutually satisfactory work.
Property Management Toronto has a long list of contractors for every job there is, and anytime you submit a maintenance request, we’ll let you pick one of three options at different price points. This way, owners can enjoy the peace of mind that comes with pricing transparency and the assurance of knowing the repair is entrusted to experts.
If you’re a landlord, property management companies can ease your anxieties about the state of your home and reduce the burdens of homeownership.
3. Keeping Up with Changing Markets and Laws
Landlords want full value for their investment with as few bumps in the road as possible. However, markets change quickly, and so do landlord laws involving real estate and rentals. Navigating both is complex and takes up a lot of time.
Property Management Toronto follows the market closely, ensuring you understand your property’s value as markets ebb and flow. To keep your home’s value as competitive as possible, we give you suggestions on how to maximize its worth and provide a market analysis based on our research.
4. We Give Our Time, So You Don’t Have To
Perhaps the greatest challenge or most irritating challenge landlords face is having to be constantly reachable in case something goes wrong with their property. It’s hard to be available mornings, noon, and night on weekends and holidays!
We give you help fulfilling tenant obligations by being available 24/7, 365, so you can enjoy your spare time without wondering if you’ll be pulled away at potentially any moment to deal with landlord responsibilities. Silence that voice that’s constantly in the back of your head, worrying that any given occasion could be spoiled.
5. Prep Your Property
Property Management Toronto knows the most attractive ways to exhibit your rental property, so we can help you advertise it effectively and prepare it accordingly. We can come on-site to assess and consult before you lease it out and then send a professional photographer to take high-resolution marketing pictures.
You won’t have to worry about how to make your property look its best. We’ll even use our social media network to circulate the listing, as well as optimize for other mainstream outlets like Craigslist and Kajiji in ways that are legal and ethical. Plus, we’ll use our connections to glossy Toronto magazines that would be otherwise inaccessible.
It’s natural for homeowners to be attached to their property, which may skew how they see it and bias how they think it will be seen by others and valued on the market. Professional property managers can help bring a clearer, impartial perspective to how you market and list your property based on decades of experience working in real estate.
6. Tenant Relation Services
Tenants need to feel like your property is their home, and a large component of that is making them feel comfortable and assured that the unit will be thoughtfully looked after and attended to. Professional property managers handle all interactions with tenants respectfully and promptly, incentivizing them to sign leases year after year.
Property Management TO will oversee everything from rent collection, maintenance requests, and more. We keep tenants happy, so your rental operations are smoother for everybody involved.
7. Reporting Services
Finally, you need to be kept in the know about every aspect of our turnkey operation, and our reporting services accomplish just that. We provide comprehensive, user-friendly monthly and annual financial reports that tell you everything about your investment property.
We’re happy to walk you through the report if you have any questions. Our goal is to offer comprehensive real estate services that let you sit back and know that your property is in good hands, and that involves keeping you up to date with what’s going on.
People are hungry to live in the city and the surrounding GTA region, so it’s a great time to become a landlord and provide a safe and healthy home. Using our services will give you practical help when it comes to the concerns outlined above and ease your mind about the entire process. Call us to chat about what we can offer you and learn more about how we can help you beat any landlord challenges.