Becoming a landlord is one of the surest ways to diversify your income stream and generate more revenue. The rental property business can be especially tempting in a city like Toronto where rental prices are expected to rise further over the next few years while vacancy rates are predicted to drop further.
However, managing a rental property isn’t a straightforward task. There are multiple factors that can make it a challenging job. Thankfully, there are steps you can take to reduce the stress and improve your chances of achieving success as a landlord.
#1 Find the Right Rental Property
At Property Management Toronto, we’ve established ourselves as Toronto’s no.1 property management company by successfully specializing in townhomes, homes, and condos in the city with the 5-Star Google reviews to prove it. With over 25 years in real estate, we know that the key to finding success as a landlord is to find the right rental property in the right neighbourhood. Here are a few signs of a neighbourhood that will help you match with quality tenants and avoid high vacancy rates:
- Well-maintained homes
- Nice parks
- Thriving local businesses
- Highly ranked schools
- High walkability score
Although buying the right property in the right neighbourhood can set you up for a lifetime of rewarding earnings, it takes experience and expertise to do it right. With so much riding on the decision, you can’t afford to make a mistake. That’s why you should partner with the best professionals.
At Property Management Toronto — we have a team of dedicated and experienced professionals who can help you zero in on the best Toronto investment properties for your rental property business. Our experts will help you through the location, assessment, inspection, negotiation, and purchasing process. If you’re a foreign investor, then take advantage of our documentation services. We will guide you through the various rules and regulations and help you reach your goals.
Buying an investment property can be a stressful and multilayered process. By letting us do the heavy lifting, you can save yourself valuable time and greatly improve your chances of finding profitability.
#2 Match with the Right Tenant
Nothing can disrupt your rental property business more than selecting the wrong tenant. If a renter doesn’t pay their rent on time, mistreats the property, fails to inform you about emergencies or takes part in illegal activities, then you can find yourself in a stressful situation.
While finding the right tenant is important, it’s also a time-consuming process that can require resources and experience. Showing the property to multiple prospective tenants and screening dozens of applicants can be tiring for the owner of a rental property.
At Property Management Toronto, we believe that your property deserves to be matched with only the best renters. We’ve perfected the tenant selection process by reviewing credit scores from Equifax, references from previous landlords, employment letters, and valid photo IDs. What’s more, we also have a criminologist who can identify red flags.
#3 Use the Right Marketing Channels
Even with the best rental property in a desirable neighbourhood, you may have difficulty connecting with tenants if you don’t use the right marketing channels. Avoid using outdated channels such as newspaper classifieds and for rent signs. Be wary of partnering with realtors who are only interested in collecting their percentage and may try to rush you into accepting an undesirable tenant.
Instead, use the services of a premier Toronto rental agency that both tenants and landlords are raving about online and avoid the stress of vacancy. The longer your rental property sits vacant, the longer you lose revenue. Without a rental income, your mortgage, taxes, condo fees, and upkeep costs will take a bigger slice of your bottom line.
We list your property on the top real estate channels in the country like MLS, Kijiji, Craigslist, PadMapper, Viewit.ca and realtor.ca. We also list your property on our platform. Whether a tenant is looking for a condo, apartment, or house rental properties in Toronto — they can find them on our website.
Our listings are highly detailed and feature high-quality photographs to avoid wasting your and your prospective tenant’s time. By partnering with us, you can maximize your market reach and quickly entertain several quality applications.
#4 Be Well-Versed in Your Responsibilities
Landlords who are unaware of their responsibilities can find themselves in stressful situations with their tenants. As a landlord, you must perform maintenance, repairs, and seasonal upkeep in a reasonable time as per regulations. You should also use the most reliable contractors to avoid liability concerns.
For example, if someone is injured as a direct result of your contractor’s actions, then you could be held responsible. It’s also advisable to use the right lease agreement and to maintain a friendly but professional relationship with your tenant.
Landlords can also be held responsible if they discriminate against tenants. It’s considered a housing rights violation if you discriminate against a renter based on their race, religion, sex, age sexual orientation, marital status, disability or the time they’ve lived in the country.
Although the rental property business can be lucrative in Toronto, many people are hesitant to become landlords to avoid the complexities of dealing with a tenant. That’s why many landlords are happy to partner with us. Even after matching you with an A+ tenant, we don’t consider our jobs to be complete. We offer rent collection, lease signing, and provide 24/7 support to tenants. By letting us manage these responsibilities, you can sit back and collect your rent income hassle-free.
We provide excellent support to tenants because we believe that happy tenants are more likely to treat your rental property with the love and respect it deserves. Tenants can easily fill-out electrical, heating, plumbing, appliance, or other repair requests by filling out a form on our website.
#5 Be Insured
Life can be unpredictable. Even if you’ve covered all your bases, an undesirable event can disrupt your rental property business and leave you in the red. To minimize your risks, get all inclusive-insurance. Rental income insurance will help you if your tenant suddenly stops paying rent or if your property is uninhabitable because of an unlikely event such as a fire or a natural disaster.