Normally, the Toronto rental market comes alive in the springtime, and the number of rentals rise alongside the mercury. It’s a season when we can typically expect the industry to heat up, showing gains across the board.
But nowadays, things are anything but normal. The market has cooled from early predictions as necessary social distancing measures affect the real estate industry at large.
As a landlord in search of a new tenant, you may feel like you’re heading into choppy waters, but Property Management Toronto is here to help you navigate these challenging times so that we weather the storm together.
What is the New Normal?
In response to COVID-19, the city’s schools have shuttered, unemployment has skyrocketed, and non-essential travel abroad has been banned. Social distancing measures and ongoing economic uncertainty have had an unavoidable impact on the housing and rental markets.
In April, condo rentals were down on a year-over-year basis. That’s according to the most recent report out of the Toronto Regional Real Estate Board (TRREB). Their findings show rentals fell by 57.9 percent for one-bedroom units and 54.4 percent for two-bedroom units.
Renters Still Need to Find a Place to Live
This comes as a stark contrast to early predictions for the spring made before COVID-19 hit. But just because things are different from what we expected doesn’t mean it’s time to throw in the towel just yet.
In fact, it’s crunch-time for property management companies just like us!
Despite the picture these numbers may paint, there are still plenty of people in need of a place to call home. Moving dates aren’t always flexible, and people need to relocate no matter what.
We make sure the best of these searching renters finds your listing, so you can find the right tenants for your condo, townhome, and more.
As an Essential Service, We’re Open!
Here in Ontario, real estate agents and property managers are considered an essential service. This places us on the frontlines of our housing communities, and we take this role seriously.
Business may be open, but it’s not business as usual. In a bid to flatten the curve, we’re doing what we can to stop the spread of the virus.
As the government strongly advises against in-person showings, we’re embracing the tools of the trade to deliver our services. Online communications, video consultations, virtual tours, and digital paperwork are simple and convenient alternatives that make it easy to practice social distancing.
If digital dealings aren’t possible, it’s still perfectly legal to conduct in-person meetings and showings — provided there are 5 people or fewer involved. That being said, we’re following industry standards to maintain the health and safety of our landlords, tenants, and property managers at all times.
Property Management is Important, Now More Than Ever
While normally you may handle the responsibilities of being a landlord with ease, current events can complicate your job. You may run into dead ends when looking for tenants under unusual circumstances, and these delays can hurt your bottom line.
Before you get frustrated, partner with the property management company Toronto loves. At Property Management Toronto, we make it easy for landlords to be profitable in the rental property market, even during these unprecedented times.
We start by improving your market reach. We are detail-oriented and take note of every aspect of your property, using these details to set competitive yet appropriate prices. We also take high-quality photographs of your property so that renters know what you’re offering.
Then, we advertise your property on all the leading retail channels, including our own platform. Our listings also appear regularly in Toronto Life. With our marketing system, your property will get the attention it deserves, and you can say goodbye to vacancy.
Ultimately, we do all the heavy lifting, so you can sit back, relax, and collect your rental cheques with ease. We have the five-star Google reviews to prove it!
Reasons Why You Should Pick Us Over the Competition
Toronto’s a big city. Not only is it the biggest in Canada, but it’s also one of the largest cities in all of North America. With nearly 3 million people calling Toronto home, it stands to reason there are a lot of real estate opportunities in the city.
There are also a lot of property management companies in Toronto, which is why it’s crucial you pick the right one.
Here’s how we stand out from the crowd.
Expertise and Experience
With more than 25 years of experience under our belts, we understand the Toronto real estate industry intimately. Everyone on our team is a landlord, and they have a thorough understanding of investment rental properties in Toronto.
24/7 Customer Service
We aim to please, plain and simple. We don’t strongarm potential clients into rental properties they don’t want. Instead, we work one-on-one to make sure you find the right real estate, tenant, or rental property. We’re available 24 hours a day, seven days a week for maintenance support for landlords and tenants.
All-Inclusive, Transparent Pricing
One bill, with no hidden fees. That’s what we offer over other property management companies. It may sound simple, but it’s a rarity. There are plenty of management companies that advertise an ultra-low price to get your attention, then pile on added fees once they hook you in. Save your wallet the trouble by sticking with our upfront pricing.
If you partner with our property managers, you’ll always have a finger at the pulse of your rental business. We keep you in the loop about your investment with up-to-date financial reports.
Here at Property Management Toronto, we have a saying: We love our landlords, but we also care about our tenants. At the end of the day, we match A+ tenants with A+ properties, so we work hard to find renters a place they can call home — whether that’s a condo, apartment, house, or townhome. Focusing on both sides of the equation helps us match landlords with reliable tenants who will renew their leases.
We Will Flatten the Curve Together
While the restrictive measures may feel overwhelming at times, they work. Health officials say the city is starting to flatten the curve. But the only way we can crush it altogether is by keeping vigilant. Remember to stay home when possible, wash your hands often, and practice safe social distancing from friends and family.
These new routines may differ from your usual springtime habits, especially if you’re looking to fill a vacancy. But different doesn’t have to hurt your bottom line. Until things reset, we look forward to helping you find an A+ tenant this spring. Get in touch to learn more about how we can handle all your property management needs!