Owning a rental property takes a lot more work than people may suspect. Whether you’re renting out a house, townhome, or condo, being a landlord involves juggling multiple balls simultaneously.
Property Management Toronto has over 25 years of experience in the local real estate market. With 4.7 stars on Google and a vacancy rate of under 1%, our track record speaks for itself. Still, here are 15 reasons why it’s smart to hire a property management company in the Toronto market.
Please continue reading for ways our investment real estate services in Toronto offer turnkey solutions to ease your mind and give you all the support you need to be a confident landlord.
Finding the Right Tenant
Finding a suitable tenant for your investment property is crucial. Not only does a good tenant pay their rent on time each month, but they’ll also take better care of your property and everything in it. Having a respectful, trustworthy tenant means fewer headaches and lower maintenance costs.
There’s no doubt that if you want to run a profitable investment property in Toronto you need the right tenants. Here are the four steps we take identify the best renters.
1. Employment letter
Prospective tenants need proof that they are employed, so you know they can pay you each month. Their employment letter verifies that they work where they say they do and make sufficient money each month to comfortably pay their rent.
2. Credit Bureau Report and Credit Check
What if a tenant has a stable, high-paying job, but they owe a lot of money elsewhere? This could seriously impact their ability to pay their rent, so it’s very important to know if someone applying to live in your investment home has outstanding debts.
Seeing some history of how your potential tenant treats their financial obligations is a crucial step towards building the trust required to rent them their home. Property Management Toronto always looks through every prospective tenant’s credit bureau report, so we know firsthand who we’re renting to before giving them the keys.
3. Reference Checks
Sometimes financial information doesn’t give a three-dimensional description of who a prospective renter really is. In these cases, talking to people who know them can help flesh out a broader understanding of who they are.
A renter may list friends or relatives as a reference check. This can be helpful, but we’ll also make sure to talk to previous landlords. Talking to personal friends and family as well as to their landlords helps put together a complete picture.
Even when this means a lot of back and forth on the phone to track them down, perhaps no step is more important than talking to a former landlord. Property Management Toronto can help you make this important decision objectively.
We can even take the decision off your hands altogether, so you can sit back knowing you’ll receive rent each month, your unit is in great shape, and that all tenants are satisfied.
4. Application
Landlords need to approve applications themselves, but we will handle all the preliminary work. All you’ll need to do is approve the applicant that speaks to you, without having to provide a reason for denying an application.
These four processes ensure you have a great tenant in your building, one who will pay the full rent on time and treat your property with respect.
24/7 Support
If something breaks in a landlord’s property, it needs to be fixed quickly. Otherwise, the tenant could become understandably upset, and the property itself can sustain physical damage that takes time and money to repair.
Many people who consider owning an investment property are intimidated by the need to do repairs. Either they don’t have handiwork skills themselves, or they are reluctant to take on the responsibility.
With Property Management Toronto’s help, you can ignore that voice in the back of your mind that worries something can potentially break any moment. There’ll be no need to fear you can get called during the evening, weekend, or on holiday to rush and do a repair.
You won’t need to learn the intricacies of home repair or give up your spare time with our landlord property and rental management services. You and your renters can speak to us any time of the day or night to receive professional support.
Reporting
Just because you have a turnkey solution in place doesn’t mean you’re ever out of the loop. Property Management Toronto’s detailed but user-friendly monthly and annual reports keep you aware of all pertinent information with the least amount of effort possible.
You’ll always be able to keep an eye on the property without violating the privacy rights of your tenant.
Marketing
If you cast your property in the right light, it can yield a higher level of investment and attract a more responsible tenant. Don’t just rely on free online marketplace websites that fail to do your unit justice and may cause renters real money and headaches.
Not only will your property be showcased on our website and within our networks, but we also have connections to other high profile outlets that will help your property make a splash. For example, our properties appear regularly in Toronto Life.
Advertisements can be a very powerful way for a larger number of people to get a strong and immediate impression of your property. However, the copy, photographs and ad placement need to be handled properly. Going through a property manager also ensures there are no scams.
Sit back and let us advertise your unit so you can enjoy the largest return on your property possible without having to become an ad guru.
Being a landlord on your own involves multiple skills that not everybody possesses or feels confident about, from construction, home maintenance, landscaping, and navigating a complex set of laws and regulations. From the intricacies of finding the right tenant to all the other supports we provide, Property Management Toronto is there to offer a turnkey solution that lets you and your renters live happily ever after.