Common Misconceptions About Being a Landlord

Posted on March 16, 2022 by pmtadmin

Just about everybody would like to own their home one day, and even better than that is owning multiple homes that other people pay you to live in. Being a landlord is a fine position indeed, but it isn’t easy and entails way more responsibilities and legal obligations than you may at first realize.

Let’s take a look at some of the common misconceptions involved in being a landlord and how Property Management Toronto can be there to help and allay your concerns.

Finding the Right Tenant is Hard and Time-Consuming

Landlords don’t merely charge people to live in their property; they provide a home that’s part of a community. Professional property managers have a comprehensive tenant selection process that ensures the person living under your roof is responsible and mature.

Your home might be an investment for you, but to the person living there, they want to feel like they can lay down deep roots in their home and in the broader community. The best outcome possible is to have such a person living in your property because they make great tenants and neighbours.

We will help you find such a tenant quickly by overseeing the comprehensive process entirely. We’ll check that any prospective tenant has a valid employment letter to confirm they work where they say they do and have sufficient income to comfortably pay rent.

Next, we’ll run a credit check to get a window into how they treat their financial obligations. To get a sense of their character, we’ll run a reference check by following up with friends, family, and past landlords.

Finally, we’ll handle the tenant applications and show you only the most qualified candidates. You’ll have a clear picture of who is living under your roof before they sign the lease, and you won’t have to do any work to gather this information.

Take advantage of years of real estate experience that will help you spot red flags in a prospective tenant before they take legal occupation of your property. Moreover, you’ll secure a great tenant sooner, so there’s less chance of a vacancy in the short and long term.

You Must Be Handy

There’s a widespread idea that landlords must be handy at fixing things around the home. Today, it takes no effort to be a landlord — you don’t need to know how to work a power drill or even own a hammer.

Property Management Toronto offers turnkey services for landlord property and rental management that include 24/7 access to a slate of trusted contractors with whom we have deep relationships forged over many years. Whether you need a new roof or the bathroom requires maintenance or a new faucet, you won’t have to search for a contractor you hope is trustworthy and competent.

Even better, we present all our clients with options at different prices, so you can select the level of repair that suits your budget. Imagine you did have all the tools and know-how to build let alone repair a home; would you really want to be on-call anytime the home needed fixing?

Landlords don’t need to be handy when they have the backing of professional property managers.

Keeping Up with the Law is Difficult

We are living in a world that has changed in ways people would have never thought possible just a few years ago. The COVID-19 pandemic has altered the world, and laws are constantly adapting to the new conditions all around us.

It’s easy to think that being a landlord involves having at least a little familiarity with the laws pertaining to a rental lease agreement or the obligations a landlord must meet for tenants. Professional property managers have in-depth knowledge of any laws having to do with renting in various Ontario markets, and we follow up with all the latest legal developments, so you don’t have to.

Don’t feel intimidated at the prospect of needing to abide by a thick, complicated legal code. All you need to do is own the property and hire us, and we’ll answer any questions you may have and always keep you on the right side of the law.

Professional Support is Expensive

We are proud to offer affordable property management in Toronto and the GTA for anybody with an investment home looking to make passive income. Deciding to buy a property is one of the wisest investments you can make because land is the one thing people can’t build more of.

Investing in professional property management keeps you proactively in compliance with all laws and best practices. If you go it alone, you’re liable to make costly mistakes along the way that result in headaches, financial setbacks, and other large problems. It’s hard to foresee all the unknown unknowns involved in being a landlord, even for people who have done it before.

Property Management Toronto will always keep landlords in the loop about their property with monthly and annual financial reports with an easy-to-understand breakdown. We’re happy to walk you through it and answer any questions you may have.

We seek to go above and beyond the services you expect and even offer twice-yearly inspections in the spring and fall. For $89 plus tax, we’ll give you a thorough report featuring photos and a summary of your property’s condition.

For those who opt-in, payments will be deducted from your next month’s rental income. When you consider all the legal, financial, and maintenance-related difficulties associated with being an independent landlord, you can’t afford not to hire a professional property manager.

The world is changing quickly, and so should your idea about what it takes to be a landlord. The days of needing to possess a specific skillset or understand the ins and outs of complicated legal codes are over. With the right professional assistance, overcoming the challenges for landlords and making monthly rental income can be effortless. Please reach out to Property Management Toronto with any questions you may have about our services.