What Do Property Management Companies Do for Landlords?

What Do Property Management Companies Do for Landlords?

Posted on June 9, 2020 by pmtadmin

If you want to rent your investment property but feel out of your depth, a property management company can lend a hand.

Being a landlord comes with a lot of perks. Your investment property diversifies your assets, and it brings in a steady income when tenants pay their monthly rent.

But there are some downsides, too. Finding a tenant isn’t always easy, especially when social distancing measures affect the market. To get paid, you have to collect rent, and your phone might ring off the hook when tenants complain about broken appliances and burst pipes.

Are you ready for this kind of responsibility? If not, you’re still landlord material. You just need a property manager. These professionals take on your day-to-day tasks you may not have the time, patience, or interest in to complete on your own.

You can hire them to help you with just one aspect of your rental property, like finding tenants or collecting rent. Or you can trust them to oversee every task involved with keeping your investment property up and running.

Here at Property Management Toronto, we’re a property management company in Toronto that does it all. But don’t just take our word for it. Keep scrolling to learn about what we do to make your real estate investment thrive.

Shop for Property

No property, no problem. As leaders in Toronto’s real estate market, we’re always excited to help a prospective landlord find a property. With more than 25 years of experience, we share our exhaustive knowledge of the city and its more than 140 neighbourhoods to find you the best investment for your needs.

But don’t worry if this isn’t your first investment property. We’re happy to extend our real estate consulting to anyone — whether this is your first or fifth property in Toronto.

Assess and Prepare Your Investment Property

For those landlords who have existing properties, we also offer our professional assessment services. We provide expert market analysis to help you understand your rental value, so you can set a competitive rental price. We also offer simple recommendations on how to refine your property, so it’s ready to lease at top dollar.

Market Your Property

During a cool rental market, you may struggle to find a tenant on your own.  You may end up searching for that perfect tenant so long it eats into your bottom line. Or, impatient to find someone, you may cut corners and end up signing with a less-than-desirable renter.

As the property management company Toronto trusts, we don’t need to cut corners, even during these unprecedented times. Thanks to our real estate marketing solutions, we make sure the right people see your property.

First, we start by taking high-resolution photos that make your property shine on any listing, and we make sure your property advertises on all the best platforms. We manage our own website, post to social media and MLS, and even share our best properties with Toronto Life.

A Guide to What a Property Management Company Can Do for You

Help with Tenants

Having tenants is a necessity of renting out your condo, townhome, or house, but you may not want to deal directly with them day-to-day. Wanting a hands-off approach to your investment real estate is well within your rights. It’s also easy since the best property management companies Toronto has to offer will take over this role in all respects.

Finding a Tenant

Typically, Toronto is a landlord’s market, meaning the demand for rental units is high. This gives you the pick of the litter when it comes to renters, as you’ll be able to choose from a greater pool of candidates to find your best option.

But nowadays, the market’s anything but typical. That’s where we step in with our tenant selection services. We created a rigorous screening process, so we only pair you with A+ tenants with good credit, references, and more. We even have a criminologist on board to watch out for red flags!  

Our thorough tenant selection plan ensures you get the right tenant for your needs, no matter the market. Of course, you have the final say over these refined results, and you may deny any application without needing to provide a reason.

Ongoing Tenant Relations

Once you do pick the tenant, we’ll maintain a positive relationship for the duration of their tenancy. And if we do our jobs right, these tenants will renew their lease from year-to-year, saving you the trouble and stress of finding regular replacements.

Once they sign a lease — ours include six pages of clauses designed to protect you — we take over all tenant relations. This includes accepting payments, receiving repair requests, and arranging maintenance workers to fix issues.

Our team of expert property managers are available 24/7 to all our landlords and tenants, so we provide the support everyone needs — whether that’s at 4 o’clock on a Sunday morning or 4 o’clock on a Friday afternoon.

Financial Reporting

At the end of the day, you invested in real estate to make money. That’s why we promptly deliver monthly and annual financial reports, so you can see how much money your investment property generates. These reports breakdown your ingoing and outgoing cash in a simple way, so you’re aware of all the rent we collect as well as all the repairs we field and fix.

Don’t worry if something in these reports stand out as odd. We’re available any time you have questions or concerns. Our team is also happy to jump on a call any time you’re ready to grow your investments.  

Keep an eye out for our upcoming Tenant Cloud. This will throw your reports on an easy-to-access online service, so you can check in on your repairs, rent, and more in real-time.

Property Management Companies Do a Lot

Here at Property Management Toronto, we wear a lot of hats. We’re real estate agents, online marketing gurus, tenant screening specialists, and accountants.

Do you need advice from one or all of these professionals? It may be time to partner with a property manager. We’re an all-in-one package.  

Being a landlord is a big a job, but we’re up for the task, and we have the Google reviews to prove it! Take a look to read how we’ve helped previous landlords make the most out of their rental properties in Toronto. If you like what you see, get in touch with us today to learn how we go the extra mile for all our landlords.