People with the capital to invest often look to the housing market as a reliable secondary stream of monthly income, but the prospect can be daunting. Unlike buying stocks and bonds, purchasing real estate involves many hands-on things, from home repair and meeting tenants’ needs.
The best property management companies in Toronto give you back your time and have the knowledge, resources, and contacts to make being a landlord straightforward.
Please read on to learn how property managers can make Canada’s hot real estate market work for you.
Best Tenants in Less Time
No landlord wants to worry about the state of their property, hope that their monthly rent cheque will arrive on time, or worse. Experienced property managers know what questions to ask and how to vet prospective tenants.
As a result, they’ll find you an ideal tenant sooner, one who keeps your property in decent condition and pays their rent promptly. The leading property managers have a four-step process:
- Employment letter: this step verifies that the prospective tenant works where they say they do and can comfortably pay rent.
- Credit check: seeing how they treat financial obligations is an important window into how they’ll handle monthly rent.
- Reference check: aspects of a person’s character can’t be gleaned from financial documents alone, so professional property managers follow up with relatives, friends, and former landlords, even if getting them on the phone takes some time.
- Applications: let the property manager sort through the tenants’ applications and show you the best candidates. You can pick whichever you like without providing an explanation.
Get Your Free Time Back
One of the biggest burdens landlords face is having to be responsive to calls from tenants during their evenings, weekends, and vacations. After all, if something breaks and there’s an emergency at your property, you need to know right away.
Hiring a professional property manager means landlords have someone tenants can call 24/7 to issue maintenance requests. The best property managers have excellent contacts among contractors after years of working in the real estate sector.
When a repair is required, they’ll give property owners options at different prices to pick from. Enjoy your spare time without worrying that at any moment, you may have to drop what you’re doing and tend to a problem at the property.
Property managers even handle things like collecting monthly rent, so landlords can streamline many processes that would otherwise eat into their spare time.
Finally, professional property managers help make your home look its best in ads. They use their social media networks and contacts in the publishing industry to promote your home and ensure it’s seen by the right people.
Their experience and objective perspective will highlight aspects of your property that are in demand, maximizing its appeal so you can command more in rent.
Whether you’re an experienced landlord or you’re new to it, buying property and having other people live in it is a big responsibility requiring its own skillset. Having professionals on your side simplifies your job and gives you back your time, so the real estate market can work for you.