Home to over 5 million people, Toronto is the most populous country in Canada and for good reason. It boasts an abundance of jobs, schools, parks, eateries, cultures and entertainment venues. It was also rated on the lower end of the national crime index by Statistics Canada despite being a sprawling metropolis. What’s more, its public transport system was awarded the Transit System of the Year.
More importantly, Toronto has many comfortable, stylish, and modern condominiums gracing its skyline. These condos are located close to businesses and offer several attractive amenities to the growing population.
Because of the lucrative nature of the Toronto rental market, you may consider entering the condo rental property business. However, you shouldn’t do so without professional help. Here are four ways a property management company can help you reduce your risk and maximize your profitability:
#1 They Will Match You with a Good Renter:
A factor that can make or break your rental property business is your renter. A good renter will pay their rent and bills on time and treat your property with respect. They will also notify you of any pressing maintenance concerns in a timely fashion.
On the other hand, an unreliable renter may damage your property, disregard the condo rules, and not pay their dues. Considering that your mortgage bills, property taxes, and condominium fees are a constant, it’s important to minimize any risk of losing revenue.
Only the best condo rental property management services in Toronto can consistently match you with a good renter by screening them through credit and reference checks. What’s more, they’ll increase your market reach by listing your property on multiple platforms and connecting you with the best candidates.
#2 They Will Manage Viewings:
Because Toronto has one of the lowest vacancy rates in the country, as a rental property owner, it’s likely that you’ll entertain many rental applications. And showing your property to each potential renter can be tiring.
Here, a rental property management company can help by managing viewings. Remember, these are professionals who do this every day for a living. They will handle each viewing in a polite and professional manner, tirelessly answering the same questions until they match you with a good renter.
#3 They Are Detail-Oriented
Because property management companies are in the business of dealing with renters, they know how to manage expectations. A good property management company will take note of every detail of your condo, from the size of the property to the number of rooms to the list of amenities. This will help you save time. For example, a pet owner will never present themselves as a candidate if your listing clearly mentions a no pet policy.
#4 They Will Help with Pricing
With renters paying top dollar for rental homes, expectations are high. Your competitors in Toronto offer excellent homes in prime locations. If the rent is above market rates, your ideal renter will seek other options. And nothing will hurt your rental business more than high vacancy rates.
A good property management company will use pricing techniques to help you achieve the ideal market rent rate for your rental property. They’ll also manage the lease signing and rent collection to ensure that you have a smooth experience.
These are some of the ways a property management company can help you reduce your risk in the rental market. By using the services of a professional, you can maximize your revenue and enhance your business.