More property owners are entering the rental business in Toronto to take advantage of the lucrative market. As a successful landlord, you can diversify your income stream and increase your revenue. The extra resources can help you offset your costs of ownership, such as a mortgage, maintenance, and property taxes.
However, running a rental property business can be demanding, especially in a sprawling metropolis where time is precious. Here are some advantages of partnering with a good property management company in a city like Toronto:
#1 They Will Help You Select a Good Tenant
Toronto’s fast population growth can be a double-edged sword for landlords. While you have many applicants to choose from, you also need more time and resources to screen them. By partnering with experienced and reputable professionals, you can greatly improve your chances of selecting the right applicant.
For example, Property Management Toronto finds you a reliable tenant by quickly yet thoroughly screening applicants through employment letters, credit bureau reports, and reference checks. What’s more, their vetting specialist has a degree in criminology, which further decreases your likelihood of matching with an undesirable renter.
#2 They Will Maximize Your Market Reach
Some landlords use conventional options such as classifieds, for rent signs, and word-of-mouth to find tenants. In the digital age, these methods are outdated and ineffective. A good property management company will have the means to market your property across a variety of channels so that you receive many applications in a short period. Property Management Toronto also uses its in-house real estate representative to place your property for lease on MLS. This is Toronto’s most popular listing service where all corporate relocation companies and executive relocation firms source properties for their employees and executives.
#3 They Will Be Detail-Oriented
Because of rising rent prices, tenants are more selective. When looking for a home, they may want to know about the number of bedrooms, bathrooms and living rooms, quality of lighting, pet policy, age of the building, number of amenities, and location.
Answering these questions can be exhausting, especially if you have a full-time job. Fortunately, an experienced property management company will note all the pertinent details before reaching out to renters.
#4 They Will Manage Viewings
Tenants usually want to see their future home at least a couple of times before signing a lease. And coordinating viewings with multiple potential renters a day can be frustrating, especially when navigating through the busy traffic of a teeming city.
A good property management company can manage viewings on your behalf. They’re trained professionals who tirelessly do this for a living. What’s more, they’ll have an opportunity to gauge the tenant further when they meet them face-to-face.
#5 They Can Collect Rent on Your Behalf
Many landlords who don’t like dealing with rent collection take advantage of the services offered by property management companies. Not only will your rent be collected on time, but it can be collected digitally so that you don’t have to worry about lost checks again.
#6 They Can Take Care of Maintenance
As a landlord, you have several responsibilities, including upkeep. Not only do many property management companies perform regular inspections, but they offer 24/7 maintenance support to tenants. This will allow you more time to focus on other activities.
These are some important advantages of partnering with a property management company in Toronto. With the right team on your side, you can enjoy the profits of your rental property business without doing the heavy lifting.