Landlords often get in the game because they want to make passive income every month. The idea of sitting back and collecting a rent cheque is a dream.
Usually, it doesn’t take long for them to realize that being a landlord is a lot of work. Tenants can call about issues at potentially any time, and the number of niche skills you need from home repair and more will put you to the test.
Professional management companies like Propertymanagementto.com give you constant support and make life easy for landlords by having your back. Please read on to appreciate all they can do for you.
Better Tenants, Faster
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Having quiet, mature, responsible tenants who pay their rent on time makes a world of difference for landlords. Such tenants respect the property and take better care of it, reducing maintenance costs.
Plus, landlords don’t need to cross their fingers that they’ll receive their rent or hunt down their monthly cheques. However, securing a great tenant takes considerable work, and mistakes here can be costly.
Leading property management companies have a four-step verification process to ensure you get the best tenant possible without wasting time. Here’s what that looks like:
Employment Letter
A letter from the prospective tenant’s employer confirms that they are who they say they are and that their income can amply cover rent. Employment letters also confirm the length of time the prospective tenant has held down the same job, a good indicator of a reliable tenant.
Credit Check
Tenants with good credit histories tend to honour and stay on top of their financial obligations. A tenant who doesn’t pay their other financial debts is unlikely to make a great tenant.
Reference Check
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Financial data is essential, but that doesn’t give a full picture of a person. Reference checks fill in the gaps so landlords understand the character of the person looking to rent their property before they move in their things and take up residence.
Property management companies will contact friends and relatives, but also past landlords, even if it requires a long game of phone tag. Landlords trying to find the right tenant may be swayed by financial or emotional considerations that professionals aren’t as subject to since they have loads of experience and an objective perspective.
Tenant Application
Professional property managers will inspect all the tenant applications you receive and present only the best options, saving you time and ensuring you get a great tenant. You’re free to pick whichever application you like and don’t need a reason for denying the others.
Support, 24/7
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Landlords don’t want to spend their waking life wondering if they’ll get called away at any given moment to deal with an issue at their investment property. However, it’s crucial that tenants have repairs done professionally and promptly and that their maintenance requests get dealt with responsively.
Such levels of support help them feel more deeply rooted in their home, so they’re more likely to re-sign their lease year after year. Plus, prompt maintenance and repairs are essential to keeping your investment property in good shape.
The best property management companies have a long list of vetted contractors they’ve worked with over the years, so there’s trusted help no matter what should break down. They should work transparently and give multiple options.
The leading property managers give landlords a choice of multiple repairs, each at different price brackets. Homeowners are free to choose how comprehensive and expensive they’d like the repair to be and pick whichever option suits them best.
Either way, they’ll know that their tenants are well supported, their home is in great condition, and they don’t need to sacrifice their evenings, weekends, and holidays to keep it this way.
Tenant Relations
When a tenant feels heard and valued, they’re more likely to enjoy their living situation and remain in place. The ideal situation for a landlord is to have a great tenant who loves where they live, so there’s consistency and reliability.
Offering repairs and taking requests at all hours of the day, every day is a major load off landlords’ backs. Property management companies also oversee things like monthly payments and help tenants in multiple other ways.
Real Estate Services
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The best property management companies are led by people with years of real estate experience who offer consulting services that help you land the most suitable revenue property. Whether you’re looking in Toronto’s downtown core or throughout the GTA, the leading companies have deep familiarity with the markets and at a street level.
Sometimes, using the real estate services of a property management company can get you months or even a year of free landlord property management services. Using one company for all your real estate needs can save you money and make the process less of a hassle.
Marketing Services
Finally, professional management companies know how to help you put your investment home’s best foot forward. They know the local real estate market in Toronto and the GTA, and they know what renters are looking for.
Plus, they have deep connections in publishing and in the online market that can maximize your home’s value. If you try to promote your investment property alone, you probably won’t be able to get it placed in glossy magazines like Toronto Life.
Professional management companies will also plug your property on their digital networks and social media, so it’s seen by the most people possible. Homeowners are liable to let their vested interest in their home distort how others will see or value their property. The objective, experienced professionals at property management companies don’t have this bias.
Landlords can really benefit from having their clear-eyed perspective work in their favor.
Being a landlord doesn’t have to be a second job when you have professional support at your side. You can offer tenants outstanding, responsive services without giving up your spare time if you hire a property management company that ticks all the above boxes.
