The trend of relying on property managers to fulfill your landlord obligations is growing. Professional property managers are common in Toronto’s hot real estate market and, as the value of homes rises in the surrounding regions, they’re coming to your city if they’re not there already.
Even during the pandemic, the cost of an average detached house in the Greater Toronto Area (GTA) rose to over $1 million for the first time ever. If you are renting out a property now, your powerhouse investment doesn’t need to take up all your spare time.
Professional property managers are a one-stop shop for landlords. Here’s what they can do for landlords across the GTA.
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Find The Right Tenant
It’s important to establish right off the bat that you find a reliable tenant who will respect your property and pay their bills on time. Companies like Property Management Toronto have a thorough vetting process to verify that the person is who they say they are and that they’d make a great tenant.
This process involves:
- Employment letter: Confirms the prospective tenant’s income
- Credit Bureau Report and Credit Check: See how tenants treat other financial responsibilities
- Reference check: Learn insights from the prospective tenant’s friends, family, and previous landlords
- Tenant Application: Professionals screen the applications but give you final approval
24/7 Support
Landlords need to be responsive to their tenants’ needs at all hours of the day, which is challenging and draining when only one unit is involved. If you are renting out more than one unit, it may be near impossible.
Professional property managers give landlords their evenings, weekends, and holidays back by providing tenants with prompt and effective support. Not only does this remove a landlord’s stress, but tenants appreciate this level of service, which increases the odds they remain for the long term.
Reporting
Landlords want to remain in the loop without having to sacrifice too much time. The best professional property managers send you detailed monthly and annual financial reports with breakdowns that are easy to understand.
Stay in the know about your investment while giving your tenants the space they need and are legally entitled to.
Tenant Relations
Professional property managers do the heavy lifting for landlords and provide services that tenants appreciate. Everything from collecting rent to maintenance requests, you can sit back and know they will handle it in a way that satisfies all parties.
Housing is not just an investment; it’s a core part of a stable and happy society. Make sure your tenants feel like they have the backing of professionals if something in the property needs to be repaired or attended to. Knowing they oversee regular monthly processes is even more assuring.
The housing market has gone up steadily in the GTA for years, and Toronto’s crowded market is pushing people from the city to the suburbs. Professional property managers are also expanding outward, so find one near you if you could use more support as a landlord.
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