In capitalism, one person’s crisis is another’s opportunity. “Buy low, sell high” is another way of stating the same thing: it’s better to get an asset for as little as possible and then receive maximum yield.
In the housing market, rising interest rates are helping to lower prices. The story is different in the rental market, where rents have surged for the past year or so after a historic plummet during the pandemic.
If you’re an investor looking to become a landlord, professional property managers make it easy. Here’s what they’ll do for you.
A+ Tenants, Sooner
Securing an excellent tenant can be the difference between a good night’s rest and a nightmare. Mature, responsible tenants respect your property and pay their bills on time. Bad tenants damage their unit and don’t always pay at all or on time. The tenant may be there a long time, so you really want to get it right from the start.
Before you get an investment property Toronto landlords should partner with a property management company that helps them identify the best tenants. They’ll have a four-step process to ensure you get a great tenant.
After reviewing their employee letter, credit check, reference check, and application, the property managers will have a three-dimensional understanding of the applicant, which homeowners can freely approve without providing their reasoning.
One of the main reasons that being a landlord feels like a second job is that it never really ends. At any given moment, you can get pulled away from work or spare time to deal with an issue tenants face.
Even worse, you need to deal with it promptly, or the property could fall into disrepair or it could irritate tenants. Property management companies take these concerns off your hands by offering better, streamlined solutions.
When something needs to get addressed, tenants can call the property managers, who will deal with the issue. If something needs to be repaired, they can call on their close network of qualified contractors. They should offer owners three quotes at different price points. Owners can choose whichever option they prefer.
Being a landlord involves continual communication and more with tenants. From recurring issues like rent collection to one-offs like maintenance requests, professional property managers handle it all and offer excellent levels of service, which can be hard for landlords to match on their own.
Happy tenants stay in place longer, which means steadier rental incomes and fewer moving pieces for landlords. There’s nothing a landlord wants more than many mature, long-term tenants, and hiring professionals to oversee relations makes it happen automatically.
With professional property managers on hand, everybody wins.
The Toronto rental market is an excellent money-making opportunity for anybody lucky enough to have enough money to own an income property. If you’d like all the benefits of being a landlord without having to sacrifice your time or energy, hire a professional property manager today to take advantage of the opportunities presented by the crisis in our housing market.
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