Canada’s sizzling real estate market presents many opportunities for investors, but not everybody with the money for an income property can afford to invest the time and energy required. Owning another home is not like other investments like stocks, which can be traded and offloaded at a moment’s notice.
It may be an income property to you, but to someone else, it’s their home and a part of the community. Please keep reading to learn more about how professional property managers’ comprehensive services give investors back their free time and peace of mind.
Securing the Right Tenant
Investors can breathe a major sigh of relief when they feel confident that their tenant is trustworthy, reliable, and pays their rent on time. Finding and identifying such a tenant from the application pile can be time-consuming and difficult, but professionals have a lot of experience to fall back on.
If you have an investment property in Toronto or the GTA and you want an A+ tenant, the best property managers have a comprehensive process:
- Employment Letter: Confirming a prospective tenant’s identity and verifying their income reassures landlords.
- Credit Bureau Report and Credit Check: How a tenant treats their financial obligations tells you a lot about how they will treat monthly rent — this step is crucial.
- Reference Check: Learn something about the character of the person who will occupy your home after hearing from people in their lives and past landlords, even if it takes some phone tag.
- Tenant Application: Completed applications are brought to landlords for their approval, and no reason is required for denying an application.
When an experienced professional vets tenants on your behalf, you can relax knowing that the person or people underneath your roof will be responsible and respectful.
Support at All Hours
One common fear all landlords have is that they’ll be called away from work or in their personal time at a minute’s notice to deal with an emergency in their investment property. Indeed, tenants need support 24/7, and owners want their homes maintained by reputable repair experts.
The best property management companies will handle any repair or service request promptly by offering three different quotes at various price levels. From troubleshooting the problem with the tenant to dealing with the repair experts, you can relax knowing that your property will remain in great shape without having to deal with any associated hassles.
Finally, maintaining a positive relationship with existing tenants is vital because a satisfied tenant remains long-term. Professional property managers are always available if an issue arises, offering a level of support that can otherwise be hard to find.
From collecting rent payments to handling service requests or maintenance, professional property managers make life better for tenants, which helps to keep landlords happy.
If you’re buying into Toronto real estate, whether it’s one unit or fifty, having professional assistance will give you and your tenant long-term peace of mind.