Hiring a property manager to oversee your real estate investment in the Toronto area, like throughout the Etobicoke area, including in New Toronto, Mimico, Alderwood and Long Branch, will make a huge difference in so many ways. In fact, you may not have even thought about all the ways property management companies make a difference in the lives of real estate investors.
If you’ve been managing your own real estate for years, you probably know how time-consuming it is. Rental property owners are constantly on the go because there is much more to being a landlord than collecting rent every month.
For example, property managers should handle all property maintenance, collect rent and security deposits, handle the tenant screening process, and provide a wide array of other services that will help property owners make the most of their investment.
Additionally, you will find many personal benefits when you hire a property manager. For example, you no longer have to be available around the clock for emergency maintenance calls because property management companies employ an after-hours answering service.
Whether you own residential or commercial properties, here are the most important benefits of hiring a property manager in the Greater Toronto Area, including in Vaughan, Thornhill and Richmond Hill and other nearby communities.
11 Benefits of Using a Property Management Company
Good property management companies in and around Toronto, such as the Mississauga communities of Square One, Meadowvale, Streetsville, Mineola, and Port Credit, should do far more than collect rent.
They should provide regular office hours so that potential tenants can contact them about the properties they manage, and current tenants can easily meet with their property manager in connection with any potential problems that might occur.
Professional property managers should also help rental property owners maximize their returns on their real estate investments. Here are the services landlords should expect when hiring a property management company.
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More Efficient Rent Collection
Collecting rent should be a breeze because property managers should have regular office hours so that tenants can drop off a check. Additionally, many of them have an online portal to support online bill pay for rent. Real estate investors shouldn’t have to worry about chasing down rent payments every month.
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Shorter Periods of Vacancy
Hiring a property management firm is the key to maximizing your income on your rental property, whether you own residential or commercial properties.
- Part of screening tenants involves finding the right tenant for the property. The ideal tenant not only pays their rent on time every month, eliminating the need to evict them for non-payment, but also plans to stay in the property for an extended period. The longer your tenant stays in your property, the less time it will sit vacant. After all, screening tenants is very time-consuming, so it’s best to retain the highest-quality tenants for as long as possible.
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Charge the Right Rent
Property managers know how much money they can charge in monthly rent based on the state of the local market and the amount they receive each month on similar properties. As a result, the landlord will enjoy a great value from all of their properties alongside shorter vacancy periods, while the tenant will receive the best price possible for that property type in the current market.
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Increase and Maintain the Value of Your Rental Property
Property maintenance is also an essential part of securing a great value for your rental property. A property manager will ensure that nothing falls through the cracks and that your tenants are taken care of at all times.
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Marketing Your Rental Property (Buttonwood Gets Tons of Targeted Traffic to the Website)
Marketing your property is also essential because you can’t attract renters if they don’t know about your units. A property manager, like Buttonwood, in the Greater Toronto Area, including in Markham, Milton, Oakville, and Burlington, also knows all the best places to list your rental property to attract the best tenants.
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Finding the Right Tenants (Professional Tenant Screening)
A property manager will also take care of the tenant screening process. Finding high-quality potential tenants and screening out bad tenants is critical, as is managing tenants to ensure their needs are always met.
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Completing the Right Lease Agreement for Greater Toronto Area
A property manager should also help their landlords write their lease agreements for each property. They should know Toronto’s best communities quite well, including the Mississauga areas of Square One, Meadowvale, Streetsville, and Port Credit and the Etobicoke-area communities of New Toronto, Alderwood, and Mimico. This knowledge of the Toronto market should include understanding all the rules and regulations that apply to writing lease agreements.
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Fewer Legal Problems
Owning rental property is essentially running a business, so you can’t afford to have problem tenants. However, the eviction process can be confusing and difficult to navigate, so property managers typically handle evictions.
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Long-Term Tenants
Maintaining long-term renters is also critical, and property managers should know how to ensure that their every need is met.
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24/7 Emergency Support Line
A property management firm also operates a 24/7 emergency support line so that property owners aren’t disturbed in the middle of the night.
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Year-End Accounting Summary for Tax Savings
Properly accounting for your rental revenue is also critical so that you know how much money you brought in during the year and how much tax to pay. Hiring a property management firm makes this easy and helps protect as much of your income as possible.
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Lower Repair and Maintenance Costs (Discounted Rates)
Regular inspections are also critical so that you can protect your asset from renters who might damage your property. Additionally, hiring a property manager enables you to tap into every deal they enjoy due to their high volume of purchasing services.
Renting a House Through a Property Management Company
A good management company should make renting out a unit easy because they should be involved in all aspects of the process, from developing the leases for each unit to determining the cost for renters and all the expenses for their clients.
Advantages and Disadvantages of Using a Property Management Company
Pros
On one hand, property managers enable owners to maximize the amount of rent they receive on each unit. They also provide the constant attention overseeing properties requires, including after-hours emergency support. Managers also know the best ways to screen renters and help you navigate challenging issues like evictions. However, the best managers will help you avoid such problems altogether.
Cons
On the other hand, some property managers charge additional fees that you might not be aware of when you sign your contract. As a result, you should read each contract carefully before signing. However, a high-quality firm will be transparent about every fee they charge.
Additionally, while hiring a manager does affect your bottom line, if you choose wisely, they will make you more money than what you pay them. Of course, this means you must choose your manager carefully.
FAQs
Why Property Management Is Important?
Property management is important because it ensures the safety of all your renters. High-quality managers also help you find the best renters for each unit and enable you to maximize your income.
How to Deal With a Bad Property Management Company?
Dealing with a bad property management firm can be difficult, but the first thing to do is negotiate a better relationship. If that doesn’t work, you can read your contract and see what scenarios will allow you to get rid of them. In the worst-case scenario, you can even sue them for negligence.
Do Property Management Companies Find Tenants?
One of the most essential tasks of a property manager is screening and selecting the best renters for each unit.
Are Property Management Companies Worth It?
The best managers provide quality work that’s worth every penny. By maximizing your rental income, they will bring in more money than what you pay them. Additionally, you may find that their after-hours services are essential.
Final Thoughts
There is much to consider when looking for a Toronto property management company to manage your properties. As a result, you won’t want to make any such decision quickly. With some time and effort, you can uncover the best company to manage your property.
