5 Reasons to Hire a Property Management Company for your Asset
Nov 12, 2020
Do you own a property that you plan on turn into a rental property in Toronto? Let a property management company handle the heavy lifting associated with maintaining your property! Toronto is home to a very competitive rental landscape and having a property management company professionally manage your rental apartment could benefit you in more ways than one. Check out our list of 5 reasons you should hire a property management company to oversee your apartment buildings in Toronto.
Setting rental rates: A property management company can advise you on setting your rental rates to ensure that your listings are priced for your ideal clients. Property management companies routinely conduct market surveys to gauge rental interest in given areas to set rents at a competitive rate in comparison to competition in the area. This ensures that your apartment rental is in line with the market.
Marketing Your Rentals and Finding Ideal Clients: Property management companies take it upon themselves to market your apartment rental listings to ensure that they minimize vacancy and maximize rental activity on all active listings. Using property marketing tools, they are able to connect with warm prospects in the market to rent.
Rent Collection and Maintaining Tenant Relationships: Property management companies take care of rent collection from tenants as well as maintaining overall tenant relationships. When running a rental property, collecting payment from tenants is essential to maintaining cashflow. They have processes in place to ensure the timely payment and collection of tenant rent, many even have specialized online portals by which to make the process even easier for owner and tenant alike. Additionally, a property management company will also conduct routine inspections and handle any onsite maintenance, allowing you to the save time and money associated with maintaining your rental apartment.
Rental apartments in Toronto require ongoing maintenance and renovation. Property management companies have a large network of partnered vendors that include maintenance workers, tradesmen, contractors can help to keep your building in tip top shape. This network of vendors is invaluable and it can be very challenging for an individual landlord to maintain these relationships themselves. By hiring a property management company, you are inheriting this experienced network, while also allowing them to oversee large building projects.
Reduce Tenant Turn Over: With many processes in place to attract the right tenants and professionally maintain their living space, a property management company can ultimately decrease tenant turnover. A happy renter, who feels that they have been expertly cared for in your building will ultimately be less likely to leave.