Whether you’re a new landlord, or you’ve been renting property for decades, you know that managing tenants isn’t easy. That’s why most GTA landlords outsource the job – hiring property managers or real estate brokers to oversee their properties on their behalf.

Many landlords, especially those new to the market or with multiple properties, choose the latter for the extra protection they offer. If you’re looking for full-service management and peace of mind, property managers deliver on both counts.

Real estate brokers vs property managers

A real estate broker, also known as a real estate agent, is primarily responsible for selling or renting properties. This means they’re more focused on luring potential buyers and renters rather than overseeing the day-to-day management of your property.

Property managers, on the other hand, handle pretty much everything. Got a tenant who’s complaining about a leak? Your property manager will negotiate with the tenant to smooth things over, quickly find a plumber, make sure the leak is fixed, and follow-up if necessary. 

Looking to raise the rent? Property managers can help you decide on a suitable increase, advise you on your rights as a landlord, communicate with your tenant, and collect the rent when it’s due. 

Because being a landlord doesn’t end when the tenant moves in. That’s just the start of an ongoing relationship that needs to be carefully monitored and managed. Property managers understand the importance of good tenant relations, ongoing maintenance, and responding quickly to any issues.

Protection and peace of mind

By keeping a close eye on your tenants, property managers can help you avoid any disasters before they start. This is even more crucial post-pandemic, as the Landlord and Tenant Board of Ontario (LTB) is still struggling to clear a two-year backlog while making the move to virtual hearings. It’s not unusual for landlords to wait months for a resolution to their dispute, and some unscrupulous tenants are taking full advantage of the chaos.

We’ve all heard the horror stories – tenants who refuse to move out, lengthy and costly disputes, extensive property damage. Taking a proactive approach by fostering good tenant relations heads off a lot of time, stress, and expense. 

A property manager is much more likely to spot problem tenants before they can wreak havoc on your home. They tend to be more thorough than real estate brokers when it comes to vetting potential tenants, and also more engaged throughout their tenancy to ensure they’re sticking to the terms of the rental agreement.

Choosing a Toronto property management company

The property management market has grown rapidly in recent years as more investors realize the benefits of passive income. But you don’t want to trust your property to just anyone, take the time to shop around, bearing in mind the following considerations – 

Experience – pick a property management firm that knows the Toronto real estate market, and has experience in tenant relations. These professionals should be well-versed in federal, provincial, and local regulations. They should also have experience with the type of property you’re renting, whether that’s a luxury condo or a family home. You need a property manager who can advise you on your rights and responsibilities, giving you all the benefit of their hard-earned insights.

Connections – well-established property management companies have another big advantage – they’ve built a base of reliable connections. If your apartment springs a leak in the middle of the night, they’ll know who to call for an urgent repair. If there’s dangerous faulty wiring, they’ll find an electrician who’s up to code. When you hire these property managers, you don’t just get them, you get access to their entire network. 

Comprehensive services – good property managers don’t just screen tenants and schedule repairs. They also provide on-call maintenance, arrange inspections, carry out renovations, and even stage your property if you’re looking to sell. In short, they’re an end-to-end service that takes care of everything so all you have to do is cash the rental cheques.

Highgate Property Management has over 30 years experience managing properties in Toronto and the GTA. Our knowledgeable team offers a full range of property and tenant management services, giving clients complete peace of mind at every stage of their landlord career. Let us help you maximize your investment, contact us today to find out more.