5 Benefits of Hiring a Property Management Company
Real estate has always been among the best avenues of investment, and this is as true as ever today. Businesses come and go, energy sources change value, but housing keeps driving on with more and more lucrative opportunities popping up in large cities, like Toronto and the GTA.
There comes a point, however, in any serious investor’s careers when you realize the investment activity alone is no small job, without the added responsibility of managing your own numerous assets. Finding tenants, managing the property on a daily basis and keeping everything in working order is a full time job.
To make a long story short, here is a list of good reasons to have your real estate managed by one of Toronto’s best property management companies:
1. Efficient Tenant Search
Finding and evaluating tenants is a highly specialized job. It is both time-consuming and intricate. When it takes too long to find a tenant, the property stands vacant, losing money to the investor. If tenants are taken on board in a hurry, the results can be also pretty bad. The property management firm employs its extensive knowledge of where to find tenants, how to attract quality ones, and does so fast, saving you time and unnecessary expenses.
2. Improved Tenant Retention
Finding a quality tenant is only the first step in a process. The next step is ensuring a low tenant turnover rate. When tenants come and go too often – it costs you money on cleaning, renovations and vacancy periods, however short they may be. The process is tedious, enervating and expensive. An experienced Toronto property management company knows the nuances of how to keep a tenant on the property for longer. This includes quick response to tenant requests or complaints and tending to their general satisfaction on the property.
3. Property Maintenance
In addition to keeping tenants happy, regular maintenance by property management professionals will prevent bigger problems from occurring. Common areas, the roof, electrical appliances, windows, locks and walkways, the list goes on and on – all of those have to be kept in good condition. Preventing a problem is less expensive than having to fix it and a property manager is best positioned to keep the place running smoothly.
4. Handling Paperwork
Taxes, maintenance reports, and book keeping are all tedious activities which nevertheless have to be attended to and kept in strict order. The more properties you own, the harder it becomes to keep it all running smoothly. A Toronto property management company can take care of this for you, additionally advising on what expenses you can claim to be deducted from your net income, saving you more money in the process. The result is finely managed paperwork with transparent, easy to understand reports.
5. The Personal Reason
In addition to saving you money by running a more efficient operation, a property management company helps you shake off all the stress and worry, allowing you to attend to other business, such as growing your investment portfolio or taking a long vacation. With a professional property management company taking care of your Toronto assets, you know it is in good hands – at all times.
Happy investing from HighGate Property Management, we are here for you!