Procuring Tenants and Securing Them For Long Term Business Relationships
Unless you have prior experience managing property, the methods and legal obligations for advertising, marketing and procuring tenants for a residential property may prove to be too demanding for your time if you have other working requirements. Managing property should be a full time responsibility and if the investor attempts to do it as a “part time job” they will inevitably fail to give the job the attention it needs. No one does property management as a hobby. In the Toronto area there are several experienced managers that can come in and handle the daily affairs involved with maintaining and renting your residential property for long term business relationships.
A property manager may charge you a little more than it might cost to market the residence on your own, but by allowing them to do it you don’t have to commit to maintaining ad space on websites and local periodicals. Also you can forgo the process of filtering dozens of calls, emails and text messages from potential tenants. Should you have tenants that pass an initial screening, property managers can show them the apartment or house with ease as opposed to an investor that can only show the residence at off hours when they are not working a day job.
There is a pretty good-sized checklist of procedures that tenants should be able to meet and property manager like HighGate have the process down to a science. When it comes to what requirements a tenant will need in the form of screenings, deposits, referrals and contracts, most property managers have departmental heads that can swiftly move a potential tenant through the steps needed to ratify a lease. This is a big part of what makes property managers important because the average person simply does not have time to perform these administrative tasks for multiple potential tenants.
Maintenance and Preventative Care
Property managers will also excel here due to the fact that often times they employ a fleet of service vendors that can respond to calls at any time of the day or night. They can also dispatch a vendor on short notice to resolve a repair issue at a vacant residence in the event that there is an upcoming showing to secure a potential tenant. These tasks might take an investor several hours and a much greater expense to resolve, but thanks to service contracts, property managers in the Toronto area can get quick results.
This is one of the easiest areas to understand how a property manager can help you secure a long term business relationship with your tenants. There is only so much of you to go around and when things break, tenants expect quick fixes for their hard-earned rent money. A property manager has trained staff to diffuse volatile situations and help to smooth over upset tenants while maintaining a sense of authority and confirmation that the matter will be handled in a professional manner. It is the detachment from actual ownership that sometimes makes the difference when handling a tense situation that will keep your long term business relationship with the tenant on good footing.
These are the main weapons a skilled property manager has at their disposal to keep your rental filled with happy tenants that wish to stay through lease extensions and will enjoy long term business relationships.