For many property owners, the last thing they want to consider is hiring someone to manage their rental properties, fearing that doing so will slice into their profits.Read more
As the real estate market changes and grows, the game changes as well. Brokerage services and property management services used to be treated as entirely different things, and to an extent it was correct. The profession of a property manager requires a different skill set than that of the investment broker, but there is one more point to consider – one which changes this perspective.
We don’t know who the brilliant person was who discovered the connection, but since they did, it became glaringly obvious that a broker who knows property management is the perfect investment advisor. Who can accurately evaluate a real estate asset for all its qualities if not a professional who’d managed properties for years? It is obvious that such a professional will be able to tell a good investment from a bad one almost at a glance.
Let’s make a list of the main three reasons why a property management company is your best investment brokerage:
1. They Know The Market
Large Toronto property management firms have a multitude of properties in their care all around the GTA. Those range from residential to commercial and vary in size, location, condition, age, price and more. They also know who is selling and where, often getting first-hand information on hot deals. Their knowledge of the Toronto real estate market is intrinsic, hands on and can be very useful to you as an investor.
2. They Know How to Evaluate a Specific Property
Having done property management for a very long time, a company can tell very quickly just how much it will cost to renovate, repair or maintain a certain asset. They can make sure you are not buying into real estate that has hidden faults, just waiting to emerge and become a problem. This includes the condition of the driveways, floors, the roof, electrical system, water pipes and heating.
3. They Know Neighborhood Price Trends
When a company has properties all over a large city, its particular knowledge of neighborhood prices is always precise and up to date. It is often not sufficient to find a property in good condition. If the location is not very good, the property price and tenant quality may suffer a decline. Moreover, if a certain neighborhood is expected to see a rise in property values, it is often the people that are there who’d know about this first. Property management companies have strong, constant ties to large builders and local businesses, which gives them a great deal of information to predict local property values by.
The last, bonus, reason to choose the property management company for brokerage services is that by the time you choose a property, you will have a tried-and-tested Toronto property management company on board to run your asset for you right away. HighGate Property Management and Brokerage services are here for you.Read more