Toronto landlords have had a difficult few years. Delays at the Landlord and Tenant Board (LTB), pandemic rent freezes, problematic tenants – it’s easy to see why many across the GTA are struggling to manage their investments. Some have even been forced to abandon their properties as they wait for their eviction notices to clear the LTB backlog.
Landlords are often reluctant to hire property managers, thinking they can handle the headaches themselves but is it really worth risking homelessness? An experienced property manager is more than worth the cost in such a challenging market, providing stress-free tenant management and resolving disputes before they become crises.
Why you should hire a property manager
1. They take on your tenants
Property managers step into the shoes of landlords, taking on unpleasant jobs like dealing with difficult renters.
If you’re looking to raise rent after the pandemic freeze, a property manager can help break the news to your tenants, outline their new rental terms, and handle any negotiations arising from the increase.
And if you want to evict tenants, they’ll do that too. Property managers represent your interests at any eviction hearings, taking on the responsibility of assembling documents, going through the hearing process, and dealing with appeals.
By taking care of everything tenant-related, property managers prove their worth, securing higher rents and saving landlords time, stress, and costs at tribunals.
2. They provide stringent tenant screening
Of course, it’s better to avoid problem tenants in the first place rather than dealing with the aftermath of a dispute.
Property management firms specialize in tenant screening and have a finely-tuned radar for potential problems thanks to their experience and expertise. They’ll interview and vet your would-be renters for any red flags that they may not be what they seem.
Landlords don’t just save time and hassle by skipping the interview process, they also lower their risk of ending up as a cautionary tale – avoiding property damage, squatters, and ugly rent disputes.
3. They offer 24/7 monitoring
Being a landlord is rarely anyone’s full-time occupation. Most are juggling other responsibilities such as jobs and family life and simply don’t have the time and energy it takes to keep a careful eye on their property.
Your property manager is on top of everything 24/7. If your tenant damages something, spots something that needs repair, or skips their rent, they know about it almost immediately. And that means it can be resolved quickly, before that worn spot in the wall becomes a hole, before missed payments turn into months of wrangling over rent, and before the damage piles up.
In the current climate landlords can’t be too careful. As the LTB is marred by significant issues, support for landlords is dwindling and it will be some time before the market finds its equilibrium again. Over its 30 year history, Highgate Property Management has helped hundreds of GTA owners get maximum returns from their rentals. Contact us today to see how we can protect you and your property with proactive, affordable tenant management.