There comes a time in the experience of any inversor, when the workload of managing your properties becomes a bit too much. The more properties you have to manage, and the wider they are spread across Toronto, the harder this balancing act becomes.
Even ruling out bad scenarios and only considering day-to-day routine operations, it still adds up to a full-time job and more.
That’s when most investors realize that this effort is defeating the purpose of capitalizing on the investment, by substituting it with another job.
This problem can be solved by hiring a reputable Toronto property management company.
Simply delegate the task of running your property to a responsible organization with dedicated employees, a full array of emergency response solutions and lots of legal know-how.
The benefits of hiring one of the best property management companies in Toronto can be summarized in five main points.
This is likely the most immediate and urgent of reasons why most investors seek out a management company. The value of on-site maintenance cannot possibly be overstated. It is important not only because it’s lots of work, but also because when the property is well maintained, tenants are happy and rent prices are kept high.
A poorly maintained property, on the other hand, tends to decline in value and has harder time to find good tenants.
When maintenance is done by professionals, the property will always be kept in top-notch shape, keeping its occupancy rate near 100%. A management company has immediate access to a whole army of trades, repairmen, locksmiths, roofers, plumbers, electricians and more.
Hire a good property management and you will never have to worry about maintenance problems again.
Finding Good Tenants
This is something we mentioned in passing above, but it should also be stressed. Good tenants are those who keep the property clean, in good repair, don’t cause problems with neighbors and pay their rent on time.
It may not be obvious but good tenants are not easy to find, and not simple to keep.
A property manager comes with years of experience in finding, interviewing and evaluating tenants for your property. Most owners don’t have the time to see a dozen applicants for a single property. We do.
Improved Retention Rates
This brings us to the next point, which is retention rates and vacancy cycles.
Efficient maintenance and finding good tenants are crucial conditions to keeping occupancy rates high. Bad tenants will leave without notice, or simply switch too often (and there’s always some down-time between leases no matter how hard you try).
But our expertise as a property management company goes beyond that.
We make sure that the tenant is happy and stays in the property for as long as possible, and also make sure to get the next tenant in as soon as possible when the previous does leave.
Finances, Taxes and Forms
Even if you only have one property, taxes can be hard enough. If you have more than one… well, that’s what a property management company is for.
We can assist in the process, from keeping all the property’s bookkeeping organized, to helping you make the most of the return by knowing just what deductions you can claim on the report.
The Personal Reason
Last but not least, the fact that you don’t have to deal with it yourself is huge. We alleviate the stress involved with running several properties in parallel by simply taking care of it for you.
If you want your real estate in good hands, call Highgate now and work with the best property management company in Toronto.