When you are living in the most diverse city in the world with a population of 6.8 million, choosing whether or not to use property management companies is a hard decision for many Torontonians real estate investors. Some investors think property management companies are only there to collect rent and based on this mindset select a “Do-It-Yourself” strategy.
Others, aware a property manager can manage all daily operations at a rental property and can be a massive asset to your business, from marketing their rentals and finding high-quality tenants to handling maintenance issues and assisting with legal processes.
These type of investors wouldn’t dream of investing in real estate without a property management firm in place before closing on a potential deal.
They believe a knowledgeable property manager can add significant value to their investment, which is why many experienced real estate investors will tell you that a professional property management company is priceless.
Here are the top 7 reasons to hire a good property:
- Market Knowledge
Once your property is ready to be rented, you want to start making money as soon as possible. The Toronto GTA rental market is constantly changing.
As a multi-culture & metropolitan city, experienced property managers can help you to obtain top-end rental rates and reduce your vacancy rates to ensure your property performs at its greatest potential in terms of cash flow for you.
- High Quality Tenants
One of the roles of the property manager is to find quality tenants through background checks and other screenings. They also know how to select the right tenants who will pay their rent on time and create fewer problems.
A professional manager will apply their experience and skills in this area towards attracting quality tenants through proven marketing channels. In the end, a well-managed property means happy tenants and longer stays and retaining such tenants helps to reduce turnover costs, maintain a property’s value.
3- Fewer Legal Troubles
The good Property managers continue to enhance their training and knowledge of landlord-tenant laws and regulations and know how to address them in case of any issue occurring. And also, hiring a property management company will help to prevent issues from the beginning, like discrepancy in the screening of tenant documents and getting terrible tenants.
Furthermore, a professional property manager has a good understanding of the latest changes in the legal system and applying them when needed, which means fewer legal troubles for landlords.
4- Property Management Software (PMS)
Well-established property management companies use PM software that offers an online portal suitable for access by both tenants and owners.
In addition, by using PMS, property managers improve their building management experience including tenant and vendor relations capabilities, expense management features, real-time records of payment and maintenance management implementation & tracking.
A good property management team knows that maintenance is one of the most important aspects of their duty and it’s the most significant contributor to tenant satisfaction.
5-Better Rent Collection Process
For every landlord, ensuring that rent gets collected on time each month is a key priority. The property management company acts as an intermediary between you and the tenant, in this regard.
Property Managers working for you will stay on top of collecting rent, and address any issues with tenants as they come up and ensure optimal cash flow for you, which means lessen your stress levels to know this is being taken care of.
6-Lower Maintenance Costs
Working with great property management companies will give real estate investors access to their network of professional contractors.
A property management company has a vast network of contacts and relationships with tradespeople that can provide services for your buildings, such as 24/7 emergency maintenance.
Staying on top of regular maintenance and inspection helps to prevent bigger problems. So, that overall maintenance and repair costs can be saved and also provide you constant feedback and suggestions for improvement.
Tasking a property manager with this saves you time and stress.
7-Less Stress, More Time
Time is money. Having someone you trust to look after your home means that you can spend time focusing on other parts of your life. Managing your property can be time-consuming, and you may not have much time to run your building’s business if landlording isn’t your day job.
Hopefully, you now have a better answer to the question “What Are the Benefits of Using a Property Management Company?”
Click here to reach out to us at ZoodPM Group to find out more about how we can help!