Toronto is experiencing a housing crisis about two years into a pandemic. This crisis is a result of escalating real estate prices in Toronto, coupled with a lack of new housing supply. For those with money to invest in Toronto real estate, becoming a landlord may seem like an attractive way to make passive monthly income.
BUT! Deciding to become a landlord and handle all the repair requests, consult with contractors, make bill payments, do regular accounting and rent collection means that you will have to sacrifice time during evenings, weekends, and holidays. For example, if the basement floods at your rental property, you will have to drop everything, purchase or rent a sump pump and get to work pumping the water out of the basement. I speak from experience as the landlord at our previous house had to do this. He also had to rent six large heaters and leave them running in our basement for six days to dry our basement. New landlords who don’t have the time or patience to devote to managing their properties have an invaluable lifeline. Please keep reading to learn more about what professional property managers can do for landlords in Toronto and the GTA.
Find the Right Tenant Sooner
People in every corner of the city are looking for somewhere to live. How do you know which of them will make the best tenants? Can they all be trusted to respect your property, pay bills on time, and be a good neighbour?
The leading property management companies in Toronto have a multi-step process to weed out problematic tenants and secure the best ones for you. They’ll do the heavy lifting by obtaining employment letters, conducting credit and reference checks, and sorting through tenant applications for you. You, in turn, can enjoy the peace of mind that comes with knowing your tenant is responsible and respectful.
Maintenance Required? No Problem!
Do you know how to fix a frozen pipe? And even if you do, do you really want to trudge out in the dead of night during winter to your investment property to do a late-night repair? If you hire a professional property management company to look after your rental property, you can rest assured that your property will be constantly maintained.
Professional property managers have a Rolodex of qualified contractors with whom they have long relationships who can make repairs to your home promptly and thoroughly.
The best management companies will present you with options at different price points, so you can select the level of repair that suits you and your budget. You’ll never have to look frantically for a competent and trustworthy contractor or worry that your property is at risk of damage.
As alluded to above, there are many tasks that landlords must perform, which require time from their busy day. If your rental property is an older home, landlords must stay on top of repair work such as replacing the roof when needed, replacing the furnace when it’s too old, and purchasing new air conditioners, fridges, ovens, washers and dryers, which nowadays are built to break down quickly!. Other common tasks for landlords include hiring cleaners to clean windows, hiring lawn maintenance staff to cut the lawn and hiring contractors to repaint the unit. Professional property management companies free up landlords by offering turnkey services.
Tenants living in properties managed by property managers will feel well tended to, making them more inclined towards renewing their lease. This, in turn, keeps landlords happy since they will receive consistent and continued rent payments. When good tenants leave, replacing them is difficult and time-consuming. There’s a chance that the next tenant won’t be as good or that the landlord won’t find a suitable replacement when the rental unit becomes vacant and will have to forego one or more months of rent.
Landlords in Toronto are in a wonderful position right now, as areas from Lake Ontario to the suburbs, as well as the surrounding 905 regions are all hot markets. If you own one or more properties and want some expert help that makes the job of being a landlord easy, definitely consider hiring professional property management companies in Toronto.
You might be interested in reading, “4 Ways to Lower Your Home’s Energy Consumption“.