Property investing can be one incredibly lucrative decision provided you’ve got the know-how and determination to succeed. Having a strong and diverse investment portfolio within the GTA can help set you on the right path for quick mortgage payments, early retirement and more free time to spend with your family.
However, managing multiple properties can be quite a task, and the more one invests, the more complex things get. In order to circumvent this issue, it’s wise to work with a property management company who lives and breathes those responsibilities day in and day out. Here’s some of the best reasons to work with a property management company in the Greater Toronto Area.
BUYING AND SELLING THE RIGHT TYPE OF PROPERTY
There’s a lot that goes into investing in the right properties, and without a little guidance, you may find yourself throwing money at the wrong target. Working with a property management company that knows how to assess a property for an investment perspective is a tactical investment advantage. You need a completely different vision when buying a property as an investment. You do not want to get caught up in things such as pointless upgrades that may not add any value as a rental property. You also want to make sure that the type of property you are buying will attract the type of tenant that you hope to get. A property management company will also be able to advise you on what type of modifications you can make to a property that will yield an even greater return on your investment.
KNOWING THY MARKET
Property management companies that have operated within a particular area know how the market ebbs and flows, and how it relates to the rest of the province. Fluctuations are not only common – they’re also expected. Having an ear to the ground and an eye on the numbers can mean all the difference between buying and selling at the right times, or waiting for the iron to heat back up again. Knowing thy market is key to investing wisely, and profiting handsomely.
Prospective investors looking to rent their properties need to know how to market and present correctly in order to attract renters. That’s why it’s wise to let a property management company handle the intricacies of the presentation game, whether it be photographs of the property at prime angles, posting on various rental and social media sites, or having the property ready to show off at a moment’s notice. First impressions are everything, and the wrong presentation can cause prospective A+ tenants to pass you over in favor of another property. If you’re in doubt, don’t go it alone. Seek out professional property management services.
KNOWING THE LAW
Another major advantage to working with a property management company is in knowing how the local laws work. Many regions have differing laws, by-laws and regulations that must be adhered to in order to stay out of trouble. These rules change as time progresses, especially during major events like the Covid-19 pandemic. It’s best not to fly by the seat of one’s pants when dealing with legal matters. Guesswork is a sure-fire path to headaches, so be sure to put the responsibility in the hands of a professional company that knows exactly how to handle each situation in a professional manner that keeps you out of trouble.
DEALING WITH TENANTS
This is the big one. Depending on how many properties you own, or wish to own, tenant interactions can be burdensome. Property management companies make it their business to know who is renting, how they’re keeping up with payments, and whether they continue to be a good fit for your property. Finding A+ tenants is the first step, and maintaining them is a process that reaps untold rewards. Having a professional company to deal with these issues is an excellent way to keep the relationship between tenant and landlord running smooth.
These are just a few of the ways that the right property management company can help make the property investment business a hassle-free, enjoyable experience. Having a good team by your side is great for everyone, including your tenants. For more information on how Royal York Property Management helps its clients manage their properties without issue, give us a call!