As a landlord, one of the most important decisions you will make about your rental property is whether you should hire a property management company. Even if you think that you can manage your building on your own, taking the help of a property management company just makes more sense. If you own a multi-residential apartment building, hiring a company that specializes in managing properties can benefit you immensely.
Benefit from Expert Knowledge about Local Rules and Regulations Regarding Renting
There are certain rights and responsibilities that both the landlords and the tenants have to abide by. There is an Ontario law in place, called the Residential Tenancies Act (RTA) that gives both parties their responsibilities and rights. It highlights the rules pertaining to increasing rent, eviction, paying maintenance, and other relevant topics. Those who own a multi-residential building will benefit from the expert knowledge of a property management company, about everything related to renting.
The Advantage of Effective Marketing Strategies
Companies that specialize in property management can help you with their expertise in marketing strategy. If you have a vacant multi-residential apartment building, or multiple buildings, a good property management company will help you find tenants quickly so that you do not lose out on any potential income. With targeted advertising, compelling copy, and aesthetic photographs – a property management company will help you showcase your rental property in the best possible light.
Lower your Financial Risks
A property management company will help you avoid financial risks by steering bad tenants away, improving your rate of tenant retention, and ensuring your rent is collected timely and efficiently.
For any landlord, a bad tenant is a nightmare. They tend to cost you both money and time – and it is not an appealing prospect. You can interview your applicants all you like, but a few might still end up slipping through the cracks. If you hire a property management company, then they will help you weed out the bad applicants through their extensive experience in dealing with rental properties and tenants. They can crosscheck the prospective tenant’s employment records, credit reports, criminal records, and more so that you end up with the best possible tenants.
With reliable tenants, you will have a consistent flow of rent money and your tenant retention rates will improve. With better tenant retention, you save money since filling up vacant properties ends up costing quite a bit.
Save on Repairs
Owning one or more apartment buildings means that you will always have units that will need repairs. Property repairs can take up your time and your money – especially if you own more than one building. Hiring a property management company will help you save on maintenance and repair costs. Usually, companies have agreements in place with contractors who offer discounts in exchange for consistent work. By letting a property management company take care of your rental properties, you will save considerably on repair and maintenance costs.
Have More Time
A property management company will take care of every single detail regarding your property – from finding reliable tenants, to rent collection, and maintenance/repairs. If you own rental properties such as an apartment building, a property management company will take over the day-to-day tasks, and you will end up with a lot of free time. Instead of spending your days fixing one problem, and then another – you can use the time to relax or seek out other properties to invest in.
If you have an apartment building in Toronto or around the Greater Toronto Area and are looking for an efficient property management company, then reach out to JMN Property Management. You may call us at (905)-599-7713, or email us at info@jmnpropertymgmt.ca. Visit our website https://www.jmnpropertymgmt.ca/ for a free consultation.