As a real estate investor, there will likely be a time you will need to hire a property manager to help you out with some of the work. In our latest post, we will take a look at a property manager’s responsibilities as well as what you should be looking for when hiring a property manager in Greater Toronto Area.
Being a landlord is a lot of work, especially when you are dealing with many properties. From rent collection to repairs, tenant screening and evictions handling everything involved with your rental properties can be a lot of work. Sometimes even more work than one person can handle. Working with the right property manager is invaluable. A good one is worth their weight in gold, while a poor one can cost you profits and even get you sued. Below are few tips for screening potential property management companies in the Greater Toronto Area area.
What Does A Property Manager Do Exactly?
Every property management company will do things a little differently. Before you sign a contract for services, be sure to take notice of what’s covered and what’s not. Here are a few things that are typically included in a property manager’s scope of work:
Market The Property
They will market your property to prospective renters either online, in print, or both. They will also show the property to interested parties as required.
A property manager will have a detailed and refined process for screening possible tenants. It will typically be more detailed and thorough than what you would do on your own. They will do a full background check including criminal records, earned income, employment records, and past evictions,
Managing The Lease
They will help to ensure the lease is comprehensive and that your tenant fully understands it. They will work to include things you hadn’t thought of on your own.
They will collect the monthly rent as well as any associated fees on your behalf.
They will handle requests from tenants as well as the scheduling of repairs and other services. They will make sure the property is properly maintained at all times.
Are Well Versed In Landlord-Tenant Law
Your property manager should be well-versed in landlord-tenant law. They will ensure everything is done by the book, helping you to avoid any possibility of a lawsuit.
They will professional and politely handle tenant complaints. They will work to find a resolution, and keep you in the loop as far as what is going on.
Deal With Evictions
If necessary, they can help you with the eviction process. They will have extensive records of violations or missed rent, helping you with your case.
When You Need To Hire One
You Have Many Properties
Once you start accumulating properties, it can become difficult to manage them all at a high standard. Hiring a property manager can help you save time and avoid any mistakes you might make by being so busy.
You Live In A Different City
If you live out of the area, it is best to hire a property manager who is located close to the property, who can act on your behalf. They will help ensure the property is well taken care of and is occupied by high-quality tenants.
What To Look For
Check out different property management companies out online. They should have strong reviews across the board.
Feedback From Current And Past Clients
Once you narrow down your list of management companies, ask to speak with current and past clients. Prepare questions ahead of time so you can really get a feel for how they do business.