You may have bought your first property and already calculated the side income that you can get out of it. But are you aware of all the laws and the pitfalls that come with managing a property? There can be many pain areas when it comes to renting a property; tenants can call you any time of the day over trivial issues, may not pay rent on time or can get you into legal trouble. When you are unable to handle all this on your own, you should hire condominium property management in the GTA to help you out. But www.nytimes.com reports that many property owners shy away from hiring a property manager as they think it is expensive and not worth. Well, that’s not the case, below are a few reasons why hiring a property management company is worthy of investment.
Better tenants: It is a hassle to have a bad tenant in the first place, add to it the time consumed to drive them away and look for another one. It’s just not worth the time. Why not screen the applicants the first thing rather than finding out later that the tenant is not right for you? Hiring a property management company means that they thoroughly select candidates to find tenants who are reliable. They look for people:
Who pays their rent on the given date?
Stay for the agreed time or want to rent for longer duration.
Do not damage your property.
Create less hassle to property owners.
A property management company will have the experience to screen the applicants and look for red flags and shield you from rental issues that may have legal complications for you in the future. The main benefit you can get out of hiring a property management company is that they can help you get reliable tenants and save you from any scams or lawsuits.
Hassle free rent collection: Property management company handles rent collection and any fees that need to be paid for late payments. Paying rent on time is a non-negotiable term which your tenant may take advantage of in case of not hiring a property manager. A property manager acts as a middle person between you and your tenant and ensures that rent is paid on time. In case rent payment is delayed property manager must recover it along with the late fee, and you are saved from all this headache. In extreme cases, they also evict the tenants out of your property if they consistently delay or fail to pay the rent due.
Less vacancy period: A property manager will place ads on ICC Property Management on Google+ and other places where there is a large number of applicants available to ensure you get a tenant in a short span. They can also negotiate the price of advertising rates as they know where to place ads and what to say about the property. Moreover, due to their sales background, they know what to showcase to the prospective tenants and how to close the deal which can benefit you.