Investment properties are one of the most reliable investments a person can make. Real estate only gets more valuable in the long-term — they don’t build new land, so property is a very coveted asset.
However, there’s a lot of work that goes into being a landlord, and sometimes busy investors don’t have enough time to give their tenants the attention they deserve. Please keep reading to learn how professional investment property management companies offer busy investors a turn-key property management solution.
Tenant Selection
Screening tenants thoroughly is crucial since having a responsible and respectful tenant results in prompt rental payments and less wear and tear on your investment property. Getting professional help to rent your property gives you peace of mind, as they’ll vet your prospective tenants with a comprehensive process you can trust.
They’ll ensure your tenants have submitted an employment letter, credit check, reference check, and application.
Tenant Relations
Leading investment property management companies don’t just help attract the best tenants — they keep them re-signing leases year after year. From collecting rents to prompt maintenance requests, your tenants will love having attentive repair services that keep their living space in great condition.
Industry-leading property rental management services also offer rental insurance to protect renters and landlords.
Help, 24/7
What happens if a pipe breaks at an impossibly early or late hour on holiday? Something can break or malfunction at any time, and landlords need to be quick to respond.
Otherwise, tenants may experience understandable stress, and if there’s a major problem like a broken pipe, the property can sustain real damage. Professional investment property management companies eliminate this worry by offering 24/7 help every day of the year, including holidays and weekends.
Without a service that can dispatch help immediately when needed, landlords need to be constantly available if something goes wrong. Now, if they need to go out of town or are otherwise engaged, there is a protocol in place to safeguard their property and keep their tenants satisfied.
Reporting
You won’t have to do the grunt work of being a landlord, but you’ll always be in the know. The best investment property management companies issue comprehensive, user-friendly monthly and annual financial reports.
You can stay fully informed about your property with minimal effort.
Marketing
Finally, finding the right tenant takes time to advertise, and not everybody knows or has access to the networks where the most suitable tenants look for rental units. Industry-leading investment property managers create their own advertisements and place them correctly, so you find the right tenant sooner.
Anyone can post an ad on a marketplace website, but getting your home listed in magazines like Toronto Life is another story.
If you understand the value and opportunity of owning an investment property but fear that being a landlord is too time-consuming and onerous a burden, look to hire an investment property management company that delivers all the services listed above.
