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- 278 Manitoba Street, Toronto, ON. M8Y 4G9
- (416) 255-7300
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With the hot real estate market in Toronto right now, buying a condominium is an ideal investment and a great way to earn some extra income in Toronto, but being a landlord is no easy task. That’s why you need Mareka Property Management, one of the most trusted and established condo property management companies in Toronto. We can take care of the hassle, so you can enjoy the best of what your investment has to offer. Below are 5 common mistakes that new landlords make.
You need to protect your investment against legal disputes, uncollected rent, damage, and even liability. This is done with insurance, and when buying a condo you need to get insurance as soon as possible. If these issues come up and you don’t, it can easily turn a profitable investment condo in Toronto into a financial nightmare quickly.
Your tenants should also be insured. You will need to make sure you aren’t financially responsible in the event of damage to your condo or in the event of someone getting hurt on the property. A condo property management company could help alleviate the stress by keeping lines of communication open and providing conflict resolution.
You need to document every agreement between you and your tenants; in the event of a dispute, verbal agreements are of little use. Well documented agreements help set expectations for your tenant-landlord relationship and protect you both. Condo property management companies like Mareka can help you maintain a great relationship with your tenant.
Inspections are of utmost importance in Toronto. Before tenants move in you should visit the property together. By viewing the property with the tenants before they move in and reviewing the condition of the condo, you can ensure that every issue is resolved before the move in day. This not only saves from your problems in the future, but it also puts you on better fitting with your new tenants. Take note of the state of each room, anything is broken or damaged, and the appliances. Make sure to sign and document inspection, so that you can use it in the event of a dispute. A condo property management company can help relieve the stress of disputes and keep your relationship with your tenant happy and profitable.
It’s tempting to ask tenants to take care of repairs, but this arrangement is too easy to abuse. How can you ensure the repairs will be done properly – or at all? And, offering free (or discounted) rent negates your income source, which defeats the purpose of buying a condo. Trust a condo property management company like Mareka to help you keep your investment profitable and in good repair.