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Renting your property opens yourself to many opportunities for profit and risks associated with tenants. You want good people to occupy the space you own and deliver rent payment on time when the time calls for it.
We’re Mareka Properties LTD and we specialize in condo property management in Toronto. We’re here to help you understand how renting your property will benefit you and how you can secure the right tenants for your space.
We’re one of the most trusted property management companies in Toronto. Here are some ways you can properly manage your property and build a good relationship with a potential tenant.
You want to make sure your tenant is able to pay their rent on a consistent basis. A quick and valid way to make them do so is to ask them to acquire a letter from their place of employment. Be sure to tell them to include some proof of employment at the establishment in their application and some form of verification they got paid at this workplace.
Doing this will protect tenants from missing rent and give you more troubles to deal. Frequent evictions will only cut down the return of your investment and can stain your reputation among new tenants. That’s why this step is a crucial measure to take not only for the reliability of your tenants, but for a direct, and efficient selection process.
Having reliable employment is one thing, but it can be concerning if your tenant neglects to make other payments. They may as well treat your condo payments in the same manner. A tenant’s credit score can tell you the types of financial commitments they have.
Make sure to thoroughly inspect your credit bureau report if you decide to rent for the first time. Doing so gives a rough idea of how a tenant treats existing financial obligations. From there, the judgment will be more clear on whether or not they will be able to rent a room.
An exceptional management team can make this process smooth and quick because they know what to look for in such cases. So you won’t necessarily have to manage and credit check each individual tenant by yourself.
Aside from financial responsibility, getting feedback from past landlords, friends, or family members can give you a better peace of mind of the tenant. You get a good sense of their past experiences through the first hand accounts of those previously associated with them.
It’s good practice to make sure all the contact information of the tenant’s references is thoroughly checked. Property management companies like ourselves will analyze the data and information they provide us before making a final decision.
It’s not uncommon to have to make several attempts to reach a past landlord for this process. We always make sure to follow up as quickly as possible with applicants to the job easier and put a tenant’s mind at ease.
Tenant selection shouldn’t be an arbitrary decision, but it can be a daunting task when you have a long list of applicants. Affordable management takes care of these responsibilities and are worthwhile aspects of your investment.
Want to learn more about condo property management? Our team at Mareka Properties LTD have many years of experience managing condos around Toronto. Contact us to learn about how we can help you manage your property and poise it for financial success.