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- 278 Manitoba Street, Toronto, ON. M8Y 4G9
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Owning a rental property is a great way to generate income. Condos, specifically are in high demand in Toronto, thus, owning this type of property for the purposes of renting can bring in some serious cash. With the population of Toronto growing, condos have become a great option for those who want to live in the heart of the city. They have the ability to hold a multitude of individuals and are a busy person’s dream as outdoor duties are covered by condo fees and/or the landlord renting the unit.
While owning a condo building is a great way to generate income, it’s also important to ensure all is in order. This includes ensuring the space is livable, having staff on-site/on-call, having proper insurance, adhering to legal standards, and marketing the property to drive new tenants. All of this can be a lot, especially for new owners. If you’re recently purchased a condominium property in Toronto, condo property management companies are there to help you optimize and maximize your property.
What can you expect from a professional condo management company?
Owning a property with the intent of renting can be overwhelming. Where do I start? How do I start? What can I do to get the ball rolling? A professional condo management company can help you with all that and then some! They will help you devise a plan of action to get the wheels turning. This includes ensuring you have the proper licensing, ensuring your property adhere to acts and safety standards, you have staff for various needs (plumbers, electricians, etc), and the pricing associated with the units. From start to finish, a condo management company can help you find what you need and implement it in order to ensure your condo is a hit!
Owning a condo to rent isn’t just about finding tenants, signing some paperwork, handing over keys, and being done with it. There are a lot of legalities that owners NEED to be aware of should any issues arise. Condo management companies have a thorough understanding of the Landlord and Tenant Board Act. This Act outlines the rights of tenants and landlords and any potential infractions on either end. It is meant to protect rights on both sides as well as liability. Not knowing every aspect of the Act can land you in hot water and make you potentially liable should a tenant bring an issue up.
Those within the condo management company understand the act and can ensure you and your property are in full compliance. They also ensure you are kept up to date should any changes to the Act come to the surface. This can help protect your rights as well as the rights of your tenants and it’s crucial to have someone understand and relay the information to you.
You could have the most prestigious and aesthetically appealing condo inside and out, but without tenants, well, all of that suddenly doesn’t matter. Condo management companies can help you advertise your property, online and offline. How? Through a lot of research, they will determine the best tenants for your condo and target them through various advertising and marketing streams. They will ensure your condo fills up with tenants who are appropriate and best suited for the space.
So your ads blew up and now you have a roster of potential tenants, all looking for a space within your condo. While, as humans, we want to accept everyone, when it comes to renting or selling spaces within, you want to ensure you choose the most responsible tenants. This simply means tenants who will respect the space and any rules in place and pay their fees in a timely manner.
A condo management company can help you screen potential tenants based on references, background checks, credit checks, and employment checks to filter those who will be best suited to become new tenants of the space. This can help you avoid tenants who may skip out on payments frequently. It can also save you the stress of having to screen every single potential prospect yourself.
Upon purchasing your condo property, you have to then think about all that goes inside. No, we aren’t talking about decor, we are talking about plumbing, electricity, security – all that necessities people require. Finding the most reliable companies/individuals can be difficult, especially if you aren’t that immersed in the community. Condo management companies are well-connected in the community and can help you find the companies and individuals best suited for your condo. This includes:
All of which are important in maintaining the safety, flow, and well-being of tenants. Management companies can help connect you to exactly who and what you need and can also ensure you keep your tenants well connected as well.
The main role of condo property management companies is to ensure you and your tenants are getting the most out of your property. They ensure you are adhering to guidelines, creating a livable and safe space, and are generating optimal profit. Their goal is to help you grow and keep your tenants content.
Looking for a professional condo management company to help you with your condominium? Contact us today and we will help you make the most out of your property!