There is one question that everyone always asks their potential Toronto property manager, and they usually get it wrong. The question is: how much rent can I get for my property? This is the worst question you can possibly ask, and today, we're talking about the question you should really be asking.
Property Management Toronto: Rental Rates
Asking how much you can get for your property is never going to set you up in a way that leaves you winning. It gives you a little bit of a baseline if you want to compare different property management companies and you're considering what they say they can help you earn in rent. But, in the end, it's what the company gets for you. So, change your question.
Property Management Toronto: How Can I Get More?
Your new question should be: how can I get more for my property? Then, we can look at what you have and what you're currently getting. We will think about how to get to the next step. Maybe you should include more. You can allow pets or provide laundry or make minor renovations. Offering discounts can actually add more money to your pocket. There are always things you can do to your property. Common area improvements also help. Some people go as far as installing solar panels, which is a 20-year investment.
You have a lot of options for improving your property. Remember that these updates need to be made between tenancies. If someone is already living there, you are very limited in what you can do. So get beyond the rent control guidelines and set things up to win from the start.
If you have any questions about increasing your property's worth or anything pertaining to property management in Toronto, please contact us at Real Property Management Service.