Finding the right property manager is integral to the success of your rental property. Jason McGuire takes some of your most commonly asked questions for a potential property manager and gets to the root of what you should really be asking.
What can I get for my rental property?
Most people who ask this question already know the answer. More often than not, this question isn't asked to get an idea of what someone can get for their property, but to test the potential property manager. It's less about what we think we can get out of a property, and more about how we can get more out of our property. What you really should be asking is "How can I get more out of my property?" A great property manager will be able to take you through your options, such as rent discounts, home improvements, and changes you can make to optimize your portfolio. You should be asking "How can I make my property and service different".
How should I handle the maintenance of my property?
Most people will ask about maintenance. Some people go into the process of buying and renting out a property thinking a new home will require no maintenance. What you need to be asking is, "Who's going to winterize my property, change furnace filters, and test C02s?". When having this conversation people start to realize that there are things they haven't planned for. A good property manager will help you set your property up right by talking about preventative measures and setting up plans with you.
What do I do in case of an eviction?
People have a lot of concerns regarding eviction and statistically, they happen. A good eviction in Toronto can take 3 months. Once you understand that, there are a lot of things you can do to make sure the process goes as smooth as possible. When an eviction situation is brought to Real Property Management we start the legal process, and then we look at what we can do to accelerate things. You're going to want to ask yourself "What's the win-win scenario?" and, "Would I rather be out a small amount of money today instead of losing 3 months of rent money?". You're going to want to ask your property management company, "What can we do to fast-track some of these processes?" and, "What can be done to put my place up for rent in the next 30 days?".
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