One of the critical pieces of Toronto property management is getting to know the owner and the property. It’s also important to understand what the owner is looking for in renting out their property. You need to know what services a property management company can offer you as an owner, and we’re talking about that today.
Emotional and Business Needs
I think renting a property is a business and an emotional decision. As property owners, we are looking to yield revenue from that property. But, there’s also often an emotional attachment to a property, particularly if it’s furnished. So, one of the things that’s particularly important when working with a property manager is sensing whether or not they understand your needs. A good manager will understand what you’re hoping to achieve in terms of both business objectives and personal objectives. A good property manager will allow you to define the terms of the tenancy, like the length of time you want in a tenancy, the type of tenant you’re looking for, as well as your ongoing needs.
When it comes to Toronto property management services, there’s a spectrum of owner needs that ranges from hands-on owners who want to be involved in the process to hands-off owners who may be traveling or out of the area, and need to know that their property is in good hands.
Maintenance and Knowledge
One thing you might want to ask your property manager is whether or not the management team will work with your own vendors and for the unexpected needs, have a list of vendors they work with themselves. When you’re choosing a property manager, it’s important you pick someone who understands your property and its needs. They must be familiar with its maintenance issues, appliances, and specific details, such as where to find the emergency water shut off in case of a flood. Understanding the needs for winterization in detached homes and estates is also critical, and your manager needs a strong sense of all that can happen in a property and how to remediate those issues in a timely fashion to protect your investment.
Marketing and Leasing
From a marketing and leasing perspective, it’s important that the leasing team knows all the details about your property. It’s such an important aspect because when we’re showing a property to a potential tenant, we want to be able to explain each part of the property and how it makes that home unique.
If you have any questions about marketing, showcasing, placing tenants and moving them in, or anything pertaining to property management in Toronto, please contact us at Toronto Luxury Rentals. We’ll answer any questions you have.