Being a landlord can be very satisfying, and it can provide some consistent income for you, but it can also be time-consuming and stressful having rental problems. Many things can come up that require your attention as the landlord, and you’ll need to be ready for anything on any given day.
Many landlords hire a condo property management company to look after their rental, and it alleviates them of the things that require a lot of work. With the experts looking after everything inside the building, the property owner can sit back and cash the cheques.
Here are some problems a condo owner will eventually face if they rent out their property and don’t hire a condo property management company to look after everything:
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Tenant Turnover
Tenant turnover is one of the most time-consuming aspects of owning and maintaining a rental property. It takes up a lot of time to go through the screening process, and it can be tough to decide what applicants are the best fit, so you don’t get someone who isn’t a good tenant.
The property owner is making no money while the condo is unoccupied, so it’s essential to move the process along quickly without rushing it. Someone inexperienced in screening tenants might struggle through this process, and many times, the wrong type of tenant is accepted.
Condo property management companies have gone through the tenant screening process many times and know what to look for so they can fill your property with someone who fits and will stay for a long while.
Don’t face the issue of tenant turnover alone; hire a condo property management company to help.
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Late Payments
Receiving late payments from your tenants can be frustrating for property owners and is something many condo owners have to deal with. It might not be an issue if it happens only once or twice, but it can quickly become a significant issue if it happens every month.
New property owners may be inexperienced with collecting rent payments and might not know how to address this issue. Still, experienced owners and condo property management companies will know how to make sure it doesn’t happen regularly.
Earning money is the reason why a condo owner rents out their property. Late payments are a frustration you don’t want to deal with at the start of every month.
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Knowing the Legalities
There are various legal rules and laws you need to follow when you turn your condo into a rental property. The tenant has rights you need to be aware of, and the condo building has specific rules and bylaws you need to follow.
New property owners might not be sure of how to obtain business licenses and how to legally evict a tenant living in your condo. If you do something against the law and rules, you can face severe backlash and may have to pay fines or other forms of compensation.
Condo owners need to know the legalities surrounding their rental property, or they could get in major trouble. New owners might struggle with this, but condo property management companies know these rules inside and out.
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Maintenance and Repairs
When you rent out your property, you will run into regular maintenance and repairs. Something could break on a weekend, and you will need to move quickly to get it repaired.
Condo property management companies have their handymen on staff and can quickly move forward in managing and repairing your property, while condo owners who are maintaining the rental on their own will have to find someone to hire. This process could take much longer than having someone on hand, and it could also be much more expensive.
Regular maintenance is essential to take care of, and repairs will come up, even if the tenant is perfect. You’ll be thankful that you hired a condo property management company when something breaks, and you need someone quickly.
Avoid These Issues By Hiring a Condo Property Management Company
Landlords will face these issues at some point in their venture of owning a rental property. They happen regularly for condo rentals and can take up lots of time while eating away at your earnings.
When a condo property management company is hired to run your property, they will handle everything with their extensive expertise and knowledge, making it easy for you to sit back and earn money. The property management fees you pay will be well worth it for the peace of mind you’ll receive from having them run your condo rental the right way.
If you’re ready to put your condo in the hands of experienced professionals, then get in touch with Del Condominium Rentals today. We have worked with property owners in Toronto for over 30 years to simplify the management process by turning your condo into an income-generating property.
Contact Del Condominium Rentals at 647-952-3644 or email sales@delrentals.com to learn more about how we can help you avoid the common problems a landlord will eventually face when renting out their property.
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