You have purchased a condo and are ready to find a great tenant to rent it. You know that renting out your condo takes a lot of time and effort, so you’re going to hire someone to look after it for you. You’ve heard that property management companies do a great job and can make you the highest possible amount per month for your condo.

But what’s the process behind hiring a property management company? How does everything happen after our first conversations?

Here are the steps from start to finish when you hire a property management condo:

1. The Initial Meeting

After you have found a great property management company – like Del Condominium Rentals in Toronto – you will schedule the first meeting with one of the great associates.

In that initial meeting, you will go over the full details of what is offered by the property management company. This is an opportunity for you to ask as many questions as you can, tell them all about your property and share your goals for how you’d like things to go.

You will make decisions with your property manager and decide on how you’d like to proceed.

2. Sign An Agreement

Once you have met with the property management companies, talked about your condo, and come to an agreement on how you will all work together, you will sign an agreement.

This contract will detail everything you have agreed upon and is the last step before the property management company gets to work for you.

3. Marketing Your Property

After all the details have been agreed upon, and you’ve signed the agreement, it is time for the property manager to begin marketing your property.

They’ll list it in relevant places where they know potential tenants will be looking. Using their experience in the industry, they will get your great property in front of as many eyes as possible so they find the perfect tenant.

4. Handling Inquiries

When the condo is listed, and inquiries begin to come in, the property manager will handle everything. They will go through all of these inquiries on the lookout for someone who will be the perfect tenant for you.

They will invite these people to view the condo to see who is interested. These viewings will be like an interview process where the property manager can get to know the tenant. As the property manager, they will sell your condo to the possible tenants who show interest.

When someone puts in their offer to rent your condo, the property manager will then perform a credit check, criminal record check, and call their references. They will determine if they are a good fit or not, keeping in mind how they will treat your condo and if there will be any issues with rent payment for every month.

5. Signing the Rental Agreement

It will be time to sign the rental agreement after the property manager finds an interested tenant and completes a background check.

Using the experience they have had with approving tenants and creating rental agreements, the property management company will make do very important process the right way. The rental agreement is a legal document that needs to include everything to ensure your safety as the property owner, and the property managers know all about them.

You will hardly have to lift a finger as the property manager creates the agreement and goes over it with the new tenants.

6. Tenants Move-In

It’s now time for your new tenants to move in. The property manager will get them settled and receive the key deposit and the first month of rent.

After they move in, the property manager will perform routine checkups to check on things, as well as perform regular maintenance when needed. If a bigger repair needs to be done, the property manager will handle everything so you won’t need to spend your valuable time on it.

Every month, you can sit back and just watch the rent money show up in your bank account.

Ready to Setup That Initial Meeting?

Now that you know how everything about the process involved with hiring a property management company, you should feel ready to book the first meeting.

For condo owners in the GTA who are wanting to list their property, Del Condominium Rentals is ready to meet with you now! With over 30 years of experience, they can do the job right, so you know your condo is in the right hands.

Contact Del Condominium Rentals now by calling 647-952-3645 or emailing sales@delrentals.com