Del Condominium Rentals

Toronto Condo Rentals and Property Management Blog

Are Property Management Companies Worth It?

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Property Management

Owning a property is a huge risk financially, especially when you decide to rent it out to a tenant. There are many codes property owners must follow. Other tasks like finding tenants, maintaining the property, and communicating with them take a significant amount of time.

Some property owners will try to manage things by themselves in an attempt to save money. But they quickly learn how time-consuming it is to be a landlord.

You likely have a few questions if you’re a property owner. Do these sound familiar?

  • Does it make sense to hire a property management company?
  • Are the management fees expensive?
  • What does a property management company actually do?
  • Can I still make money on my property if I’m paying someone to manage it?

Let’s dive into that and see why a property management company is the best way to protect your investment.

They Save You Money

Property owners are renting out their property to do one thing – make money. And it can be very expensive to manage your own property.

It can become even more expensive when you decide not to hire a property management company because you will make mistakes, hire the wrong people, approve bad tenants, and waste time on completing jobs that a company can do more quickly.

Property management companies are able to do things quicker and better because they have experience handling the issues you’ll come across. They’ve been there before, they understand property bylaws, building upkeep, and everything that goes into managing a property.

By hiring a property management company to look after your property, you are saving yourself money in the long run.

They Save You Time

Renting out your property is going to take up time. Whether you like it or not, problems will pop up.

Tenants may call at any time with an urgent problem, and you’ll have to fix it. Staying on top of service requests, complaints, and other problems is challenging when you’re busy.

Other major tasks like lining up a new tenant and finding the right plumbers and electricians are equally as challenging.

Before you know it, your entire weekend will disappear. That’s why many property owners look into condo management companies in the first place.

Don’t spend unnecessary amounts of time on the management of your property. Let a company deal with the time and stress it takes to run your property properly.

They Simplify Tenant Screening

A property management company can do a better job of finding the right tenants. Don’t underestimate how important this step is.

Finding the right tenants really does make all the difference.

But what does this process really entail? A property management company will:

  • Handle credit checks
  • Market your property to their extensive list of renters
  • Help you get market rent for your condo
  • Determine which tenants are suitable for your property
  • Conduct all tenant interviews for you

Remember – a good tenant will cause little headaches and keep the property in great shape. A bad tenant can make all sorts of trouble with neighbours and cause you to spend time on repairs and cleaning.

Don’t risk getting a bad tenant by using an experienced property management company.

They Offer a Hassle-Free Service

Property management companies work with property owners and tenants each and every day – and they’ve been doing it for years.

They’ve been there before and are able to do things much quicker because of their vast experience. They will have in-house maintenance crews on hand to hire and can deal with small tenant issues that could become a hassle for you.

Property management companies make things easy for you because of the many resources they have available to them.

They Know the Law

There are many laws and codes that property owners have to abide by when owning and renting out their property.

Depending on the municipality – and the building your condo is in, if applicable – those rules will vary and not knowing your way around them could result in finding yourself in hot water.

Property management companies stay on top of the local bylaws and are familiar with building codes. Not only with they be knowledgeable in the proper eviction protocol, but they will be able to execute on these things in a smart, proper way that follows all of the rules.

Property owners can spend lots of time studying the codes related to their property, and we recommend all property owners becoming familiar with them. But leave the enforcement of all bylaws and codes up to an experienced property management company, so you know things are being done correctly.

They Help You Make More Money

Property management companies do more than just handle your property for you in an easy, hassle-free way – they make you more money on your property.

By working in the industry every day, they’ll know how to manage your property in a way that makes you the most money. From rental rates, saving you money on repairs, low tenant turnover, and more, property management companies are worth every penny.

Stop Managing Your Condo – Let Us Help You

Take a step back from managing your property and let the experienced and dedicated staff at Del Condominium Rentals help you. We pride ourselves on our customer service and knowledge of the changing industry.

Please contact us at 647-952-3644 or email sales@delrentals.com to learn more about how Del Condominium Rentals can help you.

Are You Interested in Working With Del Condominium Rentals?
Submit your info below to download FREE eBook and learn more about our services, management cost and more


How Is A Real Estate Manager Different From A Property Manager?

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Property Manager

If you are looking to hire someone to help you find tenants for your rental property, a real estate manager and property manager might look similar.

After all, they are involved in the rental industry and they can both help you find tenants for your newly rentable condo.

But once you begin searching to hire one or the other, you will quickly find out that a property manager does much more for you in the long run, even after you’ve found suitable tenants to rent your condo.

Who Is in It For the Long Run?

Real estate agents only deal with the leasing aspect of your property and will no longer be working with you once the property is rented. If your new tenants cause damage a month into their lease and you’ve never dealt with something like that, the real estate agent won’t be of any help to you and you’ll be on your own to figure it out.

Property managers work with their tenants on an ongoing basis long after they help you find the perfect tenants. Property managers are experts in the field and deal with a variety of things so the condo owners don’t have to.

Property managers will help you market your condo, find the perfect tenants, and much more. They are your ongoing partner in this project, helping you earn as much profit on your rental property as you can.

Who Has Your Best Interests In Mind?

A realtor is only working with you until you find tenants to occupy your condo. After that process is complete, they have no obligation to manage the unit and make sure things continue moving properly.

Most realtors in Toronto will charge a baseline fee for finding a tenant. While they will aggressively market your listing, they won’t provide you with any support afterwards.

Property managers have an invested interest in ensuring that they find the best tenants possible. They will be responsible for maintaining your unit, handling requests from your tenants, inspecting it, and a wide variety of services.

Property managers always looking to impress the property owner and will make sure they put in the proper effort that is needed to have your rental condo run smoothly and efficiently.

Who Does the Most For You?

Property management companies continue to manage your property beyond the portion of the contract and are there when something happens—no matter if it’s at the start of the lease, or the end. These property managers are contracted to provide active management and handle many different things for you:

  • Regular maintenance to the condo when needed.
  • Collecting rent payments from tenants every month.
  • Evicting tenants (when needed).
  • Handling tenant issues and complaints.
  • Performing regular inspections on the property.
  • Working with your condo association to make sure you are following property rules.
  • And much more!

Property managers are a one-stop-shop for condo owners, so they can sit back and enjoy earning money off their rental.

Who Will Really Care?

It’s in the best interest of a property manager to find suitable tenants who won’t be a problem when they go about their regular activities to manage your property. A bad tenant will make a property manager’s job harder and increase their costs, so they do their part in finding the best tenants and making sure they follow all the rules and regulations.

Real estate agents will care about quickly finding you tenants, will get paid, and move on to the next client.

A Property Manager Will Help You Succeed, Even After Your Condo Is Rented

Property management companies like Del Condominium Rentals offer a lot of value-added services over real estate agents and other competitors.

From our in-house paralegal department that we use to handle minor legal disputes with tenants to our network of preferred contractors who can handle repairs and maintenance, Del Condominium Rentals can help you increase the ROI you generate from your condo.

If you are interested in working with Del Condominium Rentals, please call us today at 647-952-3644 or email us at sales@delrentals.com

Are You Interested in Working With Del Condominium Rentals?
Submit your info below to download a FREE eBook and learn more about our services, management cost and more


5 Things Your Property Manager Wishes You Knew

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The relationship you have with your property manager is one of the most important relationships you build as a real estate investor. Ideally, both you and your property management team would have the same goals: to take care of the property and generate significant income. An investment property is most successful when a homeowner and a property management team work together. 

Whether you are a first-time landlord that needs a little help navigating the world of real estate investments, or you’re a seasoned investor-owner who prefers being more hands-off, building a positive relationship with your property manager is the first step towards success.

For a little more insight on how to build this positive relationship with your property manager, here are five things your property manager wishes you knew:

1. Follow The Rules

Real estate investments, just like almost everything else in our society, run best when there are guidelines and rules to follow. These rules are in place so that people stay safe, that laws are followed, and accidents and damages are reduced. You have specific rules for your condo, and you expect the property manager and tenants to follow them. The property manager has rules for their owners as well. Following these guidelines and community rules goes a long way in maintaining a positive relationship with your property manager.

If your property manager is managing more than just your property, they can’t bend the rules for you and expect the other owners not to notice. The rules are there for a reason, and you make the property manager’s job a lot easier when you abide by them. 

2. Kindness Goes A Long Way

It’s important to remember that property managers are people too. You’ll probably be able to solve a problem a lot faster through patience and kindness than you will through yelling and threats. Often, homeowners only go to their property managers when there is a problem. And while handling problems is what they are there for, they also appreciate hearing good news too. A little thank-you or acknowledgment of a job well done can mean a lot for a busy property management team. 

You also can improve your relationship with your property managers by improving your relationship with those in the community. Showing a little kindness and courtesy to those who live around you can make everybody’s job a little easier. 

3. If You See Something, Say Something

Your property management team is responsible for working as an extra set of eyes and ears on your specific property and the community. However, they can’t be everywhere at once. If you see a problem, say something about it right away. If you notice there is an issue with a public amenity like a swimming pool or a tennis court, say something as soon as you notice it. If you notice there is an issue within your specific condo, let your property management team know before it turns into a much bigger issue. Withholding information from them or just assuming someone else will bring the problem to their attention hurts everybody involved. If you see something, say something.

4. Keep The Communication Flowing

Property managers are really good at what they do, but they are not mind readers. They can’t help you solve a problem if you don’t communicate that there is a problem in the first place. Clear and consistent communication between you and your property manager will make everybody’s job a little easier. 

Provide multiple ways for your property manager to get in touch with you. If there is an emergency or a property manager needs to make a decision on your behalf, they may need to contact you right away. Effective communication goes both ways. If you expect your property manager to respond to your emails and texts promptly, you have to give them the same respect.

5. Not Everything Is An Emergency

Property managers are in the business of handling emergencies when homeowners are not around to do it. If a pipe bursts in the middle of the night or there is a medical emergency with a tenant, your property manager is usually the first in line to take action. This is why so many people hire property management companies to look after their properties when they can’t be there to handle emergencies on their own. However, not everything is an emergency. A toilet that is running or a dishwasher that is not working correctly does not warrant a 3 a.m. call to your property manager. 

There are some rental issues all condo owners will eventually face, and your property management team is more than equipped to help you handle them. But property managers also appreciate it when a homeowner takes discretion when requesting emergency attention. 

Final Thoughts From Del Condominium Rentals

One of the best things a homeowner can do for their investment is to build a positive relationship with their property manager. This begins with honesty, respect, and cooperation. 

Del Condominium Rentals is responsible for handling all of the behind-the-scenes work that makes an investment property run smoothly. New landlords and seasoned investors who are looking for a more hands-off approach to real estate investing trust Del Condominium Rentals to take care of their properties seamlessly. We work hard to foster positive professional relationships, which is why so many investors trust us to manage their properties.

Are you interested in working with a property management company like Del Condominium rentals? Get in touch with us today at 647-952-3644 or email us at sales@delrentals.com

Are You Interested in Working With Del Condominium Rentals?
Submit your info below to download FREE eBook and learn more about our services, management cost and more


About Del Condominium Rentals

Del Condominium Rentals (DCR) is a full service rental management company. For more information about our program and how to have your suite professionally managed, please contact our Head Office at 647-952-3644 or email us at sales@delrentals.com

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