Condo living in Toronto can be wonderful. Renting condos as a property owner can be a nightmare. Finding the right tenants is never easy; renting in a highly competitive market has its challenges. Ultimately, you don’t have to use a real estate agent if you follow some of these tips from condo property management.
Check the Local Community
Before you contract condominium management services to help you rent your condo, try advertising the property in the local community. In a popular condo complex, there are always people wanting to secure a unit. Advertise writing a very descriptive and creative ad and accompany that with great pictures that showcase the unit, the amenities, the view, and the neighborhood. Use geo-targeted social media sites including Facebook, Twitter, and Instagram, shopping sites like Kijiji or Craig’ or put up old school flyers. The word will spread quickly.
Respond Quickly to Interested Potential Tenants
Acquiring, scheduling, and conducting tours of your condo can be time-consuming. You’ll probably get inundated with emails and phone calls from people inquiring about the unit. Some may just be fishing; others may drop out after hearing the rental prices. Regardless of the effort, it takes, if you’re not using a real estate agent or property management company to secure your tenant you’re going to have to get organized quickly. Schedule your appointments at times where it’s convenient for you so you’re not stressed; tours at 8 am may not present you in the best light! Make sure to do a preliminary phone interview to ensure the tenants are interested in your unit. After finding out more about it, their interest may dissolve. A good phone interview can save you a lot of time in the long run.
Screening Your Tenants Is a Must
You toured the unit with a single person. On moving, day five people arrive to move in. That’s a recipe for disaster. You have to meet everyone who will be staying in the unit. Screening the potential renters is a necessary part of the process. Your condo is an asset, and you can’t just put it in the hands of people who you don’t think are capable of living up to the rental agreement parameters. If you’re not good at reading people, get help from condominium management services who can handle the in-person interviews. It will save you a ton of headache and heartache later.
Use a Professional Lease Arrangement
A lease is a legal contract. Putting the proper legalese to cover yourself may require professional held from a real estate agent, lawyer, or condo property management companies Toronto. Don’t leave yourself open to possible loopholes around your condo rental.
Trust Ashbridges Property Management
Ashbridges Property Management in the Beaches can help you find your investment property and then assist you in renting it out. From marketing and tenant acquisition to rent collection and maintenance, they do it all.
