Your investment condo could be doing more
If you’re one of the 45-70% of Toronto condo owners who aren’t living in your condo at the moment because you’ve purchased it as a short- or long-term investment, you may have found that being a ‘landlord’ is turning out to be a little more work than you thought: Tenant turnover, property maintenance, issues with management – it can be time-consuming, especially if you don’t live in the city or if you have a busy full-time job.
It may be time to think of professional property management
The key to success for condominium owners is to ensure that there are few vacancies, tenants are reliable with minimal turnover, that there are as few administrative headaches as possible, and that the condominium building management is supportive. That’s why, whether you have a single unit you’d like to rent out, or several that need ongoing management, it might make sense for you to engage a professional property management company to handle the day-to-day tasks associated with rental properties.
How does condo property management work?
The property management company undertakes the responsibility for the full management of your unit – and you simply collect the revenue from the unit.
Different property management companies provide different services, but Today Living Group does it all:
- Tenant attraction
- Tenant tours and open houses where required
- Tenant screening and credit checking
- Monthly rental collection and disbursement
- Provision of monthly electronic statements
- Conduct warranty inspections and 24-hour tenancy inspections
- 24/7 maintenance services
- Interior design services (for furnished units)
With 24-hour on-call guest service, we can immediately respond to emergencies, such as a flood or a fire in the middle of the night. You do not have to interact with tenants, and can be confident that the day-to-day responsibilities are taken care of.
Why Today Living Group is different
Because we manage both furnished (corporate housing) and unfurnished suites, we can provide non-resident owners with more options for their unit. Our furnished executive suite management is a great option for owners who anticipate wanting to stay in their unit for part of the year, but want to earn revenue when they’re not there, or who want shorter-term corporate tenants. Our unfurnished suite management is a good option for investors who want a traditional rental revenue stream from their condominium, but don’t want the day-to-day hassle and risk of tenant management.
Over the years, TLG has developed trusting tenant-landlord relationships with a number of non-resident owners in the Greater Toronto Area, assisting them not only with occupancy, but their investment goals. Working with a third-party property management company provides you with not only a comprehensive management plan for your unfurnished apartment or furnished suite, but also the ‘peace of mind’ that your investment will always be our top priority.