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There’s never been a better time to invest in rental property in Toronto. There are, however, financial pitfalls that come with owning an investment property and being a landlord. Often unexpected problems, accidents, tenant disputes, or long term vacancies arise that make even a great investment less affordable. Here are some tips to make your Toronto rental property more affordable, with the help of Mareka’s property management services.
A long term vacancy can quickly turn a profitable investment in Toronto into an unsuccessful one. Bearing the full costs that come with a property while not earning any revenue from it is simply unaffordable. To keep vacancies to a minimum you need to constantly post ads and take calls from potential tenants.
A high tenant turnover rate is another costly factor making investment properties less affordable. The costs that come with turnovers, like advertising costs, or the cost of patching and repairing the property between tenants can quickly eat into your profits. Mareka property relieves the hassle of finding new tenants and the headache that comes with vacancies and turnover by retaining advertising, taking inquiry calls, or e-mails, and providing viewings to prospective renters, so your investment can remain affordable and profitable.
Attracting tenants in Toronto is much easier when your rental property looks clean and appealing. It’s easier said than done to keep your investment in tip-top shape, but there are some affordable improvements that can make your property more attractive to potential tenants.
A simple, neutral coloured coat of paint can be a massive improvement, along with simple touch ups and regular cleaning. Trust a property management company like Mareka to arrange any services required to have the property in rentable condition, making for a hassle-free process of improving your investment property.
Chasing tenants around for rent money and effectively dealing with bounced cheques takes time and effort. Part of keeping an investment property affordable is minimizing the amount of time you sleep you lose on it. Cashier’s cheques, transfers or bank drafts, are your best bet in rent collection since they don’t bounce and they don’t take the time to clear, but chasing rent payments isn’t something any landlord looks forward to. Mareka alleviates the hassle of rent collection, managing all of your rental payments, so your investment remains affordable, profitable, and hassle free.
Increasing rent in Toronto can be a tricky balancing act. If it has increased by too much there’s a good chance that you’ll end up chasing tenants out and at the same time chasing potential tenants away with high prices. Increase it too little and you’ll eat into your potential profits and make your investment less affordable. Increasing rent effectively takes a lot of experience and expertise, and trusting it to a property management company is always the best option. Mareka offers regular market analysis to ensure you are receiving the highest rental income for your property, making your investment as profitable as possible.