When considering becoming involved in Toronto property management (either as an independent landlord, or by procurring the services of a property management company), there are many questions
that must be considered. Below are a few key items that may help you get started on your journey towards effective property management and investment protection.
What are the benefits of hiring a professional property management company?
Managing a real estate property on a day-to-day basis can take a fair amount of time and know-how, particularly if your property is not newly built and requires preventative maintenance measures to protect it as an investment, or if you live far away from your real estate investment. A professional property management company has the experience and time to handle the daily care of a property. Property managers have the resources and know-how to effectively screen potential tenants, to efficiently market and price rental units to fit the current market, to advise on and provide preventative maintenance and upkeep of real estate properties, to facilitate timely collection of rents, to provide financial accounting services, to implement tenant retention programs, to deal with all tenant inquiries and problem tenants on your behalf, and to generally respond to situations in their client's best interest. In short, property managers can save you time and money.
Are there any legalities that I should be aware of before I begin renting units to tenants? Are there any Toronto Property management laws?
Anyone planning on creating and signing rental agreements with tenants should first be fully aware of the legal obligations and responsiblities that they are committing to as a landlord. These include maintenance and repair responsibilities, the provision of certain services, adherence to strict health and safety standards,as well as property standards. More detailed information can be garnered by a close reading of The Tenant Protection Act, 1997.
Where can I get information on The Tenant Protection Act
It is highly advisable to have on your roster at least one person who possesses intimate knowledge of The Tenant Protection Act such as a lawyer or a professional property management group, as the Act contains many subtle clauses that could easily be misunderstood by those not well versed in the law. The text of The Tenant Protection Act can be found online here.
How do I handle the leasing of a property? Do I need legal documents?
Though a tenancy agreement can be made verbally, it is most unadvisable to do so for liability reasons. Any verbal or written tenancy agreement provisions that are counter to legislation or regulations are deemed invalid. Hence it is best to have a trusted and knowledgeable source provide standardized tenancy agreements that account for liability issues that may arise. As a professional Toronto property management group, Annex Property Group Ltd. has developed standardized rental applications and tenancy agreements to suit the needs of tenants AND landlords alike.
I think I'm paying too much in property taxes on my Toronto Properties. Is there any way to lower the taxes on my investment property in Toronto?
Absolutely! Depending on the kind of property you own (multi-unit residential, boarding house, commercial) there are various avenues and applications that can be put to your good use. For more information, it is advisable that you contact a Toronto property management consultant.
For answers to all of these property management questions, for expert, professional advice, and for property management services...