Finest Invest Dresden: 5 Reasons to Hire a Property Management Company to Handle Your Rental Property

Life as a landlord can be hard for even the most patient, loving of individuals. Rather than allow this job to change who you are as a person due to its many frustrations, why not hand the job over to a property management company like Finest Invest Dresden? Hiring a property management company to handle your rental property or properties is a good idea with lots of benefits. Here are five reasons to hire a property management company to handle your rental property rather than do it alone.

Residential or Commercial Property

Property management companies can handle your property where a residence or a commercial business. They make it easier to live your life while still enjoying the lucrative income earned from the rental property. It doesn’t matter if you have one property or a multitude of properties to manage these pros do it the right way!

Occupy Your Home

Without occupants inside your home, there isn’t any money coming in on the side. Property managers work diligently to find worthwhile tenants who will love your property and stay. And, on the rare occasion that someone moves, they’ll ensure the vacancy is again filled quickly.

Late Night Calls

If you’re tired of those middle-of-the night calls from tenants with leaking roofs, disputes with the neighbor, and other hassles, you’ll be happy to know the property management company handles all these woes. They respond to all tenant inquiries, whether it is a problem with the unit, the neighbor, or something else, handling the needs sufficiently. You can avoid being woken up at all hours finally!

Collect the Rent

Property management companies collect rent from tenants and pass the money (minus their fees, of course) on to you. They sign the lease with the tenant upon move in and handle all of the tasks associated with a move-out, too. If there is a problem with a tenant paying his or her rent, the property management company handles this concern promptly as well. It is nice to let someone else deal with the sometimes complex task of collecting rents from tenants.

Alleviate Stress

If you own multiple properties, the stress of handling numerous tenant complaints and demands can take its toll very quickly and you may no longer see the benefits of living life as a landlord. With the right property management company on the job, however, the properties that you own are all going to be well maintained, resulting in happy tenants. Either way, your stress is gone and you can sit back and worry about collecting the rent check.

There are many reasons why you should hire a property management company to handle the rental of your property, including the five we’ve listed above. If you want to continue enjoying life as a landlord, a property management company can certainly make that possible. Why wait to hire a property management company any longer? They’ll help you out so wonderfully.

Important Steps to Take Prior to Flipping Real Estate in Ontario

There are some important steps you should take prior to flipping property in Ontario. If this is your first attempt at flipping homes you will need to first develop a checklist to determine whether the prospective property is a good deal. Start by having the foundation inspected, if the foundation has serious flaws then you may either have to repair or replace it. With the cost of replacing a foundation running into the tens of thousands you have to determine whether it makes sense to purchase the property. While real estate prices are on the rise there are some renovation jobs that restrict your ability to cut corners and save money with one of them being a new foundation. In theory you could go with a simple concrete slab but that is still expensive.

Inspecting the Plumbing System

With some of the plumbing systems in Ontario being nearly 100 years old or greater you will need a qualified Etobicoke plumber, to assess the overall plumbing system from inside the home all the way to the municipal water supply. If the system is deficient or at risk of failing you will need to replace it. While the municipality is responsible for the system up to point of your property, you are responsible for your connection and if it backs-up you could have raw sewage seeping onto the property. A qualified Etobicoke plumber will be able to assess the property to ensure that the plumbing system is suitable for your needs.

Identifying Potential Legal Obstacles

If you have determined that the property seems like a good investment you should check to see if there are any potential legal obstacles. A simple title search will reveal whether there are any liens against the property. If there are liens they will need to be removed when you purchase the property or you may not be able to flip it for a profit when it comes time to sell. Pay close attention to any tax liens by the government and bear in mind that you are required to pay a land transfer tax each time you buy/sell real estate in Ontario.

Is there any environmental risk associated with the property? While the property may be residential now, in the past it could have been an industrial location or commercial business. During those times the soil could have been contaminated. Even if the current property owner is using home heating oil, if there was a leak the soil would be contaminated and if you purchase the property without doing your research then you may have to pay for the environmental remediation work. The only way to know whether you are safe is to have the soil tested prior to making any firm offers.

The good news is you can make a considerable amount of money flipping houses in Ontario you just need to be proactive at the start to make sure the property you buy can be renovated quickly and sold for a tidy profit.