6 steps to becoming a successful landlord
Buying a condo to rent out for investment purposes is a great idea. But, for many, especially first-timers, it’s much easier said than done. So many questions, tons of details and plenty that can go wrong.
This is exactly why many owner-investors turn to Del Condominium Rentals, one of the largest professional condo management firms in Canada, with a portfolio of more than 2,500 condos in more than 280 GTA communities.
With experience like that behind you, you’re one step closer toward your goal of becoming a successful rental condo landlord.
Here, then, are six important steps to get you started in hiring a professional condo management company.
1. The initial meeting
Find a reputable property management company – such as Del Condominium Rentals in Toronto – and schedule the first meeting with one of its associates.
In this meeting, it’s important to review the details of what the property management company can offer. Describe your property, share your plans for the property and your goals, and ask as many questions as you think of.
Your property manager should be able to help you make all the important decisions on when and how to proceed.
2. Sign an agreement
Once you have selected a professional property management company and discussed all the important details, it’s time to sign an agreement. This contract will detail everything you have agreed upon and is the last step before the firm gets to work on your behalf.
3. Market your property
In the first two steps, you’ve hammered out all of the details, and you and the property management company have been agreed on a contract. Now it’s time for them to begin marketing your property – to help it stand out from the crowd.
This is where a quality property management company shows its mettle. Using its experience in the industry, it can now list your property in places potential tenants will see it – and to now only find but also screen prospective tenants. Finding the right tenant can make or break the success of you investment condo.
4. Finding the perfect tenant
Once your condo is listed and the inquiries begin to flow in, the property manager will handle everything. They will go through all of the queries, and screen potential candidates to find the perfect tenant for you.
The firm will invite interested parties to view the condo, explain all its features and characteristics, and conduct these meetings like an interview process to get to know these potential tenants.
When a prospective tenant is serious enough, and the property manager is comfortable with them as your renter, they will perform a credit check and call their references. Are they a good fit? Will they show respect for your unit and treat it as their home? Does the property manager foresee any issues with the tenant being able to pay the rent? These are among the key questions your manager will navigate.
5. Signing the rental agreement
Once the property manager has performed all the above steps to their – and your – satisfaction, it’s time to sign the rental agreement.
Again, this is where the manager’s experience and expertise will show – having found a suitable tenant, and now creating a suitable rental agreement.
Importantly, the rental agreement is a legal document that should include everything to ensure your safety as the property owner. Remember what we said in Step 1? Ask lots of questions. If you don’t understand something, ask the manager to clarify.
And, of course, they will do the same when they review it with your tenant.
6. Tenants move in
If all five steps to this point are successful, it’s now time for your new tenants to move in. The property manager will get them settled and receive the key deposit and the first month’s rent.
After they move in, the property manager will perform routine checkups to see how things are going, as well as perform regular maintenance when needed. For any larger repairs that pop up, the property manager will handle those as well. This is again where their expertise will shine through – finding and working with credible service providers that may be needed, such as a plumber.
You won’t have to worry about a thing, but since this is your property and you are ultimately the boss, ask your property manager that you be kept in the loop, and that you receive a full report afterward.
Otherwise, sit back and watch the rent flow into your bank account, while your tenant helps pay down your mortgage and the value of the property grows.
It’s a win-win-win.
Ready to set up that initial meeting?
Del Condominium Rentals is awaiting your call, to help you complete these six important steps, so you can be well on your way to becoming successful rental condo landlord.