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tips

tips   , 31

from Kelly Usa

How to manage furnished rentals Toronto - an insider’s guide

Property owners in Toronto can efficiently manage their furnished rentals Toronto including leases, rent collection, maintenance and so much more even from a distance as long as they know how to do it. Here are some of the ways to manage your rentals.

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Hire property Management Company

Here, you hire a team of competent agents to work on your behalf, and that is to keep your property occupied, collect rent and do all the repairs. These companies usually charge a certain percentage of the monthly rental value or flat fees and extra expenses.

But before you hire any property management company, you need to take precautions as there are companies who can do overbooking in your property than they can handle, some do not have sufficient network while others make spotty communications to you. So, you need to research before you hire them. Take several trips to different companies and interview them before making a decision.

Manage on your own

The following are ways to do it.

Delegate responsibility

Spot one honest tenant and reduce his/her rent or give him/her some benefits in order for that person to act as an intermediate between you and other tenants.

Alternatively, you can hire a friend to be checking in regularly in your apartments. You only need to make sure that your friend has a written authority to act on behalf of you.

Establish a repair network

Plumbers and electricians are the ones you need to make friends with. They are the ones you can rely on in case of an emergency. You need to have a network with them so that you can contact any one of them if the first choice is not available.

Stay in touch

You need to give freedom to your tenants to personally contact you in case of any problem. You need not to allow anyone to make any repairs without first informing you. You also need to make periodical calls your tenants, repair people and even your designated representative.

Automate payments

You need to use online payment methods like cozy because it can manage regular payments and even handle late payments.

Cover yourself

You need to cover yourself against accidents with a reliable insurance company. You need to also cover equipment breakdowns, hazards such as fire and floods and even theft.

Get video-messaging updates

You can always do this as long as you are not violating the privacy of your tenants. You can use applications like FaceTime, Skype, and some many other video-messaging services.

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