It takes strategic decision-making for out-of-town landlords planning to invest in a long-distance rental property. For Niagara rental building owners based in Toronto, Mississauga, Oakville, or other distant location, there are strategies to maximize the return on investment. Consider the benefits of hiring a Niagara property manager. Extreme is the most experienced in the region.
1. Don’t rush into the Niagara market as a long-distance rental investor
Do your homework and review the comparable market analysis. Not only must you ensure a prospective property is not over-priced, but it is vital to determine that the rents a property seller shows would be sustainable on the long-term. Ask a Niagara property manager for advice.
2. Inspect the condition of the property
Repairs that could be required should be listed in an inspection of the property to establish related expenses on the investment. If you don’t have reliable maintenance companies in Niagara, it could be problematic for a long-distance landlord to manage a “fixer-upper” in an out-of-town market. Owning an out-of-town property is a different proposition than having a nearby property you can check or repair more easily. Get referrals from a Niagara property manager.
3. Sign up good tenants
Long-distance landlords face the added stress and time consuming hassles of dealing with “head-ache tenants.” Tenants that don’t pay their scheduled rent or those who complain frequently about nit-picky issues can multiply the challenges for long-distance rental owners. So finding great tenants pays huge dividends for the long-distance landlords in Niagara. Review services by Extreme
4. Form a maintenance plan on a regular cycle
For a property maintenance plan as a long-distance landlord of a rental in Niagara, you will need a service a provider for lawn care; HVAC filters replacement, snow removal, replacement of light bulbs, and other routine tasks.
Speak with a Niagara property manager for recommended service providers. Check out Extreme in Niagara
5. Frequent Inspections of Property
It is essential to protect your rental investment by inspecting the property on a regular basis. This takes time and expertise to check a building. This task could be handled more effectively by a local rental property manager in Niagara.
6. Automated Property Management System
In today’s digital world, a key for long-distance landlords is to automate payments of monthly rent and renewals of the lease on an apartment or house in Niagara. For example, Extreme Property Management has a proven system with leading edge software that simplifies the collection of rents electronically, as well as processing maintenance and repair requests online, among other responsibilities for a landlord.
7. Hire a Niagara-based Property Manager
Overall, hiring a Niagara-based property manager to handle a rental building pays great dividends for long-distant landlords. Extreme offers services for rental properties in in St. Catharines, Thorold, Welland, Niagara Falls or surrounding areas. The monthly fee for the best property manager in Niagara is worth the peace of mind and effectiveness gained. Extreme helps landlords maximize their return on investment. For out-of-town landlords, Extreme saves them valuable time and reduces the stress in handling a rental property.
Extreme Specializes in Property Management for Long-Distance Owners
Extreme Property Management specializes in servicing long-distance landlords with rental buildings in Niagara. Services include management of homes, individual condominium units, and duplexes. Extreme clients benefit from in-house maintenance service, in-house fire safety service, appliance rentals, savings on insurance and the availability of paralegal advice.
George Cottage
President
Extreme Property Management
Contact George Cottage for a no-charge initial phone consultation to see how Extreme can help you manage a rental property in Niagara.
george@extremepropertymanagement.com
phone 905-328-3141.