One of the hottest trends in investing is purchasing a 2nd property and becoming a landlord. The expectation, all too frequently, is that the effort involved in being a landlord is minimal. Often underestimated is the time and energy it takes to find tenants, qualify them, maintain relationships- not to mention the property itself, and all that only to have the cycle repeat itself annually. It’s not as simple as buying a 2nd property, and collecting a cheque each month. That is, unless you hire a property manager.
Property Link Management Services is one of Guelph’s premier, full-service property management firms. They look after the day-to-day, as well as the maintenance, tenant relations & tenant prospecting elements of being a landlord, leaving property owners free to spend their time deciding what to do with their additional income. In fact, they’re a one-stop shop focusing on integration & keeping many elements of the job in-house.
“Our greatest strength is our team approach,” says Mark Roberts, President of Property Link. “We cover all aspects of the business including: Rental Property Managers who know the market inside and out; Paralegal Services covering all legal documentation, representation, Landlord and Tenant Act issues, etc.; full-time Accounting Services covering all money in & out for owners, yearly taxation and reporting; and full-time maintenance staff on call 24/7. Most property management companies have to outsource many of these individuals, so having this all in-house means we can pass the savings on to our investor owners and offer both our owners & tenants a faster, streamlined service.”
Savings are an important point of focus. As more and more investors enter the rental property market, resale prices are pushed higher and higher. This has shrunk margins for landlords looking for positive cash flows on a month-to-month basis. Property Link is keen on keeping their individual owner clients competitive in a market that is frequently seeing larger players enter the fold.
With the growth in local real estate values, Property Link is also seeing more people who might otherwise buy a home looking at the prospect of remaining renters in the interim.
“With the new mortgage rules coming into effect, we can see that rents are going to begin to increase in the market over the next few months. When it’s harder to be approved for a mortgage, people continue in or enter into the rental market, increasing the pool of potential renters & establishing these higher rental rates.” As Roberts also notes, “the rise in rental rates is critical to offsetting the mortgage costs for new investors purchasing investment properties”.
As many readers of this blog are keyed in with Downtown Guelph condo development, we looked for insight on the market for downtown rentals. Roberts pegs one key demographic as big players in the rental market there.
“Luxury rentals are starting to become the new standard for younger professionals and new graduates. Property Link sees significant growth potential in this particular type of product. We have prided ourselves over the last couple of years in specializing in this type of luxury rental and setting new standards.” With more condo development slated for downtown areas, and more prospective tenants taking note, the area is ripe for investors & tenants alike.
For anyone exploring the prospect of owning a rental property, Property Link can ease that transition and eliminate the shock & stress. Above all else, a good property manager is there to protect your investment and help you prosper.
“The core of Property Link Management stems from investing first-hand,” explains Roberts. “The number one thing we bring to owner clients is that we act as if we own the property ourselves. Decisions are made by understanding investing in real estate and experience knowing what is required to grow & protect the investment. With this philosophy, we have built the team that covers all aspects of the business.”