Choosing and Managing Your Rental Property Portfolio

As an investor in today's market, selecting the right rental property requires caution and care. Although volatile equity markets and interest rate fluctuations have influenced investor activity recently, the rental market itself is experiencing mixed trends. In certain high-demand areas, rental prices have soared, making it the perfect time to invest. However, this is not true across all markets, and slow rental growth continues to persist in other markets. But no matter what the conditions show, it remains crucial that you continue to approach any potential property investment as though you were buying a home for yourself - carefully, and with due diligence.

When you embark on your property search, you need to be sensitive to factors beyond the price. Consider the property's location, condition, and security features, as these are areas where hidden costs can quickly add up. In recent years, many areas have experienced an oversupply of new developments, leading to a flooded market and owners who are more willing to negotiate on price, which has piqued the interest of investors. However, tempting as they seem, "bargain" properties do often present with costs that exceed the initial budget - consider maintenance costs, legal complications, or problematic tenant management. The most reliable way of ensuring a profitable return on your investment, is to make sure you fully understand the full implications of the property.

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The Value Of Expert Management

Considering the work that can go into finding the right investment property, it stands to reason that you would want to leave the management of your property in good hands. Many investors quickly become overwhelmed by the management aspects of property ownership, which is where the expertise of a qualified property professional becomes indispensable. A reputable rental agent can handle the full rental process of your property, from finding a suitable tenant to ongoing property maintenance. They will be able to assist you with tenant screenings, helping you to secure reliable, creditworthy tenants who can be trusted with your investment - and with paying on time. They also take the guesswork out of physical property matters - a property professional will be able to advise you on whether your property is bylaw-compliant, and might even help you handle maintenance matters, as they often have access to an established network of trusted contractors. 

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Help when you need it

A dedicated agent can be of great value in other avenues of running an investment property. They are more than equipped to deal with problem tenants and issues like late payments or damage to the property. Their expertise and experience help to protect your investment and lighten the load of responsibility on you as the landlord. 

In today's rental market, it is absolutely crucial that you make the right choice of property to invest in, and to ensure that you have someone in place to safeguard its effective management.  An experienced and knowledgeable real estate agent be invaluable in both of these processes, as a source of expert advice and professional support for your investment.

Read more: Rental market: It's a great time to be a (good) tenant