Relevance of Hiring a Property Manager Today

Have you been thinking about earning extra money by making your property available as a short term rental? The idea of extra cash in your pocket is probably enticing but you’re probably asking yourself if it is really that easy? Whether you’re intending to only rent out your principal residence a few times a year when you’re out of town or whether you’re thinking of setting something up on a larger scale with multiple properties, it is important to think about what it takes.

The sharing economy is still a business.

The idea of the sharing economy, of sharing spare time, resources or assets, as a way to make extra money on the side should not be seen as something casual or informal. You still have to run things like a business. In the same way that you expect your Uber to be spotlessly clean and your driver to be knowledgeable and friendly, people booking a short term rental expect to stay in a property that is clean, well maintained and that contains everything they need for their stay.

Increasingly, short term renters are expecting hotel or Bed & Breakfast level service. However, if you’re a small operator, perhaps with only one property, you have to think about how you’re going to run things.

Can you do everything yourself?

What happens when a guest needs a lightbulb replaced, there’s no hot water or an appliance breaks? If your guests were staying in a hotel, they would make a call to the front desk and the hotel is sure to have spare lightbulbs and appliances on-site and a plumber on call. When you are renting out your property as a short term rental, you have to think of these things too. Perhaps you can rush over to the property with a spare lightbulb or run to the store to get a replacement hairdryer? How quickly can you find a plumber in an emergency?

In between each guest, the property also needs to be cleaned, bedding and towels need to be replaced and trash needs to be taken out. If you are managing your short term rental on a full-time basis this might not be a problem, but if you have a full-time job or you’re specifically renting out your property while you’re out of town, what can you do?

The benefits of hiring a property manager.

One option of managing your short term rental is to hire a property manager. A property manager, particularly one specialised in short term rental management, can help to optimise processes such as cleaning between guests, doing maintenance checks regularly and having service providers on-call for repairs when things do go wrong.

If you’re in Toronto, you can give us a call at EasyHosts to find out more about our short term rental management services in Toronto. If you’re not ready to hire a property management company yet, make sure you develop checklists for everything to make sure you’re always on top of things. Everything is possible when you have a plan and a system!

What’s the Outlook on the Short-Term and Long-Term Rental Market in Toronto

Due to COVID-19, nearly every industry in the world has been impacted for better or worse, and as a result, have had to adapt to municipal health and safety regulations of their region. With far fewer tourists entering the city, fewer people traveling to the downtown core for business, it has become much more competitive for Toronto property owners to attract long-term tenants at a good price. The short-term rental management in Toronto is making things easier for property owners.

There hasn’t been a better time to be a renter in downtown Toronto in years.  For example, the vacancy rate in the city has hit a 50-year high, and year-over-year prices are down in a big way. According to the Rentals.ca February 2021 Rent Report, the average rent for a one-bedroom in Toronto is down 21.9%.

In addition to covid lockdowns, government regulations on the short-term rental industry have taken effect. You can only rent short-term it is your principal residence, a lot fewer short-term rentals are advertised on booking platforms such as Airbnb.

This opens a huge opportunity for owners to earn rental income from month-to-month bookings or short-term accommodations (under 28 days) on sites such as Airbnb. Many owners do not want to go through the hassle of completing background checks for potential tenants, gathering employment information, credit history, and references. short term rental management in Toronto such as Airbnb handles all the payments and the money is guaranteed. No lease agreement needs to be signed, and before you accept a potential guest, you can look at their previous reviews to have peace of mind they will be reliable and will follow the property rules. The 1 million dollar insurance policy that Airbnb provides is also a huge perk in case property damages were to occur,

Renting out month to month or short term (under 28 days) also lets you make seasonal pricing which gives the owner the benefit of earning more income throughout the year. Tenants also feel more comfortable renting for a month before they commit to a longer term. Once the tenant settles in, the property owner and tenant can build a trusting relationship and negotiate a longer stay through the Airbnb platform or through a short-term rental management service in Toronto.

Why Hire a Short-Term Rental Management Company in Toronto?

Owning a rental property can be financially rewarding, however, it requires a large commitment of time and effort, managing and maintaining the property while attracting the best tenants. We are at a time of economic uncertainty due to COVID-19 lockdowns which have greatly impacted the market of rental management services in Toronto. More rental listings have become available in the market, and demand for these properties has slipped due to the drop in tourism, immigration and residents fleeing the city core for more space in urban areas. As a result, it has become increasingly competitive for property owners to find good reliable tenants at the best rental price.

Easyhosts’ job is to make sure your property stands out and is effectively marketed to a large audience while looking after the day-to-day responsibilities and management of the property. A common concern for most property owners is whether or not short-term rental management companies in Toronto can handle the full volume of work required to market their real estate and keep up with the high turnover. On top of all that, the host needs to ensure proper and consistent contact with guests, negotiate the price, and maintain the property in tip-top shape at all times. Easyhosts has had over 5000 check-ins to date; we’ve seen it all. We guarantee that our full-service rental management team will make the entire process from start to finish hassle-free for you.

When it comes to attracting the best tenants at the best price, having a listing that has consistently earned high praise and positive reviews from guests will go a long way. These positive reviews can be best achieved by hiring professional rental management services in Toronto from Easyhosts, who will always put in the required time and dedication to enhance every guest experience.

Many concerns we hear property owners have with a professional short-term rental management company in Toronto is that they may lose full control of their property. What separates Easyhosts from other management companies is our full transparency with each client. The owner dictates the responsibilities they want Easyhosts to have, and we will tailor our management agreement with each host individually depending on their needs. We are always available to meet with owners to discuss our partnership, and make sure their goals are being met.