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Common Issues Faced By Property Owners
Managing Your Properties Alone Can Be Overwhelming
Your decision to purchase a rental property or properties is an excellent step in diversifying your income sources. While owning rental properties can be rewarding financially, it can quickly become a logistical headache. Often property owners are faced with challenges they didn’t anticipate, or simply find themselves too busy with conflicting obligations to keep up with the day-to-day demands of their rentals.
If you are a rental property owner these situations may be all too familiar
Issues Arising With Tenants
- Tenants are failing to pay their rent in a timely fashion
- Tenants having excessive guests or squatters, a potential legal issue with local fire and occupancy guidelines.
- A tenant causing property damage. Frequent inspections and repairs are necessary to maintain the property and help offset or discourage further damage.
- Unapproved renovations or painting are being done by tenants
- High turnover rates are being seen. Constant showings becomes costly and tedious.
- Difficulty navigating tenant complaints and issues
Logistics And Management
- Not maintaining proper documentation, lost paperwork, and unclear contracts can cause many issues. Inexperience can cause landlords to miss important details.
- Issues finding appropriate tenants or lack of time to show the rental and extensively screen tenants.
- No clear reputation in the industry or area to help you secure quality tenants and gain the trust of the community.
- Not securing sound proof of condition along the important steps of the rental process to protect yourself against potential issues with damage.
- Issues finding contractors or a handyman who is readily available when issues arise to ensure tenant safety, satisfaction and avoid costly damage.
- Lack of experience in managing upgrade and maintenance costs, and lacking the foresight to make strategic decisions that comes from extensive experience.
Allow Bella Vita North Bay Inc. To Navigate These Concerns For You
Allowing us to take control of the day-to-day operations of your property is just good business. You are making a strategic decision to ensure that your needs, and the needs of your tenants, are consistently met. We work with you to ensure that your rental is thriving and the potential for returns is maintained.
Bella Vita North Bay Inc. Develops A Custom Property Management Strategy That Is Tailored To The Number Of Properties You Wish To Have Managed, The Unique Requirements Of Your Tenants, And The Best Strategy For Achieving Your Goals.
The Benefits Of Owning Rental Properties
Investing In Your Future
Investing in rental properties can be a lucrative decision for the future of yourself and your family. For the first time in decades the percentage of home ownership has shown to be declining. A study conducted by Statistics Canada found that the share of homeowners decreased from 69% in 2011 to 67.8% in 2016. This offers an excellent opportunity for those who decide to invest in rental properties.
Owning Rental Properties in North Bay
Contributing Factors In The Local Housing Market
There are a number of factors that impact the housing market in North Bay. The city offers a variety of services and amenities that aid in sustaining the local housing market. Having managed various properties in North Bay and having a high understanding of the needs of renters allows us to manage your rental properties with skill and strategy.
One of the most influential factors on the North Bay housing market is the presence of Nipissing University and Canadore College. Flocks of students attending these institutions are driven to the city each year; many choosing to stay for work throughout the summer months or after completing their education. These students are a valuable resource, helping to drive the local economy and housing markets. When you own a rental property in North Bay you have the option of renting to students, often ensuring steady occupancy in your rental unit.