Toronto, like much of the developed world, has experienced a huge house price boom over the past two years. Figures reported by Reuters indicate that, as of May, the boom had finally broken, with properties located in every area except downtown undergoing an 8.9% slip in price over the past two months. While prices in the downtown area have continued to rise, the percentage has slowed, to 5.2%. This indicates that, finally, prices are going to drop, and that means an opportunity is being presented for buyers to finally get into the market and start moving up - how can sellers get ahead?
Promoting your best features
Property owners looking to sell their property, or rent it out for a better rate, will already be well aware of the benefit of focusing on the key areas of the property - whether it be location, amenities, build quality or local networks. One increasingly important factor in property value is the garden. Having a yard, garden or green space will boost quality of life significantly, so much so that Globalnews.ca reported that the city is to sponsor garden suites for apartments across the region. Professional landscaping alone can boost property value by 28%, and the high rate of remote working - with employees enjoying properties with access to private yards - is likely to attract willing tenants even with increased rent rates.
Stopping the drain
Despite properties improving, and prices staying strong with the right approach from estate agents and landlords, Toronto does have something of a drain going on when it comes to young professionals. A profile of one individual in the Toronto Star saw that young tenants are even willing to head over to New York, hardly famed for cheap rent. The story hit at another part of renting - keeping prices reasonable, and staying on top of amenities, whether that be the equipment the property has to call on in terms of climate management, or ensuring high-speed internet is installed.
Building a relationship
Landlords are often not well received by tenants - in Canada and elsewhere. This has led to an unfortunate situation where unscrupulous tenants take advantage of smaller landlords, according to BlogTO, who have neither the time nor financial resources to fully pursue rent deficits through the courts and elsewhere. Whether managing individually or through a property management service, it’s crucial to build a proper relationship with tenants. They want somewhere to make their home - respect them, set clear boundaries via the tenancy agreement, and work together with them. It is easy, in the current climate, to treat tenants in a purely business sense, and have an adversarial relationship as a result. Break the mold and be friendly and have an open-mind.The current property market is such that many renters will not be able to purchase for many years. That brings in the promise of that rarest of tenants - long-term and reliable. Being flexible and providing excellent accommodation will endear you and provide you with a stress-free tenancy.