Investing in real estate can be a great way to diversify your investment portfolio and add a steady passive income stream to your business. There are many investors who can benefit from investing in real estate. Whether you are a business owner needing to generate a steady passive income stream or a retiree looking for healthy, passive income for the new year, you can benefit from investing in real estate.

How To Turn Your Condo Rental Into An Investment Property Before The New Year

See what you need to invest in

Before you take the first step to create passive income and acquiring your first ideal tenant, you must take a look at ways that you can improve your condo rental unit. What is the current state of your unit? Is it freshly painted, clean, and organized and does the layout suit the renter?

Start by investing time, effort and money into the condo rental unit at the start and that can in turn result in hundreds of additional dollars per month in passive income.

Add value to the tenant

Look for ways you can make your unit stand out from the rest in the area. See if there is a way you can add electrical vehicle parking to your parking spot, create more storage in liveable areas, invest in better appliances, and smart home upgrades, install hardwood floors instead of carpet or upgrade to a better security system.

These all can attract more viewers to your property and give you a better closing rate as well as attract more ideal tenants.

Choosing the right Property Management Company in Toronto

Once you have invested time and money into your unit, and added value to the potential new tenant, it’s time to choose the right Property Management Company. When choosing the right Property Management Company, you would like the one that handles all the heavy lifting, communicates well with you and the tenant, takes care of all the billing and follow-ups and helps work through issues that arise, like landlord-tenant disputes.

DelRentals has worked with over 3000 condominium units all across the Greater Toronto Area in over 165 communities. Our Rental Management Program offers peace of mind and know-how of professional property management and we oversee every step of the rental process seamlessly from successful leasing to rent collection on behalf of the owner.

Looking to turn your condo suite into a condo rental investment before the end of the year?

Contact DelRentals today and be amongst the hundreds of real estate investors who have their real estate investments managed by us.