With all that has gone on in 2020, it is not surprising that many people are turning towards real estate as an investment strategy, specifically – income producing properties. Real estate does have historically solid returns and when you look at Grey and Bruce County compared to some of the closer urban centres, it only makes sense that we have attracted many of these investors to our area as they see higher value for their dollar here vs. there. It Is anticipated that this trend will continue into 2021 and likely beyond.
Whether you are completely green to income property ownership, or you are expanding your portfolio into this geographical location it is safe to say that getting the highest rents possible, while factoring in demographics, geography and property specifics, is likely a common goal.
It might seem that “relationship building” would be an obvious part of any investor’s strategy – we build relationships with our Realtors®... lawyers… bankers… but there is a whole category of relationships an investor should be actively be building, that all too often gets left until last-minute or even worse, when there is an emergency… your SERVICE professionals – you know, those people who you are going to call when your tenant says the basement is flooding, or that the breaker keeps popping… the people that will rise to the occasion to help you protect your investment… they are your Electricians, Plumbers, HVAC technicians, snow clearing contractors, lawn maintenance companies, etc.
In addition to the normal mumble jumble of investment property ownership “to do’s”, I always suggest that my investor clients pro-actively reach out to reputable service contractors in the area of the subject property and establish a working relationship BEFORE the dreaded emergency happens.
First and foremost, most reputable service companies will not do work for a tenant, they will only work for a property owner, with their permission (client/landlord relations is up to you, not them) Also, many of these service companies will only offer emergency after-hours support to established customers, some will offer it to anyone, but at a premium for “new” customers… some companies will require payment on-site and won’t take a credit card over the phone… some companies may be more willing to work with an established customer for scheduling upgrades and repairs in between tenants… the list really is endless…
There is no downside to making these connections and at the end of the day – a bit of your time, invested along with your capital – could go a long way in protecting your investment, for years of solid returns and equity growth.
If you are looking for a list of reputable service companies in Grey & Bruce County feel free to reach out, we can help!
- Robin Currie