Investment property ownership - pro tip:
Don’t wait for that dreaded emergency to start a relationship with local SERVICE COMPANIES.
With all that has gone on in 2020/2021, 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 2022 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”, we suggest that investors 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.