Finding a property management company to manage your rental property can feel like a daunting task. If you live in the Mississauga area of Ontario, and own a rental property, then you know there is no shortage of property management companies ranging from large to small in our area. This begs the questions: "Do I do this myself or hire a property management company?" "Should I go with an independent manager, a small firm or a large firm?" Well, there are advantages and disadvantages to most of these options and we'd like to highlight the pros and cons to help you make the best decision.
Can I Manage this myself?
The short answer to this question is 'Yes!' You can manage your rental property yourself. However, if you've never managed a property before, just know that there are a number of factors that you will need to consider. First, you will be responsible for all maintenance and repairs the property may need. Additionally, you will want to make sure that you are very well versed in local Landlord/Tenant laws. The Ontario Human Rights Commission offers a brochure detailing landlord/tenant rights. Having a good working knowledge of these rights and responsibilities as a landlord as well as those of the tenant are of utmost importance. If you're not well versed in the law, you may open yourself up to a wealth of trouble and even lawsuits if things don't go well. Not knowing all that you should going into property management will definitely put you at a disadvantage, so take the time to educate yourself.
Perhaps the greatest advantage to managing your own rental property is that you will have more "say" over the tenants who will be renting from you. Since you will be the one meeting them and screening them, you can get a very good sense of the type of tenant you may be getting. In fact, you may even want to rent your property to someone you already know and are certain will be a great tenant.
Should I work with an independent property manager?
There are definitely pros and cons to working with an independent property manager. The advantage is that you will benefit from their property management experience and you'll likely get personalized service. However, in this case, the disadvantages can outweigh the advantages. If you go with an independent property manager, make sure that you get many references before you work with them. You will also want to make sure that communication regarding fees, dealing with problems, and how they handle maintenance and repairs is clearly spelled out. Independent property managers may not have the established relationships with contractors and other services that the larger firms have and therefore repairs and other needed work may be delayed.
Should I hire a large property management company?
Hiring a large property management firm also has its pros and cons. A large property management firm is likely going to be able to offer everything you would need as a landlord from advertising your property, to screening and interviewing tenants, providing maintenance and repairs, yardwork and more. Since property management is their business, you can be certain that they are well versed in all current landlord/tenant law and they act as a buffer between the landlord and the tenant. WOW! That sounds great, are there actually any disadvantages?
Well, with a large firm it can be difficult to get service that feels personal. Large property management firms are responsible for large numbers of rental properties and typically handle large rental complexes such as apartments and condominiums. This can make communication between the owner and the property manager a bit more challenging. In fact, most larger property management companies will not service smaller multi-plexes, such as those having fewer than twelve units, or single family properties. So if you own a smaller multiplex or would like a more personal type of service from your property management company, then a large firm may not be what you're looking for.
What about a small property management company?
A small property management firm, such as Real Property Management, really offers the best of both worlds. Here at Real Property Management, we are able to offer our owners all of the benefits of a large firm with the added benefit of more personalized service. We take care of all the details such as advertising the rental property, screening and interviewing prospective tenants, handling of maintenance and repairs and communicating with you, on a regular basis. At Real Property Management, we believe that communication is of utmost importance and we prioritize that in our relationships with our property owners. We have been serving Toronto, Mississauga and the GTA for more than seven years. We know the market well and can advise you on pricing your unit to get it rented quickly. We have also built solid working relationships with contractors and other service industries that enable us to get the best rates and service to maintain your rental property. We also offer a wealth of experience in property management since, as a franchise operation, we have been in the property management business for more than 20 years.
If you've been on the fence about hiring a property management company in Mississauga, give us a call.; we'd love to help you.