Recently, I had a phone call with a potential new client who was calling around to several property management shops and also considering self management. This customer wanted to figure out why people hire a property manager. Some things quickly came to light during that phone call that may apply to your situation.
Knowing How to Be a Landlord
Most people who end up investing in properties don't have any experience or education in being a landlord. People usually spend years learning about a profession and training for their own career, but they think they can just jump into being a landlord. Perhaps a Realtor or a good friend has told you how easy it is to be a landlord and let us face it In the Toronto market, returns have been phenomenal. DIY property management is not a good idea when you don't know the laws or understand the processes. You need to know how to manage and plan for difficult times and unexpected problems.
Knowing How to Manage a Property
People reach out to us to solve problems they may be having with tenants or with maintenance or anything pertaining to their rental homes. We pick up where things are left, and we can handle any emergencies or day to day items. Property managers collect rent, advertise your vacant home, schedule showings, respond to repair needs, and provide accounting services. Anything that arises with your property, up to an eviction, is something we can take care of for you.
Property Management Toronto: Cost vs. Service
Before becoming a jack of all trades, do some research and see what you're getting into. Being a landlord is smooth until you run into a problem. The client we were talking to had spent 10 hours over a long weekend showing her property. She was afraid she couldn't afford professional management services. But we did some math and with all the time she spent on her property, she would have been better off getting a part time job. That would have netted her more income and given her fewer headaches. All the time she spent screening applicants and running back and forth to the property could have been better utilized.