Your Toronto property manager may have failed you, and that's because property management as an industry has failed to evolve and keep up with the times. Property management came out of a place where people had become accidental landlords. That's where about 80 percent of the business came from. People had one or two properties and held onto them until they were ready to sell. Then, they'd move on.
Property Management Toronto
As an industry, we have failed to come together and define what we do. When people call to inquire about our services, they want to know what we do. They shouldn't have to call and ask that. If you're looking for a property manager, you should be able to explain what you want and what you're looking for and how you need a property manager to grow your portfolio.
The Evolution of Property Management
This industry is evolving, and your property manager needs to evolve with it. Your manager should look at you less as an accidental landlord and more as a planned investor. Your needs will be much different. Someone with one property will have a different perspective than someone who owns 10 or 15 properties. As an investor, you set up budgets and look at your goals for the properties. It won't be necessary for your property manager to call you for every minor repair.
The conversation should be different. Investors are interested in protecting their investments and growing them. They want to know what's involved in maintaining assets over time. Preventative maintenance becomes important and inspections that go beyond tenant damage. It's spending $1 now to save $3 later. All of these things matter because they impact your bottom line.
Tailoring Service and Products
It's the same when you're looking at insurance packages and mortgage options. There are products tailored to these specific industries, and your property manager needs to tailor the business as well. Don't settle for commoditization. Find a company that will meet your needs and increase the performance of your investment and your portfolio.
The industry is moving, and you need to make sure your property manager is keeping up. For additional information or help with Toronto property management, please contact us at Real Property Management Service.