Are you a property owner who is new to being a landlord and are now deciding if you should hire a property manager or not? Perhaps you’re a landlord who is attaining more rental properties and now needs more support. Or are you a landlord simply looking to free up more of your time and want to know if it’s worth hiring a property manager.
There are many landlords who experience this property management dilemma between the question of ‘‘should I hire a property management company’ or ‘do it myself’?.
From the number of rental units, tenants and the various property types, every landlord’s experiences and challenges are different. One landlord may feel the need to hire a property manager while one may be on the fence.
In this blog, we will break down the reasons to hire a property manager and demonstrate why this is a smart and safe choice for all landlords.
The Benefits of Hiring a Property Manager
1. Expertise and Experience
Property managers are professionals who bring expertise and experience to the table. They have a thorough understanding of local rental laws and best practices for managing properties and tenants.
This can of course work in your favour if you’re new to the real estate rental market, if you’re a non-resident of Canada or if you own multiple properties.
2. Time Savings
Managing a rental property can be time-consuming. From finding qualified tenants to handling maintenance issues, dealing with late payments, issuing rent increases and fulfilling tax obligations, the responsibilities can quickly become overwhelming.
Hiring a property manager frees up your time and most importantly reduces stress as the numerous operational tasks required are taken care of. This support allows you to focus on other aspects of your life or business.
3. Tenant Management
One of the most critical aspects of a successful property management is having a good tenant retention rate, with of course, great tenants!. This reduces the possibility of vacancies and the risk of having not so good tenants.
When hiring a property manager, landlords can rest assured that their tenants’ needs and inquiries are responded to in a timely manner, creating a professional relationship and providing tenants with reassurance that they have the support when needed.
4. Maintenance and Repairs
Property managers typically have a network of trusted contractors and maintenance professionals. This can result in quicker response times and potentially lower repair costs due to their established relationships with service providers. They also handle emergency repairs, which can be a significant advantage if you’re not local or don’t have the skills to address issues yourself.
The maintenance of your rental property is one of the most crucial parts to ensuring your property maintains it’s value long-term and choosing the right property management company can help you stay on top of important maintenance work.
At Manage Your Property, aside from possible repair site visits, we conduct an annual general inspection on all of our properties to ensure that the property is being maintained well by the tenants and to observe any issues with the integrity of the property.
To learn how to properly conduct a general property inspection, make sure to read our informative blog: https://manageyourproperty.ca/blog/what-when-and-how-are-general-rental-property-inspections-conducted/
5. Legal Compliance
Understanding the Landlord and Tenant Board (LTB) laws can be complex. Property managers are well-versed in these regulations and can help ensure that you comply with all legal requirements. This can protect you from potential legal issues and ensure that your rental practices are fair and consistent.
At Manage Your Property, we work with trusted paralegals to ensure our landlords are in good standing when it comes to tenant and landlord conflicts. We have access to these professionals to ensure we are navigating through any issues that may arise lawfully.
Should Landlords Hire a Property Manager For Their Condo Unit?
Now, you may be wondering if you should hire a property management company to manage your condo and our answer is YES!
Landlords will still reap the benefits of having a property manager for their condo rental. As mentioned, property managers can help with rent collection, rent increases, screening and securing new tenants and accounting.
Typically, condominium managers in Ontario manage the building itself and not the individual units. Which means, any repairs and maintenance work that is required in a unit is typically the responsibility of the landlord. Hiring a property manager will ensure that any repair or maintenance request is handled efficiently and in a timely manner.
Making the Decision
Deciding whether to hire a property manager or manage the property yourself involves assessing your own skills, time availability, and investment goals. Here are some questions landlords should reflect on:
- Do you have the time to dedicate to managing the property?
- Are you comfortable handling tenant issues and maintenance requests?
- What is your budget for property management?
- How many properties do you own or plan to own?
- Are you familiar with local rental laws and regulations?
Whether you choose to hire a property manager or manage the property yourself, it’s important to make an informed decision based on your personal circumstances.
If you would like to know more about our property management services, feel free to get in touch with us today to learn more!
