Being a Toronto landlord can bring with it a host of rewarding experiences, but it isn’t without its complications and difficulties. Performing the many duties expected of a landlord can be an extremely time consuming job, especially when factoring in schedules that can include important elements like full-time jobs, families, friends, and hobbies. This is where property management companies step in, using their experience and expertise to save you from the headaches and hassles that come with renting out your property.
Answering the following questions will let you determine if property management is appropriate for you:
How many properties do you own?
As with any job, the more responsibilities you take on, the more time consuming it’ll become. This is especially true with being a landlord – the more properties you own, the more you’ll have to communicate back and forth with tenants, the more interviews you’ll have to hold to fill vacancies, and the more maintenance calls and complaints you’ll be expected to respond to. If you own more than one property and have had difficulty finding time to give them the attention they deserve, then property management could make it far easier and less time consuming.
How close are you to your property(s)?
The further you’re located from your properties, the more trouble you’ll have trying to manage them without severely cutting into your personal time. Living away from your rental properties means that you won’t be able to effectively respond to tenant emergencies, complaints or concerns. Not only will you be spending more time travelling to properties from your home or workplace, but you’ll also be spending more money on transportation costs. Depending on how far your rental properties are located and how often you find yourself having to check in or respond to the needs of tenants, it may be more cost effective to hire the services of a property manager who can address these issues for you.
How much experience do you have managing properties
Experience goes a long way in finding appropriate tenants to fill vacancies, resolving tenant problems, hiring effective maintenance contractors, and resolving tenant disputes in a fair and legal manner. If you’re a new landlord looking to invest in rental properties, hiring a property management company can save you from making costly mistakes.
How much free time do you have?
Being a Toronto landlord can take up a huge amount of your free time, especially if you want to do the job right and see the biggest possible return on your investment. Filling vacancies is perhaps the most time consuming task you’ll be faced with – in order to find a suitable tenant, you’ll need to hold in-person interviews, meet with potentially dozens of candidates, and do your due diligence in choosing from candidates. Advertising your properties is another time consuming task you’ll have to deal with, especially when you’re looking to fill vacancies in a pinch. Additionally, you can be called, emailed, or texted at any minute about tenant emergencies, unit maintenance, or complaints.
Having responsibilities like a family and fulltime job can severely impact your ability to give your properties the attention they deserve. By hiring the services of a property management company, you’ll be freeing yourself up to take care of the more important things in your life, while at the same time ensuring that your properties are being effectively looked after.
For more information about the property management and realty services offered by the experienced team at Highgate Properties, contact us today.