Why You Should Hire A Property Manager For Your Real Estate Rental Investment

John Manneh March 25, 2014

exchangeBuying and renting real estate as an investment is becoming an increasing trend in Toronto. This can be highly profitable. However, first time landlords often experience many difficulties and inconveniences. Hiring a professional property manager is a way to protect yourself and eliminate some of the difficulties that come with owning and renting real estate.

Here are some of the ways that hiring a property manager can benefit you:

Proper Screen Tenants: This can be one of the most difficult steps in owning real estate. If a tenant stops paying rent the owner will be faced with unpaid mortgage and other bills that could threaten their ownership. A property manager knows the right questions to ask and the information to look for in order to find a reliable tenant.

Collect Rent In A Timely Manor: Property managers usually work out of offices where it is easy for tenants to pay the rent, if they cannot pay their rent using post-dated cheques or pre-authorized payments. This will eliminate the need for you to arrange regular meet-ups to collect rent from your tenants. If rents are late, the property manager will likely start eviction proceedings to make sure that tenants get the message and pay the rent on time.

Attend to Repairs and Maintenance Promptly: If you have a property manager, all problems will be directed to the property manager office, allowing you to sleep through the night without worrying about late night phone calls regarding property issues. The property manager then has a list of approved contractors who will complete repairs in a timely and cost-efficient manner.

The property manager also provides regular maintenance checks to make sure that furnace filters, eavestroughs are cleaned in a timely manner, so that problems do not arise in the future.

View All Income And Expense Statements Online: Property Managers usually collect all rent and assist in some bill payment such as usually property taxes and insurance. Most management companies have exclsive insurance policies with much better rates. The manager can add you to the insurance policy, making sure you have all required coverage incase of inforseen circumstances. They will also ensure that the tenant takes out proper contents and liability coverage to protect the tenant as well. As a landlord, you will have on-line access to these statements, which can be easily printed and given to your accountant for income tax purposes.

Help Maintain Tenant Relationships: Property managers know that happy tenants provide better care to the properties they are renting. Their main focus solving problems quickly, so that you and your tenant will be happy long term.

The cost (a little over $100 per month) is extremely reasonable for the convenience and piece of mind that comes with it.Click here to view the full article. 

Join The Conversation