As a landlord, what’s the best way to maximize your rental property investment? For many people, their immediate answer is to “hire a property manager”.
Being a landlord can feel like a full-time job, even if you only own one property. Maintenance requests can come in at all hours of the day, and ultimately you may be held liable if anything illicit or dangerous occurs in and around the home you own. Unreliable tenants can make getting rent complicated, and when they leave, you’re responsible for filling the vacancy, which can take weeks.
Whether you inherited your property or made an investment in an income-earning home recently, one of the best decisions you can make is hiring a property manager. That way, you’ll be able to relax, knowing that your property is in good hands.
When Should I Consider a Property Manager?
There are many reasons why working with a property manager is a sound investment. However, some people might hesitate, convinced that they could do it as well or better themselves. Others are wary of turning a cherished family property over to the management of strangers. This resolve can make some property owners unwilling to consider hiring a property manager until it’s too late, and they’re in the middle of an extended vacancy, or facing down extensive property damage.
Here are some signs you may need a property manager for your Windsor-area rental.
You Have Multiple Properties
If you have multiple homes, even the most basic tasks required of a landlord can pile up. Collecting rent, doing maintenance, and dealing with emergencies can quickly take over your life when you have multiple properties.
Getting a professional property manager on your side, along with their roster of best-in-class tools like online payment and communication portals, can save you tons of time and money. A good property manager has extensive knowledge of all the most recent laws and regulations surrounding rental agreements, and landlord-tenant communications. Their expert advice will help to facilitate a more positive and productive relationship between yourself and your tenants.
Your Property is Far from Home
If you’ve invested in a property that’s far from home, tackling maintenance requests and doing regular inspections can get challenging. If you have an easy tenant, it’s tempting to let things slide, and forgo regular inspections in favour of staying close to home.
However, without these regular visits, it’s easy to lose control of what’s happening on your property. Instead of driving for hours every time your tenant loses their keys, or you need to fix a faucet, hire a local property manager or property management team. This way, you’ll know a team of trusted experts can get to any issue within a few minutes.
Being a landlord might seem easy. After all, most of the time you’re just collecting rent checks and arranging the occasional visit from a handyman or plumber. However, things can get complicated quickly. Ontario’s Residential Tenancies Act is updated often, and every time new legislation passes, you need to be aware of the changes and adapt your policies and paperwork accordingly. For a new landlord, this learning curve can be overwhelming. Learning all there is to know about the landlord-tenant relationship doesn’t happen overnight.
To protect yourself from liability and save yourself the hassle of learning the ins and outs of the Residential Tenancies Act, hire a professional property manager. By leaning on their experience, you can learn at your own pace.
You Don’t Have Time
Balancing a full-time job and family life is hard enough when that’s all that’s on your plate. Add in your duties as a landlord, and your schedule fills up quickly. If you want to enjoy all the benefits of owning an income property without having to expend tons of time and energy managing it, you need professional assistance.
A professional property management team is well-versed in dealing with all types of properties and tenants. They know how to screen tenants, and have structures in place that make handling issues like repairs and inspections easy.
Looking for a Windsor Property Management Company?
Many landlords choose to handle the administration and management of their rental property on their own. However, if you’re busy, inexperienced, or dealing with multiple properties at once, it may make sense for you to hire a professional property management company.
That way, you’ll have a team of local experts on your side, who have spent years perfecting systems that make renting so much easier for both tenants and landlords. You’ll get to enjoy the benefits of owning an income property, without the hassle of having to learn and follow the ever-changing laws and regulations that govern the rental market.
Ready to make a change? Get in touch with us today to learn what Goldmar Property Management can do to make your life as a landlord so much easier.