Why use a property manager?

If you’re a landlord, you have two options for managing your property: do it yourself or use a property manager. We’re going to look at the second of those today and answer the question: why use a property manager?

As a property management company with four decades of experience managing properties in the Greater Toronto Area, Living Properties could probably provide hundreds of reasons why we think the services of a property manager are worth using. However, there is one overarching reason that we consider to be the most important: it saves you hassle and stress, freeing you to enjoy the benefits of your investment while knowing that it is in safe hands.

Sounds simple, right? Allow us to go into more detail…

Life as a landlord

Being a landlord can be quite appealing. Rental prices keep increasing and, if you have an investment property, the income can cover mortgage payments, provide extra income, and help you to build up a nest egg while the equity in your property continues to grow. Sounds great. However, the realty can be quite bleak for many landlords for a variety of reasons.

Firstly, it can be hard work and stressful. You have to worry about the occupancy of your properties: marketing the property, finding tenants, vetting prospective renters, dealing with legally secure rental contracts. That takes time, patience, money and knowledge.

You have to ensure that your property is maintained. That means promptly fixing things that break, completing regular maintenance, negotiating with tenants for access to the home, arranging visits to ensure that the tenants are taking good care of the property.

It doesn’t end there. You have to negotiate renewals and price increases with your tenants, you have to deal with potentially sensitive issues if neighbours complain about a tenant, you have to ensure that they pay their rent on time, and you have to make sure that you meet the large number of legal requirements you have as a landlord, including the requirements of the Residential Tenancies Act.

Finally, there are times, unfortunately, when disputes arise and they can consume time, energy and finances. Perhaps you inadvertently missed some of the obligations required of you. Maybe the tenant did not pay rent  and you have to start eviction proceedings. Maybe some other dispute has arisen.

As you can see, there is a lot that goes into being a landlord and, at times, it can be almost like a full-time job.

What a property manager can do for you?

Quite simply: all of the above. Or just some of it; it’s up to you. As a property management company, we can take as much of the hassle away from you as you want. For a small fee, we take care of all the details, manage all the hassle, and do our best to take care of your investment. We have an experienced team that has many decades’ experience managing residential and commercial properties as well as condos. Our team know all the laws, all the obligations and all the requirements of a landlord. We have an accounting team to manage finances, a legal team to advise on potential issues, a handyman division to complete repair work, and a team of property managers who know the business inside out.

We worry about all the details, small and large, so that you don’t have to. That’s what a property manager can do for you.

Want to know more? Use the form below to reach out and find out about our property management services and prices.

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