As a landlord, your primary responsibility is to manage properties and make sure that everything runs smoothly and properly. Depending on your responsibilities and workload, you may have to consider seeking extra help, namely a property management service.
What Is a Property Management Service?
Property management companies manage prospectives and tenants directly, saving you time and free you from the stress of having to deal with marketing rentals, rent collection, maintenance, repairs, tenant complains, among others. A decent management company is also equipped with the experience and knowledge necessary to manage your property. Moreover, as a management company is an independent contract, you can avoid the inconvenience associated with being an employer as well.
Is a Property Mangement Service For You?
While a property management service can be greatly beneficial to your business. Therefore, it is imperative that you take some time to think about whether a property management service is really what you need. To help you make your decision, listed down below are 5 factors that will help you determine whether or not hiring a property management company is the best thing for you:
1. The Number of Properties
If you have several properties and rental units, then it is likely that you want all the help you can get. In this case, a property management company can be a great help to you.
2. The Location of Property
If you live too far away from your rental property, then hiring a property management service can be invaluable. They will help you deal with all the problems that you otherwise cannot take care of from afar.
3. Preference For Management
While some landlords love the challenge of managing properties and tenants and the rewarding feeling that comes with it, others may view rental property ownership as merely an investment. If you don’t want to have anything to do with the management of your properties, then a property management service is a good solution for you.
Although you enjoy being a landlord, you may still find that it takes up a lot of your time, particularly if you have another full-time job. On top of managing properties and tenants, you have to think about growing your business as well. This may include searching for new properties and allocating budget for renovations. Therefore, hiring a property management service can be a great way to save much of your precious time.
5. Prospect of Being an Employer
By hiring a resident manager or employees to help manage your properties, you naturally become an employer. This means that you will have to take charge of payroll and handle other legal requirements and concerns. As previously mentioned, a property management company is not your employee, which means that you will not have to be an employer.
If you’re looking for a property management company in Toronto, Royal York Property Management is here to help. Contact us today for a free consultation.