As a rental property owner, you need to be able to manage your property effectively. Not only do you have to deal with rude or inconsiderate tenants, but you also have to familiarize yourself with the Residential Tenancies Act (RTA), as well as learn the ropes of being a good landlord.

Needless to say, managing a rental property is not an easy job, especially if you also have other important things to deal with. One of the best ways to ease the stress that comes with managing your income property is to use a property management service. Here are some reasons why you should consider hiring this service for your rental property:

1. They Have the Right Experience and Expertise
Experienced property managers know the ins and outs of the Residential Tenancies Act. They have a deep understanding of a landlord’s rights and responsibilities, and they are equipped with experience and resources that are extremely useful for managing your property. In addition, they are well-versed in the local rental market and can provide you with unbiased advice to help you set a unit price that is appropriate for your ideal tenants.

2. You Can Have More Time
If you identify yourself as more of an investor than a landlord, or if you live far away from your rental property, then you can definitely benefit from a property management service. With a property manager to take on the responsibilities of being a landlord, you can have time to focus on other priorities, including career-related and family-related matters. As a result, you can do what you are truly passionate in while still benefitting from your real estate investment.

3. They Are Familiar With the Local Rental Market
If you are not familiar with the local rules, customs, or the rental market in Toronto, then having a property management service to work with you is a great idea. On top of managing the day to day operations of your unit, they can provide you with the information necessary to help your business. Moreover, they can help with remitting applicable non-resident tax on rental income as necessitated by the Taxing Authorities as well.

4. They Can Handle Day to Day Operations Efficiently
More often than not, property owners are too emotionally involved with their property, which compromises their ability to make informed decisions. This is where a property management service comes in. As property management companies are familiar with policies and procedures that deal with late payments, damage to the unit, and problematic tenants, they can professionally handle the tasks of managing and renting investment properties on your behalf. However, By having a property manager to work for you, you can rest assured that your investments are being dealt with experts.

5. They Can Take Care of Maintenance and Repairs
As a landlord, it is your responsibility to handle all the necessary maintenance and repairs in the property, from cleaning a unit to completing renovation projects. However, you won’t have to do any of this if you hire a property management service for the job. A property management company can even negotiate lower rates for maintenance and repair costs.

Final Notes
The cost of hiring a property management service is one of the most common concerns among new property owners, especially new investors who are just starting to build their real estate portfolio. That being said, the right property management service can provide you with numerous benefits that will be worth every penny.

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.