- April 25, 2016
- Posted by: @dmin
- Category: Uncategorized
After extensive research, year’s worth of savings, and real estate agents later, you’ve finally invested in property. Whether you have one property or multiple spread out across Toronto, the actual logistics of managing separate units is not an easy task.
While managing rentals can often be financially rewarding, property management requires a lot of time investment and effort.
So what can you do about it? Look into hiring a rental property management company or a property manager. What choices are out there for you and which will you benefit more from? Hiring a property manager often means that you can get lucky and score a committed individual. But in most cases, trusting an individual with your investment can be difficult. Especially if you are not aware of the tasks and responsibilities of a property manager.
That is why hiring a property management companies is the lower risk option for most investors looking for management services. Approximately 40% of landlords hire property management companies to handle their properties and the number is only increasing. By hiring an established property management company, you are not only protecting your investment but ensuring it is profitable for you rather than costing you.
Trusting someone else with your property is sometimes difficult but we have outlined for you the reasons why you should trust a reputable property management company in Toronto. You have the opportunity to make sure you hire a company that you can trust.
1. Property management companies have the knowledge and experience of managing multiple properties
Apart from the experience and skill of managing individual properties, these companies have the capabilities and knowledge for managing different types of properties. From condo unit management to managing a house, duplex or low-rise apartment building, or even commercial property management, most property management companies in Toronto have experts who know the specifics of each category. Managing each particular property has it’s nuances and property managers at companies are aware of these nuances.
TIP: Be sure and do your research when looking for property management companies. Ask yourself what the scope of your project is and how many properties you are looking after before selecting a management company. Make sure you go with a company that has a manager you can develop good rapport and develop a trusting relationship.
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2. Property management companies have a greater pool of resources at their disposal
Property management companies can cater to such emergencies right away. They have a team of plumbers and repairmen that work with the company and are able to respond to any issues immediately. Not only do they have a team to take care of emergencies, they have the manpower to ensure your tenants are taken care of.
When it comes to repairing and maintenance work and routine inspections, property management companies have insider knowledge to the industry and get affordable rates when it comes to their team of workers. They have experience working with different crews and team members and can guarantee that the maintenance and repair work is up to industry standards. They can make sure someone is there to take care of any issues on short notice and have greater resources at their disposal than an individual property manager.
TIP: When determining whether you need a property management company, consider the services you need when it comes to your property or properties. If you need someone to do light maintenance work and rent collection, look at the services provided by the company you’re looking at to help screen companies that specialize in the services you require. Make sure you select a company that can provide all the services you need.
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3. Property management companies ensure you are in compliance with housing regulations and property laws
As a landlord owning your first unit or property, you’re probably unaware of the applicable laws and regulations you must abide by when renting and maintaining your property. Trustworthy property management companies have been in the business for decades and are well-versed in local, state and federal regulations, including housing regulations such as the AODA.
While a property manager has to be familiar with the laws as well, why take a chance on how well an individual property manager follows rules and regulations? With a property management company, you can guarantee that their representatives can help you avoid lawsuits by keeping your property updated and in compliance with all property laws and regulations.
TIP: While researching property companies or managers, make sure you do your research on the company’s monthly rental rate. Property management companies charge a small percentage in exchange for their services and typically, the rate runs anywhere from 6 to 10 percent. It makes sense to hire a company that charges these standard rates because usually, that is the money and time you will be saving by hiring a professional to take care of your property.
Only 10% of people make good managers. That’s 1 in 10. Nearly 82% of the time, the wrong person for a management position is hired. It’s difficult to recognize who might be good at the task which is why we’ve highlighted some of the benefits of hiring a property manager that is apart of the network of a property management company as opposed to an individual property manager. A management company has the knowledge to recognize who can do the job.
Learn More:
- Changes to Condo Law in Ontario’s Property Management Regulations
- Tenants Rights and Responsibilities in Ontario
Conclusion
By having a property management company look after your property for you, it frees up your time. You can spend this time focusing on your job, family, career and new investment opportunities. Ultimately, the decision is yours but hiring an established property management company in Toronto can allow you to sit back and enjoy the profit you will make off of your investment, once you find a company you can trust.
ICC® Property Management provides a range of services in Toronto and across the Greater Toronto area. If you are looking for a reliable team of property managers who will look after your investment, book an appointment with ICC® Property Management.
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