Should I Get a Property Manager For My Rental?
It comes down to circumstances and preferences. Some owners love to be hands-on with their rental property, others simply don't have the capacity.
When considering whether a property manager is right for you and your investment, a few key factors are...
1 the role you want in your investment.
If passive income is what you're looking for, then a PM may be the wise route. Real estate has many advantages as an investment, but dealing with tenants and the day-to-day can be a turn off for many.
2 your proximity to the property.
If you don't live close by, you'll want a local presence. Think inspections, key exchanges and even maintaining local contacts for cleanings + maintenance.
3 the number of properties you have + hope to have in your portfolio.
If there are multiple units / properties, or you hope to grow your portfolio, then it can be more full time work. Overseeing multiple locations, tenants, etc. can be demanding at times.
One investor put it a great way - could you spare being away on vacation for a week or two and your properties would be completely fine?
4 your knowledge of the industry.
If your understanding of real estate law and the industry is limited, then a PM may be for you. In Ontario, it’s important to keep leases legal and, in the unlikely event of an eviction, necessary to follow certain protocols.
Overall, what's right for some owners might not be for the rest. Let’s discuss what might be right for you!