Many people aren’t born to be landlords, and many property owners find hiring a third-party company to be very beneficial to their portfolio. Is this right for you?
The decision to hire a property manager (especially in the Ottawa region) for your rental properties can be a tough one, particularly for small-balance multifamily owners. If you have tight margins to begin with, bringing a property manager into the mix could make your properties operate at a loss. However, most people aren’t born to be landlords, and many property owners find hiring a property management company to be very beneficial to their portfolio.
Paying for Time Savings
According to Chris Wright of Wright Property Management, a property management firm just outside of Los Angeles, many of his clients feel that their time is worth more to them than saving money by managing themselves. They are willing to pay to no longer worry about the micro details and instead focus on other things such as business or family.
Property managers have more to offer than just dealing with resident and maintenance issues. We live in a litigious world, and there are many laws and regulations landlords must follow that they may not even know about. Staying on top of these laws is an important, yet overwhelming, task for many, and a property manager can often insulate landlords against any liability.
Once you have made the decision to hire a property manager, you must do your due diligence to select the right company for your needs. If you have a company in mind, you can ask if you can talk to some of their clients about their experience with the firm. You can also ask other local landlords for referrals.
From CEO to Chairman
Owners can, and often have, managed their own properties, but eventually come to a point where they still want to collect the rent check but don’t want to deal with the issues associated with it. You may be able to effectively manage your own properties and make extra money doing so, but for most owners, this is not the case. If you decide you would like to bring a management company into the mix, make sure they align with your goals and you feel comfortable giving away some control.
Source: Multi-Housing News